Reference no: EM132453875
Questions -
Q1. A company completed the following transactions during the month of October:
I. Purchased office supplies on account, $ 5600.
II. Provided services for cash, $ 20000.
III. Provided services on account, $ 35000.
IV. Collected cash from a customer on account, $ 27 comma 000.
V. Paid the monthly rent of $ 4000.
What was the company's total revenue for the month?
Q2. A company completed the following transactions during the month of October:
I. Purchased office supplies on account, $ 5000.
II. Provided services for cash, $ 20000.
III. Provided services on account, $ 17000.
IV. Collected cash from a customer on account, $ 7000.
V. Paid the monthly rent of $ 13000.
Q2. What was the company's net income for the month?
Q3. A company had credit sales of $ 30,000 and cash sales of $ 23,000 during the month of May. Also during May, the company paid wages of $ 22,000 and utilities of $ 10,000. It also received payments from customers on account totaling $5,000. What was the company's net income for the month?
Q4. A company received $ 34000 cash and issued common stock in exchange. How does this transaction affect the accounting equation?
A. Add $ 34000 to Cash and add $ 34000 to Common Stock.
B. Add $ 34000 to Cash and add $ 34000 to Retained Earnings.
C. Add $ 34000 to Dividends and subtract $ 34000 from Retained Earnings.
D. Add $ 34000 to Cash and add $ 34000 to Revenue.
Q4. A business paid $ 3400 on account. The journal entry would:
A. debit Accounts Receivable for $ 3400 and credit Revenue for $ 3400.
B. debit Accounts Payable for $ 3400 and credit Cash for $ 3400.
C. debit Cash for $ 3400 and credit Accounts Payable for $ 3400.
D. debit Cash for $ 3400 and credit Retained Earnings for $ 3400.
Q5. On May 1, a business provided legal services to a client and billed the client $ 3 comma 600. The client promised to pay the business in one month. Which journal entry should the business record on May 1?
A. Debit Cash for $ 3600 and credit Retained Earnings for $ 3600.
B. Debit Accounts Receivable for $ 3600 and credit Service Revenue for $ 3600.
C. Debit Cash for $ 3600 and credit Service Revenue for $ 3600.
D. Debit Accounts Payable for $ 3600 and credit Service Revenue for $ 3600.
Q6. The Accounts Receivable account for Johnny's Mechanic Shop had a beginning balance of $ 36000. During the month, Johnny made sales on account of $ 46000. The ending balance in the Accounts Receivable account is $ 31000. What are cash collections for the month?
A. $82000
B. $51000
C. $36000
D. $46000
Q7. The accounts of Yardy Company are as follows on November 30, 2019:
Accounts Payable $26,500
Accounts Receivable $16,600
Cash $73,000
Common Stock $37,000
Dividends $8,000
Insurance Expense $4,100
Retained Earnings $28,800
Salary Expense $14,000
Sales Revenue $11,000
Supplies $1,500
What is the total of the debit column in the trial balance at November 30, 2019?
A. $117,200
B. $109,200
C. $100,300
D. $220,500