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1. A credit to an asset account was posted to a revenue account. This error would cause: a.assets to be overstated. b.Revenue to be overstated. c.expenses to be overstated. d.Both A and C are correct. 2. A debit to an asset account was posted to a liability account. This error would cause: a.liabilities to be overstated. b.capital to be overstated. c.assets to be understated. d.None of the above are correct. 3. What would be the effect on accounts if the business provided services to a customer on account? a.An asset would be debited and Capital credited. b.An asset would be debited and an expense credited. c.An asset would be debited and revenue credited. d.Capital would be debited and revenue credited. 4. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $500, Utility Expense of $250, and Withdrawals of $1,000 during October? a.$1,050 net loss b.$1,050 net income c.$50 net income d.$50 net loss 5. The owner of Wolverines R Us paid his personal MasterCard bill using a company check. The correct entry to record the transaction is: a.credit Cash; debit Supplies Expense. b.credit Cash; debit Withdrawals. c.credit Cash; debit Capital. d.credit Cash; debit Accounts Receivable.
Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine-hours per year, which represents 25,000 units of output.
for the current year paxman company incurred 150000 in actual manufacturing overhead. the manufacturing overhead
using the appropriate interest table answer each of the following questions. each case is independent of the others.a
slip systems had no prior short-term investments prior to 2013. it had the following transactions involving short-term
as a tax preparer one of your clients without tax liability is reviewing his taxes before submission and is surprised
The Houston Company has the following entries to be made for 12/31/06. Assume all depreciation is current as of the end of 2005. Prepare all journal entries, including depreciation for 2006 as needed. Use Straight Line Depreciation, unless otherwi..
fancy iron industries began october with 54 units of iron inventory that cost 39 each. during october the company
suppose the peoples bank of china wishes to peg the rate of exchange of its currency the yuan in terms of the u.s.
department s had no work in process at the beginning of the period. 11289 units of direct materials were added during
Can you please describe to me in detail the steps of the accounting cycle? please include references searched the solution library and need new information.
in eight years kent duncan will retire. he is exploring the possibility of opening a self-service car wash. the car
name two reasons why overhead might be under-applied in a given year and how this might be able to be prevented? what
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