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Fill in the blanks (5 pts each)
______________ accounting focuses on information for decision makers outside of the business, such as creditors and taxing authorities.
_______________________________________are professional accountants who serve the general public, not one particular company.
______________________ represents a debt owed for renting a building currently.
The Accounts Receivable account is a(n) ________ account and carries a ________ normal balance.
Multiple choice (5 pts each) (highlight or clearly mark your answer)
A business makes a payment of $1,400 on a note payable, consisting of a $200 interest payment and a $1,200 principal payment. Which of the following journal entries would be recorded?
A) Cash is credited for $1,200; Interest Expense is credited for $200; and Notes Payable is debited for $1,400.
B) Notes Payable is credited for $1,200; Cash is credited for $200; and Interest Expense is debited for $1,400.
C) Cash is credited for $1,400; Notes payable is debited for $1,200; and Interest Expense is debited for $200.
D) Notes Payable is credited for $1,400; Cash is debited for $1,200; and Interest Expense is debited for $200.
If a transaction increased an asset of a business. Which of the following can be an effect of the transaction for the accounting equation to balance?
A) There is an equal decrease in another asset.
B) There is an equal decrease in equity.
C) There is an equal decrease in a liability account.
D) Both liabilities and equity decreases.
In a limited-liability company:
A) the members are personally liable to pay the entity’s debts.
B) tax on earnings is paid by the business.
C) the members are liable for each other’s actions.
D) the members pay tax on their share of earnings.
Which of the following statements is true of a sole proprietorship?
A) A sole proprietorship joins two or more individuals as co-owners.
B) The sole proprietor is personally liable for the liabilities of the business.
C) A sole proprietorship is taxed separately from the owner.
D) A sole proprietorship does not terminate at the choice or death of the owner.
Problems (10 pts each) (please show your work for partial credit)
Following is a list of account balances of Wilson Mowing Service as of December 31 of the first year of operation:
At the end of the year, what is the amount of total liabilities?
What is the journal entry if a business purchased $800 of office supplies on account?
What is the journal entry if a business renders service and receives cash of $900 from the customer?
The following are the current month’s balances for Toys Galore:
Calculate the total amount of credits for the trial balance.
The net income of a business is $29,000. The beginning and ending capital balances were $34,000 and $55,000, respectively. No capital contributions were made by the owner during the year.
Calculate the amount of owner’s withdrawals.
A business has the following transactions: the business is started by receiving $20,000 from the owner. The business purchases $500 of office supplies on account. The business purchases $2,000 of furniture on account. The business renders services to various clients totaling $10,000 on account. The business pays out $2,000 for salaries expense and $3,000 for Rent Expense. Business pays $500 to supplier for the office supplies purchased earlier. The business collects $3,000 from one of its clients for services rendered earlier in the month. At the end of the month, all journal entries are posted to the ledger. The Accounts Receivable account will appear as:
(fill in the ledger with the appropriate amounts and total)