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

Notes Information

Material Type:Note 2
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
  • Inventory Error
  • Service Charge
  • Following Balances
  • Assets Ratio
  • Overstatement
  • S-Corporation
  • Corporation
  • S Corporation
  • Service Revenue
  • Multi-Step Income Statement
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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...

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