Question

Owner. C al d. Fecs Eamed 46. Accounts are classified in the ledger 2. chronologically b. alphabetically c. in accordance with their appearance in the financial statements d. with the accounts used most often listed first 47. Which of the following entries records the acquisition of office supplies on account? a. Office Supplies, debit; Cash, credit b. Cash, debit; Office Supplies, credit c. Office Supplies, debit; Accounts Payable, credit d. Accounts Receivable, debit; Office Supplies, credit 48. Current assets and current liabilities for Brayden Company are as follows: Current assets Current liabilities 2049 S498,600 269,300 2018 $532.400 301,500 What conclusions can be drawn regarding Brayden's ability to meet its financial obligations? a. The current ratio has worsened, and the working capital has decreased. b. The current ratio has improved, and the working capital has increased e. The current ratio has improved, while the working capital has decreased. d. The current ratio has worsened, but the working capital has increased. 49. Which of the following accounts would be increased with a credit? a. Land; Accounts Payable; Drawing b. Accounts Payable; Uneamed Revenue; Collins, Capital c. Collins, Capital; Accounts Receivable; Uneamed Revenue d. Cash; Accounts Receivable; Collins, Capital 50. Revenues are reported when a, a contract is signed b. cash is received from the customer c. work is begun on the job d. work is completed on the job 51. Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. List the accounts from the ledger and enter their debit or credit balance in the Debitor Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance

Answer 1

solution 66) option à is correct. chronologically" All accounts listed in a ledger are with the entries posted in order of place. posted chronologically transaction taken 47) option c' is correct "Debit office supplies and credit accounts payable office supplies debit. and increase in it No is asset and incorrease in asset is accounts payable is liability and should be credit cash is involired. 48) option Ċ is correct The current ratio has improved, while the working Capital has decreased.

working year 2048 carrent ratio = 532 400 201 sou = 1.77 year 2049 - current ratio = 498600 269300 = 1.85 Dyear 2018 - working Capital = 532400-301500 = 230900 year 2049 - wooking capital = 498600-269300 = 229300 49) option b is correct. Accounts payable, Unearned Revenue, collins, capital Because all of these items have a credit balance.