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Stockholders own which type of business? The accounting equation may be expressed as Jason purchased office equipment for $4,800 on account. This transaction would have what effect on the accounting equation? Stephen purchased office supplies for $800 in cash. This transaction would have what effect on the accounting equation? Meghan started her business by investing $30,000 in cash. This transaction would have what effect on the accounting equation? The financial statement that should be completed first is the Liability, owner’s capital, and revenue accounts normally have what type of balance?
A chronological record of financial transactions expressed as debits and credits to accounts is provided by which record If the book value of an asset is $12,500 and the accumulated depreciation is $3,500, the original cost of the asset is The matching principle in accounting requires the matching of The Income Summary account is used to Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump’s regular rate is $8 per hour.
During the week ended October 10, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Trump’s total earnings for the week ended October 10 are Which payroll taxes are paid by both the employee and the employer? The federal unemployment tax is levied on which party? To enter a cash sale, the journal entry includes A journal designed for entering only sales on account is called the A common approach to keeping a record of each customer’s accounts receivable is to use a(n) A journal designed for entering only cash receipts is called the
For the merchant, bank credit card sales are treated in a manner similar to A record used to keep the amount owed to each supplier is called a(n) A list showing the amount due to each supplier as of a specified date is known as the Under the periodic inventory system, when are the merchandise inventory and the cost of goods sold for the current periods are determined? Costs of goods sold may includes cost such as… When a fiscal year that starts and ends at the time the stock of merchandise is normally at its lowest level is selected, it is known as a(n)
A method of allocating merchandise cost that assigns the most recent purchased costs to the ending inventory shown on the balance sheet is called the The following data applies to a particular item of merchandise: On hand at start of period 300 $5. 10 1st purchase 500 5. 20 2nd purchase 700 5. 30 3rd purchase 600 5. 50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase.
Using the specific identification costing method, the amount of the cost of goods sold would be The following data applies to a particular item of merchandise: On hand at start of period 300 $5. 10 1st purchase 500 5. 20 2nd purchase 700 5. 30 3rd purchase 600 5. 50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase.
Using the first-in, first-out costing method, the value of the inventory on hand at the end of the period would be The following data applies to a particular item of merchandise: On hand at start of period 300 $5. 10 1st purchase 500 5. 20 2nd purchase 700 5. 30 3rd purchase 600 5. 50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase.
Using the last-in, first-out costing method, the cost of goods sold would be The following data applies to a particular item of merchandise: On hand at start of period 300 $5. 10 1st purchase 500 5. 20 2nd purchase 700 5. 30 3rd purchase 600 5. 50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase.
Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be A method of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the Unearned revenue is reported as a(n) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory If a difference is found between the physical count and the amount in the perpetual inventory records, an adjusting entry is made to which accounts? An example of a contra-revenue account is
During the accounting period, the Unearned Revenue account had a balance of $50,000 for computer equipment and software yet to be delivered. On March 31, a delivery of all of the equipment was made, leaving $5,000 worth of software pending. The correct journal entry to record this activity on March 31 is to On the balance sheet, Merchandise Inventory is listed as a(n) On a work sheet, the Debit column of the Income Statement totals $550,356 and the Credit column totals $734,225. What does the difference represent? A formal statement of the results of the operation of a business during an accounting period is called a(n)
In a multiple-step income statement, operating expenses are subtracted from gross profit to compute Net sales minus cost of goods sold equals Accumulated depreciation amounts are shown as deductions from the A formal statement of the assets, liabilities, and owner’s equity of a business at a specified date is known as a(n) Cash and all other assets that may be reasonably expected to be converted to cash or consumed within one year or the normal operating cycle of the business are classified as Assets that are used for several years in the operation of a business are called
The following information was taken from the financial statements of Ashley’s Linens: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner’s equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The working capital of Ashley’s Linens is The following information was taken from the financial statements of Brandon’s Motor Shop: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities ,000 Owner’s equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The current ratio for Brandon’s Motor Shop is closest to The entries that transfer the balances of the temporary owner’s equity accounts to the permanent owner’s equity account are called After the temporary owner’s equity and drawing accounts are transferred to the permanent owner’s equity account, which of the following accounts will have a balance? Closing entries are made in which journal? Adjusting entries are made in which journal?

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