Week 4
Multiple Choice Question 122 | | Your answer is correct. | | |
Jawbreaker Company paid $640 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $460 and a credit to Accounts Receivable, $460. The correcting entry is

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| Accounts Receivable........................................................................... | 460 | | Accounts Payable............................................................................... | 640 | | | Cash........................................................................................ | | 1,100 | |

Multiple Choice Question 89 | | Your answer is correct. | | |
The income statement for the month of June, 2013 of Camera Obscura Enterprises contains the following information: Revenues | | $7,000 | Expenses: | | | | Salaries and Wages Expense | $3,000 | | | Rent Expense | 1,000 | | | Advertising Expense | 800 | | | Supplies Expense | 300 | | | Insurance Expense | 100 | | | | Total expenses | | 5,200 | Net income | | $1,800 |

At June 1, 2013, Camera Obscura reported retained earnings of $35,000. The company paid no dividends during June. At June 30, 2013, the company will report retained earnings of

36800.00

Multiple Choice Question 97 | | Your answer is correct. | | |
A post-closing trial balance is prepared

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| after closing entries have been journalized and posted. | Multiple Choice Question 45 | | Your answer is correct. | | |
If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has | suffered a net loss for the period. | Multiple Choice Question 134 | | Your answer is correct. | | |
All of the following are property, plant, and equipment except | supplies. |