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 includes accounts that should all have the same first digit?
A)Accounts receivable, accounts payable, retained earnings
B)Supplies, land, equipment
C)Common stock, additional paid-in capital, retained earnings
D)Bonds payable, discount on bonds payable, cash

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 includes accounts that should all have the same first digit?
A)Accounts receivable, accounts payable, retained earnings 
B)Supplies, land, equipment 
C)Common stock, additional paid-in capital, retained earnings 
D)Bonds payable, discount on bonds payable, cash

Quizplus · Accepted Answer

The Answer of 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 includes accounts that should all have the same first digit?
A)Accounts receivable, accounts payable, retained earnings 
B)Supplies, land, equipment 
C)Common stock, additional paid-in capital, retained earnings 
D)Bonds payable, discount on bonds payable, cash

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