Question 1

A. Check all of the following accounts that would be classified as a current asset.
 $$\begin{array} { | l | l | } 
\hline \text { Store Equipment } & \
\hline \text { Cash } & \
\hline \text { Land } & \
\hline \text { Petty Cash } & \
\hline \text { Interest Receivable } & \
\hline \text { Accounts Receivable } & \
\hline \text { Building } & \
\hline \text { Merchandise Inventory } & \
\hline \text { Office Equipment } & \
\hline \text { Notes Receivable } & \
\hline
\end{array}$$ 
B. Check all of the following accounts that would be classified as a current liability.

Accepted Answer

The answer of A. Check all of the following accounts...

Question 2

The data below concerns adjustments to be made at the Conner Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2013. On the same page of the general journal, record the reversing entries as of January 1, 2014. Include descriptions.
Adjustment data:
(a) On October 1, 2013, the firm paid rent of $6,000 in advance for a 6-month period.
(b) A total of $5,000 should be recorded as depreciation of equipment for 2013.
(c) On December 31, 2013, the firm owed salaries of $4,000 that will not be paid until January 2014.
(d) On December 31, 2013, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

Accepted Answer

The answer of The data below concerns adjustments to be...

Question 3

Match the accounting terms with the description by entering the proper number.

Accepted Answer

The answer of Match the accounting terms with the description...

Question 4

The data below concerns adjustments to be made at the Tyson Company. Record the adjusting entries on page 12 of a general journal as of December 31, 2013. On the same page of the general journal, record the reversing entries as of January 1, 2014. Include descriptions.
Adjustment data:
(a) On October 1, 2013, the firm paid rent of $18,000 in advance for a 6-month period.
(b) A total of $15,000 should be recorded as depreciation of equipment for 2013.
(c) On December 31, 2013, the firm owed salaries of $12,000 that will not be paid until January 2014.
(d) On December 31, 2013, the firm owed the employer's social security (6.2%) and Medicare (1.45%) taxes on all of the accrued salaries.

Accepted Answer

The answer of The data below concerns adjustments to be...

Quiz 13: Financial Statements and Closing Procedures

Match the accounting terms with the description by entering the proper number.