1, How do we recorded a liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to thecustomers?A, recorded as a debit to an unearned revenue accountB, recorded as a debit to a prepaid expense accountC, recorded as a credit to an unearned revenue accountD, recorded as a credit to a prepaid expense account.c3, during the month of February, Hal Company had cash receipt of 6500 and cash disbursement of 8000. The February 28 cash balance was 4300. What was the beginning (February 1) cash balance?A, 1500B, 2800C, 5800D, 7300X+6500-8000=4300X=5800 C4, Aimes opened a new business by investing the following assets: cash 4000; land 20000; building 80000. Also, the business will assume responsibility for a note payable of 32000. Aimes signed the note as part of his payment for the land and building. Whichjournal entry should be used on the books of the new business to record the investment by Aimes?A, Dr. Asserts 104000Cr. Capital 104000B, Dr. Asserts 104000Cr. Liability 32000Capital 72000C, Dr. Cash 4000Land 20000Building 80000Cr. Capital 104000D, Dr. Cash 4000Land 20000Building 80000Cr. Notes payable 32000Capital 72000D5, the following transaction occurred during July:--received 700 cash for photography service provided to customer during the month--received 1500 cash from Barbara, the owner of the business--received 800 from a customer in partial payment of his accountreceivable which arose as a result of sales during June--rendered photography services to a customer on credit. 500--borrowed 2500 from bank--received 1000 from a customer in payment for services to be performed next yearWhat was the amount of revenue for July?A, 1200B, 3000C, 5500D, 7000700 yes, 500 yes 700+500=1200 A6, How do we record an assets created by a payment for economic benefits that does not expire until some later time?A, recorded as a debit to an unearned revenue accountB, recorded as a debit to a prepaid expense accountC, recorded as a credit to an unearned revenue accountD, recorded as a credit to a prepaid expense accountB7, On September 30, accounts payable had a normal balance of 2300. During September, the account was credited for a total of 5400 and debited for a total 3900. What was the balance in the accounts payable at the beginning of September?A, A 0 balanceB, An 800 debit balanceC, An 800 credit balanceD, A 3800 debit balanceC10, on April 30, Hal Company had an accounts receivable balance of 37000. During the month of May, total credits to accounts receivable were 24000, which resulted from customer payments. The May 31 accounts receivable balance was 32000. What was the amount of credit sales during May?A, 19000B, 29000C, 45000D, 5600037000+x-24000=32000 x=19000 AA company purchased 1800 of merchandise on December 5, term 2/10, n/15. On December 7, 200 worth of merchandise was returned by A company to the supplier. On December 15, A paid the balance in full. What was the amount that A company paid?A, 200B, 1568C, 1600D, 1800BCarrie Ford opened a new accounting practice called Carrie Ford, Public accountant, and completed these transaction during March 2011Mar. 1 Invested 25000 in cash and office equipment that had a fair value (公允价值) of 6000.1 Prepaid 1800 cash for three month’s rent for an office.3 Made credit purchase of office equipment for 3000 and office supplies for 600.5 Completed work for a client and immediately received 500 cash 9 Completed a 2000 project for a client, who will pay within 30 days 11 Paid the account payable created on March 315 Paid 1500 cash for the annual premium on an insurance policy.20 Received 1600 as partial payment for the work completed on Match 923 Completed work for another client for 660 on credit27 Carrie Ford withdrew 1800 cash from the business to pay some personal expense30 Purchased 200 of additional office supplies on credit31 Paid 175 for the month’s utility bill.(1)Prepare journal entries to record the transaction(2)Finish the adjusting entries for the transaction above.(1) Dr. cash 25000Office equipment 6000Cr. Capital 31000Dr. prepaid rent 1800Cr. Cash 1800Dr. office equipment 3000Office supplies 600Cr. Accounts receivable 3600Dr. cash 500Cr. Service revenue 500Dr. accounts receivable 2000Cr. Service revenue 2000Dr. prepaid insurance 1500Cr. Cash 1500Dr. cash 1600Cr. Accounts receivable 1600Dr. accounts receivable 660Cr. Service revenue 660Dr. drawing 1800Cr. Cash 1800Dr. Office supplies 200Cr. Accounts payable 200Dr. utilities expense 175Cr. Cash 175(2) Adjusting entriesDr. Rent expense 600Cr. Prepaid rent 600Dr. Insurance expense 125Cr. Prepaid insurance 125For each of the following incorrect entries, journal entries are incorrect and posting, please journalize the appropriate entries to correct errors.A, the purchase of office supplies on credit for 1800 was recorded asDr. office supplies 1800Cr. Cash 1800B, a credit customer paid her account in full: 4500. This was recorded asDr. cash 4500Cr. Revenue 4500C, the owner withdrew cash of 1500. This was recorded asDr. salaries expense 1500Cr. Cash 1500D, work was performed for a customer today and cash of 750 was received. This was recorded asDr. cash 750Cr. Accounts receivable 750A Dr. cash 1800Cr. Accounts payable 1800B Dr. Revenue 4500Cr. Accounts receivable 4500C Dr. drawing 1500Cr. Salaries expense 1500D. Dr. accounts receivable 