Homework Answers
Answer: C. all permanent accounts
.
Temporary accounts - Temporary accounts are those accounts that are closed at the end of the accounting period. Further, these accounts begin each accounting year with a zero balance. Temporary accounts include all Income statement accounts (expenses, revenues, gains, losses).
Permanent accounts - Permanent accounts are those accounts that do not close at the end of the accounting period. All Balance sheet accounts are permanent accounts.
Equipment, Cash, Accounts payable are balance sheet accounts. So they are permanent accounts.
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Respectively, Equipment, Cash, and Accounts Payable are: O A. all temporary accounts. OB. temporary, temporary, and...
Respectively, Accounts Receivable, Salary Expense and Salary Payable are: O A. all permanent accounts. OB. temporary,...
Respectively, Accounts Receivable, Salary Expense and Salary Payable are: O A. all permanent accounts. OB. temporary, permanent, and temporary accounts. OC. permanent, temporary, and permanent accounts OD. permanent, temporary, and temporary accounts.
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts....
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due...
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due in two years) Buildings How many of the items listed above are generally current assets? ОА. Three OR TWO Oc Four OD One
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
18. (Chapter 4) The closing process requires only temporary accounts to be adjusted. Listed below are...
18. (Chapter 4) The closing process requires only temporary accounts to be adjusted. Listed below are both temporary and permanent accounts. 1. Owner’s drawings 2. Rent expense 3. Accounts payable 4. Cash 5. Owner’s capital 6. Prepaid expense 7. Depreciation expense 8. Land 9. Unearned revenue 10. Service revenue 11. Note payable 12. Income summary 13. Salaries expense 14. Interest payable 15. Accounts receivable Instructions State which accounts are permanent (P)...
Q1 Q2 Q3 Q4 Minimum Cash Balance $300 $300 $300 $300 Accounts Receivable 80 640 360...
Q1 Q2 Q3 Q4 Minimum Cash Balance $300 $300 $300 $300 Accounts Receivable 80 640 360 100 Inventory 1060 420 60 440 Accounts Payable (330) (330) (330) The data above shows the networking capital requirements for Flinder's Camping, a company that makes tents. All figures are in thousands of dollars. What can be considered the firm's permanent working capital? (330) O A. $510,000 OB. $720.000 O c. $1,030,000 OD. $390,000
Recording jobs shipped and customers billed would include a debit to Oa. Accounts Payable Ob. Finished...
Recording jobs shipped and customers billed would include a debit to Oa. Accounts Payable Ob. Finished Goods Oc. Cost of Goods Sold Od. Cash
Accounts Payable Salaries Expense Repairs Expense Truck Equipment Notes Payable Cash Supplies Expense Service Revenue Gasoline...
Accounts Payable Salaries Expense Repairs Expense Truck Equipment Notes Payable Cash Supplies Expense Service Revenue Gasoline Expense Salaries Payable 4,000 6,000 700 10,000 9,000 8,200 7,100 1,600 34,000 3,900 DO What is the amount of total liabilities at the end of the year? A. $24,600 B. $20,700 C. $12,400 OD. $12,200
Renzi's Volleyball Gym purchased equipment for $1,300. It made a down payment of $500 with the...
Renzi's Volleyball Gym purchased equipment for $1,300. It made a down payment of $500 with the remainder on account. The journal entry to record this transaction is: 1,300 800 500 500 800 A. Supplies Cash Accounts Payable OB. Accounts Receivable Cash Equipment OC Cash Accounts Receivable OD. Equipment Accounts Payable Cash 1,300 800 1,300 800 500 The entry to record completing a financial lecture and immediately collecting payment from customers would be: 1,400 1,400 1,400 1,400 O A. Cash Accounts...
Respectively, Accounts Receivable, Salary Expense and Salary Payable are: O A. all permanent accounts. OB. temporary, permanent, and temporary accounts. OC. permanent, temporary, and permanent accounts OD. permanent, temporary, and temporary accounts.
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Which types of accounts will appear in the post-closing trial balance? Permanent accounts. O Temporary accounts. O Accounts shown in the income statement columns of a work sheet. O None of these.
Question 27 Consider the following items: Cash Equipment Accounts payable Accounts receivable Land Notes payable (due in two years) Buildings How many of the items listed above are generally current assets? ОА. Three OR TWO Oc Four OD One
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
Q1 Q2 Q3 Q4 Minimum Cash Balance $300 $300 $300 $300 Accounts Receivable 80 640 360 100 Inventory 1060 420 60 440 Accounts Payable (330) (330) (330) The data above shows the networking capital requirements for Flinder's Camping, a company that makes tents. All figures are in thousands of dollars. What can be considered the firm's permanent working capital? (330) O A. $510,000 OB. $720.000 O c. $1,030,000 OD. $390,000
Recording jobs shipped and customers billed would include a debit to Oa. Accounts Payable Ob. Finished Goods Oc. Cost of Goods Sold Od. Cash
Accounts Payable Salaries Expense Repairs Expense Truck Equipment Notes Payable Cash Supplies Expense Service Revenue Gasoline Expense Salaries Payable 4,000 6,000 700 10,000 9,000 8,200 7,100 1,600 34,000 3,900 DO What is the amount of total liabilities at the end of the year? A. $24,600 B. $20,700 C. $12,400 OD. $12,200
Renzi's Volleyball Gym purchased equipment for $1,300. It made a down payment of $500 with the remainder on account. The journal entry to record this transaction is: 1,300 800 500 500 800 A. Supplies Cash Accounts Payable OB. Accounts Receivable Cash Equipment OC Cash Accounts Receivable OD. Equipment Accounts Payable Cash 1,300 800 1,300 800 500 The entry to record completing a financial lecture and immediately collecting payment from customers would be: 1,400 1,400 1,400 1,400 O A. Cash Accounts...
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