Koofers

Lecture Notes for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Notes Information

Material Type:Note 2
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Inventory Error
  • Service Charge
  • Following Balances
  • Assets Ratio
  • Overstatement
  • S-Corporation
  • Corporation
  • S Corporation
  • Service Revenue
  • Multi-Step Income Statement
Login / Sign Up to View Document
Preview Page 1Preview Page 2Preview Page 3Preview Page 4Preview Page 5Preview Page 6

Sample Document Text

1. The following general journal entry was recorded in the books of Miles Company: Accounts Receivable 700 Sales 700 Based on this entry, a. liabilities increased. b. assets increased. c. equity decreased. d. net income was unaffected. 2. The following account balances were drawn from the adjusted trial balance of Janson, Inc. Service Revenue $ 700 Operating Expenses 950 Accounts Payable 700 Dividends 475 Retained Earnings 1,500 Interest Revenue 1,000 Gain on Sale of Land 250 After the closing entries have been recorded and posted, the balance in the retained earnings account would be a. $2,025. b. $1,500. c. $525 d. None of the above. 3. ANH Company issued a $10,000 face value note to the National Bank on October 1, 2003. The note had a 8 percent annual interest rate and a one-year term. Which of the following general journal entries would be necessary to record accrued interest on December 31, 2003? a. Interest Expense $200 In...

Related Documents

Seamster Co Exam
Shirt Manufacturer Exam
Service Revenue Exam
Assembly Department Exam
Overhead Application Exam
Material Price Variances Exam
Process Inventory Account Exam
Target Profits Exam
Actual Costing Exam
New Product Line Exam
Period Cost Exam
Period Cost Exam
Step-Variable Cost Exam
Overhead Application Exam
Brandon Company Exam
Illustration Iii Exam
155, "/var/app/current/tmp/"