ACC 290 NEW Final UOP Course Tutorial / Uoptutorial

ACC 290 NEW Final UOP Course Tutorial / Uoptutorial

  • Submitted By: Tuataras
  • Date Submitted: 07/16/2014 11:55 PM
  • Category: Business
  • Words: 815
  • Page: 4
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ACC 290 Finals

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Question 1

Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.

Paid $60,000 to purchase office equipment.

Paid $15,000 for utilities.

Paid $6,000 in dividends.

Collected $245,000 from customers.

Question 2

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Question 3


Question 4

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Cash received from customers $300,000

Revenue earned 390,000

Cash paid for expenses 170,000

Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000

Expenses incurred including any depreciation 216,000

Question 5

La More Company had the following transactions during 2013.

• Sales of $4,500 on account

• Collected $2,000 for services to be performed in 2014

• Paid $1,325 cash in salaries

• Purchased airline tickets for $250 in December for a trip to take place in 2014

Question 6

Which one of the following is not a justification for adjusting entries?

Question 7

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

Question 8

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

Question 9

Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?

Question 10...

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