Unit 5 Quiz

Student Gradebook Exam https//takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours Grading Summary These are the automatically computed eon and Time Started results of your exam. Grades for essay Time Spent questions, and comments from your instructor, are in the Details section below. Points Received oral sex Type Multiple Choice Of marvels 10 10/31/2012 85827 AM 38 min , 14 secs 10 / 20 (50%) Correct 5 Grade Details every last(predicate) Questions 1. Question Carlton Company sold equipment for $3,700 that originally cost $22,000. The balance of the Accumulated Depreciation narration link to this equipment was $19,000.The entry to record the disposal of this equipment would include a debit to Loss on Sale of Equipment of $700. reference work to Gain on Sale of Equipment of $700. credit to Equipment of $3,000. debit to Gain on Sale of Equipment of $700. 0 of 2 Student resoluteness Points Received Comments 2. Question The premium on a two-year insurance constituti on expiring on June 30, 2015, was give in total on July 1, 2013. The original payment was debited to the insurance expense beak. The conquer journal entry has been recorded on celestial latitude 31, 2013. The balance in the prepaid plus bank note on December 31, 2013, should be the same as the original payment. igher than if the original payment had been initially debited to an asset account. lower than if the original payment had been initially debited to an asset account. the same as it would have been if the original payment had been initially debited to an asset account. 2 of 2 Student Answer Points Received Comments 3. Question Student Answer Failure to record the expired get along of prepaid rent expense would not understate expense. mislead net income. overstate owners equity. understate liabilities. 2 of 2 Points Received 1 of 3 11/7/2012 252 PM Student Gradebook Exam https//takeexam. next. ecollege. om/(NEXT(3d4570aa34))/Main/Cours Comments 4. Question The Supplie s on Hand account balance at the beginning of the period was $6,600. Supplies totaling $12,825 were purchased during the period and debited to Supplies on Hand. A physical count shows $3,825 of Supplies on Hand at the end of the period. The proper journal entry at the end of the period debits Supplies on Hand and impute Supplies Expense for $9,000. debits Supplies Expense and credits Supplies on Hand for $12,825. debits Supplies on Hand and credits Supplies Expense for $15,600. debits Supplies Expense and credits Supplies on Hand for $15,600. of 2 Student Answer Points Received Comments 5. Question Student Answer An accrued expense can be described as an amount paid and matched with scratch for the current period. paid and not matched with earnings for the current period. not paid and not matched with earnings for the current period. not paid and matched with earnings for the current period. 2 of 2 Points Received Comments 6. Question How would return received in advance from t he sale of nonrefundable tickets for the Super Bowl be reported in the traffickers financial statements published before the Super Bowl? Revenue for the entire proceeds.Read similarly Quiz Week 4Revenue less related costs. Unearned tax less related costs. Unearned gross for the entire proceeds. 2 of 2 Student Answer Points Received Comments 7. Question On June 30, a caller-up paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31 overstates owners equity. overstates assets. understates net income. overstates some(prenominal) owners equity and assets. Student Answer 2 of 3 11/7/2012 252 PM Student Gradebook Exam ttps//takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours Points Received Comments 2 of 2 8. Question Student Answer gibe net income over the life of an enterpri se is higher under the cash foundation than under the accretion basis. lower under the cash basis than under the accrual basis. the same under the cash basis as under the accrual basis. not susceptible to measurement. 0 of 2 Points Received Comments 9. Question cast away Company collected $12,350 in interest during 2013. Sky showed $1,850 in interest receivable on its December 31, 2013, balance sheet and $5,300 on December 31, 2012.The interest revenue on the income statement for 2013 was $3,450. $8,900. $12,350. $14,200. 0 of 2 Student Answer Points Received Comments 10. Question Student Answer If an expense has been incurred but not even so recorded, then the end-of-period adjusting entry would involve a liability account and an asset account. a liability account and a revenue account. a liability and an expense account. a receivable account and a revenue account. 0 of 2 Points Received Comments * Times are displayed in (GMT-0700) Mountain Time (US & Canada) 3 of 3 11/7/2012 252 PM