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举一反三
- If the credit to record the purchase of supplies on account is not posted, A: Liabilities will be understated. B: Expenses will be overstated. C: Assets will be understated. D: Stockholders’ equity will be understated.
- The purchase of tools on account is recorded by a A: debit to Accounts Payable and a credit to Tools. B: credit to Tools and a credit to Accounts Payable. C: debit to Tools and a credit to Accounts Payable. D: debit to Tools and a debit to Accounts Payable.
- Which ONE of the following is an error of principle? A: A gas bill credited to gas account and debited to the bank account. B: The purchase of a non-current asset credited to the asset account at cost and debited to the payable’s account. C: The purchase of a non-current asset debited to the purchases account and credited to the payable’s account. D: The payment of wages debited and credited to the correct accounts, but using the wrong amount.
- If a customer makes a purchase by credit card, his account is instantaneously ______ , and the seller’s account ______ 。
- Which<br/>of the following situations would result in an increase in income<br/>under the accrual method of accounting, but would NOT result in an<br/>increase in income under the cash-basis method of accounting?(). A: Purchase of supplies for cash B: Performance of services on account C: Use of supplies purchased earlier D: Receipt of cash for services that were performed earlier on account
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Which<br/>of the following situations would result in an increase in income<br/>under the accrual method of accounting, but would NOT result in an<br/>increase in income under the cash-basis method of accounting? ( ) A: Purchase<br/>of supplies for cash B: Use<br/>of supplies purchased earlier C: Performance<br/>of services on account D: Receipt of cash for services that were performed earlier on account
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Matthew Company purchases a trading security for $12,000 cash. The journal entry to record this transaction will include a: A: debit to the Investment in Trading Securities account and a credit to Cash. B: debit to Cash and a credit to the Investment in Trading Securities account. C: debit to Long-term Investment and credit Cash. D: debit to Dividend Revenue and credit to Cash.
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Your company purchased art supplies for $1,400 cash and office supplies for $700 cash from Rocklin Supply Company. The accounting clerk recorded the transaction as: Dr. Art Supplies $1,400 Cr. Cash $2,100
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The payment of dividend by an American company to a foreign stockholder represents ( ). A: a debit in the S. capital account B: a credit in the current account C: a credit in the S. official reserve account D: a debit in the S. current account
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The general journal provides a place for recording all of the following except____________. A: the transaction date B: the names of the accounts involved C: the amount of each debit and credit D: an explanation of the transaction E: the balance in each account