Download MGMT-026 Chapter 11 LS PDF

TitleMGMT-026 Chapter 11 LS
LanguageEnglish
File Size1.9 MB
Total Pages61
Table of Contents
                            1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
                        
Document Text Contents
Page 1

The correct answer is shown

On July 1, Scene Co. borrowed $15,000 cash from First Bank by signing a 30-day, 5% interest-bearing

note. Scene will record this entry with a credit to Notes Payable in the amount of $15000.

V' Your answer is correct! • Reed about 11119

Page 2

Niwa Co. replaced a $3,000 account payable balance to Fiona Co. with a 60.<Jay, $3,000 note

bearing 5% annual Interest. Nfwa's entry to record this transaction would Include which of the

following entries? (Check all that apply.)

~Your answer is correct!

A Credit to Notes Payable
Credit to Accounts Payable

Credit to Cash

N Debit to Accounts Payable
Debit to Cash

Debit to Notes Payable

l!!J Read •bout 11115

Page 30

Leo Calvin Is required to have ___ taxes withheld from his pay in order to cover the cost of future

retirement, disability, and survivorship and medical expenses.

../Your answer is correct!

WICA

SUTA

FUTA

• Read about t111s

Page 31

Vance Co. allows employees to take a two week vacation each year. A newly hired employee wlll earn

$20,800 per year. To account for the two weeks off each year, Dante will accrue $16 In each of the

50 weeks. This accrual will be recorded to which of the following accounts? (Check all that apply.)

~Your answer is correct!
l!!J Reed about tllla

Debit to Cash.

Credit to Cash.

W Debit to Vacation Benefits Expense.
Debit to Salaries and Wages Expense.

Q Credit to Vacation Benefits Payable.
Credit to Salaries and Wages Payable.

Page 60

Damien Co. has $10,000 of unearned revenues on its balance sheet Damien expects that it wi ll earn
$8,000 of these revenues in the upcoming twelve months. How much will be recorded in Long-Term

Liabilities?

~Your answer is correct!

$10,000

$8,000

$18,000

,. $2,000

M Read about this

Page 61

Green Pastures Co. provides landscaping services. During May, Green Pastures col lected $800 from

a customer to provide landscaping services for the next four months and recorded this as unearned

landscaping fees. At the end of June, Green earned 25% of the fees. The adjusting entry that Green

would make in June would include a debit to the ____ account

~Your answer is correct!

Landscaping Fees Earned

Cash

k* Unearned Landscaping Fees

• Read about this

Similer Documents