Question

expenses 40. If the trial balance totals are not equal the error may have been caused by a transposition if the difference is divisible by 41. The Posting Reference column of a journal is used to record the page number of the lediger account record the date on which is posted to aleger account record the number of the ledger account to which the information is posted record the source documento the transaction 42. On a worksheet the adjusting entry to account for depreciation of equipment consists of a debit to Depreciation Expense and a credit to Equipment. debit to Depreciation Expense and a credit to Accumulated Depreciation debit to topment and a credit to Accumulated Depreciation debit to Accumulated Depreciation and credit to Equipment 43. The Fees Income account is closed by debiting Cash and crediting Fees income debiting Fees income and crediting Income Summary debe the owner's capital account and crediting Fees income debitong income Summary and crediting fees income 44. Connor Company sells merchandise for $2.000 on account to Market Industries on January 21, at 1/10, 10, Invoice 190, Market returns $200 of the merchandise on January 23, receiving credit memorandum 120 from Connor. What amount would Market pay if they submit payment on January 297 $1.00 $1,782 51.780 45. The net delivered cost for purchases is calculated as follows: Purchases plus Freight in plus Purchases Returns and Allowances plus Purchases Discounts Purchases less Freight in less Purchases Returns and Allowances plus Purchases Discounts • Purchases plus Freight in less Purchases Returns and Allowances less Purchases Discounts • Purchases less Freight in plus Purchases Returns and Allowances less Purchases Discounts. 46. A financial instrument whose ownership can be transferred to another person or business is best described as Bonding Negotiable A restrictive endorsement 47. The amount of federal income tax to withhold from an employee's earnings depends on the earning during the pay period and length of the pay period. earnings during the pay period and length of the pay period, and marital status * earnings during the pay period and length of the pay period, and number of withholding allowance • earnings during the pay period and length of the pay period, marital status and number of withholding allowances 48. Employees' payments for federal income taxes withheld and social security and Medicare taxes are periodically sent directly to the internal Revenue Service deposited in a special purpose bank account, controlled by the company, until year end when the funds are sent to the US Treasury Department sent to the local office of the Internal Revenue Service

Answer 1

First 4 questions are being answered here.

40. Option (c) is correct

Transposition error occurs when digits of the number are reversed. If there is a transposition error then the difference between the original number and the reversed or transposed number is always divisible by 9.

41. Option (c) is correct

Posting reference column of a journal is used to record the number of the ledger account to which the information is posted.

42.Option (b) is correct

Depreciation expense id debited and accumulated depreciation is credited in the adjusting entry.

43. Option (b) is correct

All the revenues accounts are debited and income summary is credited for closing the revenue accounts. Fees income is a revenue account, so it will be debited while closing.