750Cr. Service revenue 7501, which financial statement shows whether the business earned a profit and also lists the types and amounts of the revenues and expenses?A, balance sheetB, statement of owner’ equityC, cash flow statementD, income statementD2, which of the following is another term（把…叫做）for owner’s equity?A, net incomeB, expensesC, net assetsD, revenuesC3, which of the following is ture of the accounting entity principle? A, requires that sole proprietors have unlimited liabilityB, requires that partnership income be taxed at the partnership levelC, means that business records should be kept separately from the owner’s financial recordsD, requires that partnerships have written agreement.C4, which is the accounting guideline that requires financial statement information to be supported by evidence other than someone’s imagination or opi nion?A, accounting entity principleB, monetary unit principleC, going-concern principleD, objectivity principleD5, if the liability of a business increased 12000 during a periodof time and owner’s equity in the business decreased 2000 during the same period, the assets of the business must have increased or decreased by how much?A, decreased 10000B, decreased 14000C, increased 10000D, increased 14000B6, a purchase of office equipment for cash of 130 was recorded as an addition to office equipment and an addition to liabilities. By what amounts are the accounts under- or overstated as a result of this error? (“understated” means too low, and “overstated” means to high.)A, assets, understated 130; liabilities, overstated 130B, office equipment, understated 260; liabilities, overstated 130 C, office equipment, overstated 130; liabilities, overstated 130 D, assets, overstated 130; liabilities, overstated 130DFor each of the following items, state whether the item would be shown on the statement of cash flow as an operating, investing, financing activity.A, payment of account payable operatingB, issuance of preferred stock for cash financingC, payment of cash divident financingD, sale of long-term investment investingE, collection of account receivable operatingF, issuance of long-term note payable to borrow cash financing G, purchase of long-term investment investingH, payment of wages to employees operatingI, cash sale of land investingWhich of the accounting assumption implies that the economic activities of an enterprise can be divided into artificial time period of equal length.A, accounting period assumptionB, go-concern assumptionC, accounting entity assumptionD, monetary assumptionAIf an accountant forgot to record depreciation on office equipment at the end of an accounting period, which of the following would be true regarding the statement prepared at that time?A, as sets are overstated and owner’s equity is understatedB, the assets and owner’ equity are both understatedC, the assets are overstated, net income is understated, andowner’s equity is overstatedD, the assets, net income and owner’s equity are overstated.DWhat transaction causes a debit to sales returns and allowances and a credit to accounts receivable?A, There is no such entry; it should be a credit to sales returns and allowances and a debit to account receivableB, This transaction is recorded by the purchaser and recognizes the return of merchandiseC, When a customer returns merchandise to the seller, this entry is recorded by the seller.D, There is no such entry; it should be a debit to sales returns and allowances and a credit to account payableCThe office supplies account shows a beginning balance of 600 and an ending balance of 400. If office supplies expense for the year is 3100, what amount of office supplies was purchased during the period?A, 2700B, 2900C, 3300D, 3500X+600-400=3100 x=2900 BHCF a financial company, borrows Able business 2400 at 5% for 3 months on December 1 2001. What should HCF’s adjusting entry on December 31, 2001 include?A, A debit to interest earned for 10B, A credit to interest payable for 10C, A credit to interest earned for 10D, A debit to cash for 10BDuring the closing process, all temporary debit and credit balance accounts are closed, which of the following accounts would be closed by debitedA, sales discountB, rent expenseC, sales revenueD, accumulated depreciationCF Corporation, engaged in a service business, completed the following selected transactions during the period(1) added additional investment, receiving cash(2) purchased supplies on account(3) returned defective on account(4) charged customers for service sold on account(5) paid salary expense(6) paid a creditor on account(7) paid cash for the owner’s personal useTransactions:Assets liabilities owner’s equityUse the given information to prepare an income statement for the current month.Cost of good sold = cost of good available for sale – inventory (ending)= net purchases + inventory (beginning) –inventory (ending)= 64500-10000-2100+560+90000-30000=142960-30000=112960Gross profit = net sales – cost of good sold= 196300-112960=83340Operating income = gross profit – operating expense= 83340-(1200+6000) =76140Net income = 76140-6000=70140A business that is owned and controlled by one person is considered to be a sole trader. This form of business ownership is simple and generally inexpensive.一人拥有和控制的企业被称为个人独资企业。