Get Solved ACCT 212 Week 3 Quiz (Collection)

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Get Solved ACCT 212 Week 3 Quiz Collection

 

ACCT 212 Week 3 Quiz (Summer 2021)v1

1. Question: On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to the Revenue Recognition Principle, on which date should the revenue be recorded?

2. Question: Under accrual-basis accounting, companies typically report expenses:

3. Question: On March 4, Tonkawa Law asks Green Lawn Services for basic lawn maintenance totaling $200. Green Lawn provides maintenance on March 8, and Tonkawa pays for the lawn maintenance on March 12. Under accrual-basis accounting, on which date should Tonkawa record lawn maintenance expenses?

4. Question: The following table contains financial information for Trumpeter Inc. before closing entries:

Cash                                                        $13,600
Supplies                                                     6,000
Prepaid Rent                                             3,200
Salaries Expense                                      6,400
Equipment                                              65,300
Service Revenue                                     28,200
Miscellaneous Expenses                       21,200
Dividends                                                  3,800
Accounts Payable                                     3,500
Common Stock                                       66,300
Retained Earnings                                  21,500
What is Trumpeter’s net income?

5. Question: A company performs $2,700 of services during the month and bills customers. The customers are expected to pay next month.
Record the customer billing using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

6. Question: Suppose a company rents office space for one year, paying $24,000 ($2,000/month) in advance on September 1.

7. Question: A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membership period. For the gym, this is an example of a(n):

8. Question: Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n):

9. Question: Which of the following would not typically be used as an adjusting entry?

10. Question: The closing entry for expenses includes:


ACCT 212 Week 3 Quiz (Summer 2021)v2

1. Question: On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to the Revenue Recognition Principle, on which date should the revenue be recorded?

2. Question: Under accrual-basis accounting, companies typically report expenses:

3. Question: On March 4, Tonkawa Law asks Green Lawn Services for basic lawn maintenance totaling $200. Green Lawn provides maintenance on March 8, and Tonkawa pays for the lawn maintenance on March 12. Under accrual-basis accounting, on which date should Tonkawa record lawn maintenance expenses?
4. Question: The following table contains financial information for Trumpeter Inc. before closing entries:

Cash                                                          $13,200
Supplies                                                        4,700
Prepaid Rent                                               3,000
Salaries Expense                                         6,200
Equipment                                                 66,800
Service Revenue                                        29,200
Miscellaneous Expenses                          20,400
Dividends                                                      3,700
Accounts Payable                                         4,100
Common Stock                                          67,000
Retained Earnings                                     17,700
What is Trumpeter’s net income?

5. Question: A company performs $2,100 of services during the month and bills customers. The customers are … to pay next month. Record the customer billing using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is … for a transaction/event, select “No journal entry … ” in the first account field.)

6. Question: Suppose a company rents office space for one year, paying $21,000 ($1,750/month) in advance on September 1. Record the adjusting entry on December 31. (If no entry is … for a transaction/event, select “No journal entry … ” in the first account field.)

7. Question: A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membership period. For the gym, this is an example of a(n:

8. Question: Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n):

9. Question: Which of the following would not typically be used as an adjusting entry?
10. Question: The closing entry for expenses includes:

 

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