Select best answer. An Accounts Payable is created when... A) your company pays cash for a...
Select best answer.
An Accounts Payable is created when...
A) your company pays cash for a purchase.
B) your company goods are shipped COD.
c) your company purchases goods or services from an established vendor on credit.
D) All of the Above.
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Select best answer.
An Accounts Payable is created when...
A) your company pays cash for a...
17. Accounts is created when a sale is made to a customer on account. Accounts is...
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31...
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31/17 $120,000 40,000 12/31/16 $160,000 25,000 Mack Co. paid vendors $240,000 during the year ended December 31, 2017. What amount should Mack Co. report for cost of goods sold in 2017? $185,000 $215,000 $265,000 $240,000 $295,000 The CQ Company uses the periodic method for inventory. All sales and purchases are on credit. How does CQ account for a return of merchandise to...
When using a purchases journal, Select one: a. the "Other Accounts" total is posted to Accounts...
When using a purchases journal, Select one: a. the "Other Accounts" total is posted to Accounts Payable at month's end b. posting to creditor accounts is only done at the end of the month c. all cash and credit purchases are recorded in the journal d. there will always be an "Accounts Payable Cr." column
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
Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the...
Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier. He also hopes to improve any weaknesses he discovers in the system. In the following narrative, Ashton explains what happens at S&S: Before S&S pays a vendor invoice, the invoice must be matched against the purchase order used to request the goods and the receiving report that the receiving department prepares. Because all three of these...
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30....
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace period? Select one: O a.cr. Accounts Payable O b. cr. Purchases Discounts O c. dr. Cash O d.cr. Accounts Receivable O ecr. Merchandise Inventory Your company uses the Perpetual Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace...
terest rate is noints): Select one best correct answer, and mark your answers in the th...
terest rate is noints): Select one best correct answer, and mark your answers in the th e se and of the following refers to the goods and services that are required to A Producer goods B. Consumer goods C. Necessity goods D. Luxury goods Which of the following is considered as real capital? A. Tools B. Machinery C Buildings D. All the above 8. During the making of Barbie Dolls in a factory, the total number of Barbie's changes every...
Circle the best answer to each of the following questions. 1. When a company has performed...
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following res...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following results in the recording of revenue for the current period on the Income Statement of a service company? a. A service company receives cash from a bank in exchange for a note payable b. A service company signs an agreement to provide services to a customer in a future...
Why would your company want to reduce its accounts payable policy? Select One A. Reducing their...
Why would your company want to reduce its accounts payable policy? Select One A. Reducing their payables will increase their available cash B. Reducing their payables will slightly increase demand C. Reducing their payables will anger their suppliers D. None of the above
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31/17 $120,000 40,000 12/31/16 $160,000 25,000 Mack Co. paid vendors $240,000 during the year ended December 31, 2017. What amount should Mack Co. report for cost of goods sold in 2017? $185,000 $215,000 $265,000 $240,000 $295,000 The CQ Company uses the periodic method for inventory. All sales and purchases are on credit. How does CQ account for a return of merchandise to...
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
Your company uses the Periodic Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace period? Select one: O a.cr. Accounts Payable O b. cr. Purchases Discounts O c. dr. Cash O d.cr. Accounts Receivable O ecr. Merchandise Inventory Your company uses the Perpetual Inventory method. Your vendor offers you terms of 2/10, net 30. What will your journal entry include to recognizing payment within the grace...
terest rate is noints): Select one best correct answer, and mark your answers in the th e se and of the following refers to the goods and services that are required to A Producer goods B. Consumer goods C. Necessity goods D. Luxury goods Which of the following is considered as real capital? A. Tools B. Machinery C Buildings D. All the above 8. During the making of Barbie Dolls in a factory, the total number of Barbie's changes every...
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...
Select the one BEST answer. Remember to transfer your answers to the grid on page 2 1. Under accrual accounting as required by Generally Accepted Accounting Principles, which of the following results in the recording of revenue for the current period on the Income Statement of a service company? a. A service company receives cash from a bank in exchange for a note payable b. A service company signs an agreement to provide services to a customer in a future...
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