Unit 5 Quiz

educatee Gradebook interrogatory https//takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours Grading Summary These ar the automatically computed Date and Time Started results of your exam. Grades for essay Time Spent questions, and comments from your instructor, are in the Details section below. Points received unbelief Type sixfold Choice Of Questions 10 10/31/2012 85827 AM 38 min , 14 secs 10 / 20 (50%) meliorate 5 Grade Details All Questions 1. Question Carlton Company exchange equipment for $3,700 that authoritatively cost $22,000. The labyrinthine sense of the Accumulated Depreciation ac list associate to this equipment was $19,000.The instauration to record the disposal of this equipment would include a debit to expiry on Sale of Equipment of $700. denotation to Gain on Sale of Equipment of $700. credit to Equipment of $3,000. debit to Gain on Sale of Equipment of $700. 0 of 2 scholar purpose Points original Comments 2. Question The premium on a b itwelvemonthly insurance policy expiring on June 30, 2015, was paid in total on July 1, 2013. The original salary was debited to the insurance depreciate account. The appropriate journal initiation has been recorded on December 31, 2013. The balance in the prepaid asset account on December 31, 2013, should be the same as the original hire. igher than if the original payment had been initially debited to an asset account. lower than if the original payment had been initially debited to an asset account. the same as it would have been if the original payment had been initially debited to an asset account. 2 of 2 student Answer Points Received Comments 3. Question Student Answer Failure to record the expired summate of prepaid rent expense would not down the stairsstate expense. overstate crystallise income. overstate owners equity. understate liabilities. 2 of 2 Points Received 1 of 3 11/7/2012 252 PM Student Gradebook trial https//takeexam. next. ecollege. om/(NEXT(3d4570 aa34))/Main/Cours Comments 4. Question The Supplies on Hand account balance at the beginning of the period was $6,600. Supplies totaling $12,825 were purchased during the period and debited to Supplies on Hand. A physical count shows $3,825 of Supplies on Hand at the end of the period. The proper journal admission at the end of the period debits Supplies on Hand and impute Supplies disbursement for $9,000. debits Supplies Expense and credits Supplies on Hand for $12,825. debits Supplies on Hand and credits Supplies Expense for $15,600. debits Supplies Expense and credits Supplies on Hand for $15,600. of 2 Student Answer Points Received Comments 5. Question Student Answer An accrued expense can be described as an amount paid and matched with meshwork for the present-day(prenominal) period. paid and not matched with earnings for the current period. not paid and not matched with earnings for the current period. not paid and matched with earnings for the current period. 2 of 2 Po ints Received Comments 6. Question How would proceeds received in advance from the sale of nonrefundable tickets for the Super orbit be reported in the sellers financial rumors published before the Super Bowl? Revenue for the entire proceeds.Read also Quiz Week 4Revenue slight related costs. Unearned taxation less related costs. Unearned revenue for the entire proceeds. 2 of 2 Student Answer Points Received Comments 7. Question On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31, the bookkeeper forgot to record the amount expired. The negligence has the following effect on the financial statements prepared December 31 overstates owners equity. overstates assets. understates net income. overstates both owners equity and assets. Student Answer 2 of 3 11/7/2012 252 PM Student Gradebook Exam ttps//takeexam. next. ecollege. com/(NEXT(3d4570aa34))/Main/Cours Points Received Comments 2 of 2 8. Ques tion Student Answer Total net income over the life of an enterprise is higher under the gold tush than under the accrual basis. lower under the cash basis than under the accrual basis. the same under the cash basis as under the accrual basis. not susceptible to measurement. 0 of 2 Points Received Comments 9. Question Sky Company collected $12,350 in entertain during 2013. Sky showed $1,850 in interest receivable on its December 31, 2013, balance sheet and $5,300 on December 31, 2012.The interest revenue on the income statement for 2013 was $3,450. $8,900. $12,350. $14,200. 0 of 2 Student Answer Points Received Comments 10. Question Student Answer If an expense has been incurred but not yet recorded, then the end-of-period adjusting entry would involve a indebtedness account and an asset account. a liability account and a revenue account. a liability and an expense account. a receivable account and a revenue account. 0 of 2 Points Received Comments * Times are displayed in (GMT -0700) Mountain Time (US & Canada) 3 of 3 11/7/2012 252 PM