13. Which of the following would not result in the recording of an expense? a Receipt of a bill from the telephone company. b Payment of wages. c Withdrawal by owner for personal expenses. d Purchase of gasoline for fill-up of company car.
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13. Which of the following would not result in the recording of an expense?
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- When an owner withdraws cash or goods from the business, why is this considered an increase to the Drawing account and not an increase to the Wages Expense account?How are revenues and expenses reported on the income statement under (a) the cash basis of accounting and (b) the accrual basis of accounting? Explain the purpose of the accounts Depreciation Expense and Accumulated Depreciation. Is it customary for the balances of the two accounts to be equal? (c) In what financial statements, if any, will each account appear? Why are adjustments needed at the end of an accounting period? Employees performed services in 20Y8, but the wages were not paid until 20Y9. During which year would the wages expense be reported on the income statement under (a) the cash basis? (b) the accrual basis?Which of the following business events would not be recorded in the accounting records? Group of answer choices A. Obtaining a bank loan. B. Putting down a deposit on a new vehicle. C. Signing a contract to rent equipment in the next accounting period. D. Receiving a deposit from a customer.
- 16 - Which of the following is not an event that concerns the accounting of the company?A) Paying wages to employeesB) One of the cars buys a vehicleC) Purchasing commercial goodsD) Selling goods and services to customersE) Withdrawing cash loans from the bankAssume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit to Fees Earned, $300,000. (a) How would this error affect the equality of the trial balance? (b) How would this error affect the income statement, statement of owner’s equity, and balance sheet?Which of the following represents an external transaction? a. Lapse of insurance due to passage of time.b. Use of office supplies by employees over time.c. Payment of utility bill.d. Salaries earned by employees but not yet paid.
- 1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False?2. All property, plant and equipment are capitalized. True or False?3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?13. If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the service are performed will be?Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
- For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanIdentify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent RevenuePurchase of $100 worth of office supplies, for cash, was not recorded at all. What SHOULD the transaction have looked like?
