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Test bank For NOCTI Advanced Accounting Study Guide 15th Edition by Joe Ben Hoyle
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Test bank For NOCTI Advanced Accounting Study Guide 15th Edition by Joe Ben Hoyle
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NOCTI Advanced Accounting StudyGuide
Susan opened a business and invested $5,000 in cash and a computer worth $2,500. These
investments will increase - ANSassets by $7,500
The journal entry to record cash investments by the owner would be to debit Cash and credit -
ANSCapital
Jason invested $15,000 cash to start his business. How would this transaction impact the basic
accounting equation? - ANSincrease owner's equity by $15,000
Copying debits and credits from a journal to a ledger is a process known as - ANSposting
When posting the adjusting entries from page 8 of a general journal, the correct posting
reference in the ledger accounts would be - ANSGJ8
Debbie has a balance of $8,600 in Accounts Receivable before receiving a check for $3,455
from a customer she had worked for last month. What will be the balance in Accounts
Receivable after she records the receipt of this check? - ANS$5,145
To prove the accuracy of posting, an accountant uses the - ANStrial balance
A controlling account is a/an - ANSaccount in a general ledger that summarizes all of the
individual accounts from a subsidiary ledger
An employee works 38 hours per week, is paid $8.50 per hour, and is paid biweekly. What is the
gross pay the employee will receive each pay period? - ANS$646.00
A W-2 form is a/an - ANSannual statement of earnings and tax deductions
An employee earns a commission of 7 percent of total sales. This week the employee's total
sales were $2,345. What was the commission earned for the week? - ANS$164.15
The tax that is paid by employers to provide temporary relief for individuals who are out of work
is called - ANSunemployment tax
A direct deposit made to an employee's checking or savings account is also known as a/an -
ANSEFT (electronic funds transfer)
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