The 'Accounting Exam 3 Review' assesses understanding of financial transactions, including stock issuance, note repayment, and account handling. It evaluates key accounting principles and their application in real-world scenarios, crucial for anyone studying or working in the field of accounting.
True
False
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True
False
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Sales Revenue
Sales Returns and Allowances
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True
False
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DR. Inventory......500------------------CR. Accounts Payable......500
DR. Accounts Payable.......500-----------------CR. Purchases.......500
DR. Purchases.......500--------------------CR. Accounts Payable.......500
DR. Accounts Payable.......500---------------------CR. Inventory.........500
True
False
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True
False
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True
False
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Accounts receivable
Notes receivable
Doubtful accounts
Bad debts
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True
False
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Debit accounts payable and credit inventory
Debit sales and credit accounts payable
Debit cash and credit accounts payable
Debit accounts payable and credit purchases
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At current market values
At replacement cost
At cost less accumulated depreciation
In separate section along with intangible assets
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True
False
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Cash .........Sales Revenue
Cash .........Service Revenue
Accounts Receivable ...........Sales Returns and Allowances
Accounts Receivable ............Sales Revenue
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Increase; the Notes Payable account is increased
Increased; the Note Payable account is decreased
Increased; the Interest Payable account is increased
Decreased; the Interest Payable account is increased
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$52,700
$55,000
$70,000
$72,300
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Inventory.....200------------------Accounts Receivable....200
Sales Returns and Allowances....200------------Accounts Receivable.....200
Accounts Payable....200-------------Sales Returns and Allowances......200
Accounts Receivable....200-----------Sales Returns and Allowances....200
$80,000
$36,000
$66,000
$50,000
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False
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Assets will be increased by $10,000
Equity will be reduced by $40,000
Assets will be increased by $40,000
Assets will be unchanged
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Notes payable........................................206,000 -----cash...................................................................206,000
Notes payable................................................200,000 interest payable.............................................6,000 -----cash..........................................................................206,000
Interest expense............................................6,000 notes payable................................................200,000 -----cash................................................................................206,000
Interest payable......................................3,000 notes payable.........................................200,000 interest expense.....................................3,000 -----cash.................................................................206,000
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Debit to Sales Revenue
Credit to Sales Revenue
Debit to Sales Returns and Allowances
Credit to Sales Returns and Allowances
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A contra account to Rent Revenue
A revenue account
reported as a current liability
Debited when rent is received in advance
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A payment of $148 to creditor was posted as a debit to Accounts Payable an a debit of $148 to Cash.
Cash of $539 received from a customer on account was posted as a debit of $350 to Cash and as a credit of $350 to Accounts Payable.
A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash.
A transaction was not posted.
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Allowance for doubtful accounts should be credited
Accounts receivable should be credited
Bad debt expense should be credited
Sales revenue should be debited
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True
False
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Inventory....150 ----------Accounts Payable.....150
Accounts Payable.....150 ------------Inventory.....150
Purchase Returns and Allowances.....150 ---------Accounts Payable.....150
Accounts Payable.....150 ------------Purchase Returns and Allowances....150
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Crediting Sales Tax Revenue
Debiting Sales Tax Expense
Crediting Sales Taxes Payable
Debiting Sales Taxes Payable
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Sale price exceeds the book value of the asset sold
Sale price exceeds the original cost of the asset sold
Book value exceeds the sale price of the asset sold
Sale price exceeds the depreciable cost of the asset sold
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Debit to Sales Taxes Expense for $21
Debit to Sales Taxes Payable for $21
Debit to Sales Revenue for $261
Debit to Cash for $261
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Quiz Review Timeline (Updated): Mar 20, 2023 +
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