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

Quiz Information

Material Type:Quiz 4
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Following Account Balances
  • General Journal
  • Following General Journal
  • General Journal Entry
  • Accounting Event
  • Unearned Revenue
  • Retained Earnings Account
  • Interest Expense
  • Service Revenue
  • Closing Entries
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Sample Document Text

ACIS 2115 Quiz 4 - September 30, 2005 1. The following general journal entry was recorded in the books of Miles Company: Accounts Payable 700 Cash 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 400 Accounts Payable 600 Dividends 20 Retained Earnings 1,200 Interest Revenue 100 After the closing entries have been recorded and posted, the balance in the retained earnings account would be a. $1,200. b. $1,400. c. $1,600. d. None of the above. 3. AWS Company issued a $10,000 face value note to the National Bank on October 1, 2003. The note had a 12 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 Expe...

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