At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash), $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.CNC uses block coding for its chart of accounts.Which of the following accounts will have the same final digit?
A)Cash
B)Inventory
C)Both cash and inventory
D)Neither cash nor inventory

Question

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:  CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash), $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.CNC uses block coding for its chart of accounts.Which of the following accounts will have the same final digit?
A)Cash 
B)Inventory 
C)Both cash and inventory 
D)Neither cash nor inventory

Quizplus · Accepted Answer

None of the transactions listed in January 2015 involve both cash and inventory, so neither account will have the same final digit.

At the End of 2014, CNC Corporation's Accounting Information System