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JL Accounting Exam with complete solutions 2024_2025.
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JL Accounting Exam with complete solutions 2024_2025.
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JL Accounting Exam with completesolutions 2024/2025
Which of the following are in the cash from financing activities section of the
statement of cash flows?
1. cash payments to pay off bank loans
2. cash sales to customers
3. cash received from issuing common stock to investors
4. cash payments for dividends - ANSWER-1. cash payments to pay off bank
loans
3. cash received from issuing common stock to investors
4. cash payments for dividends
In February 2020, Quick Divorce Lawyers provided services to a customer for
$5,000 on account. What account will be credited in the journal entry that Quick
makes when the customer pays for theses services? - ANSWER-Accounts
Receivable
(when the transaction is made:
DR Accounts Receivable & CR Sales Revenue; when the CUSTOMER PAYS: DR
Cash & CR Accounts Receivable)
What is the account that is debited when cash is received from a customer one
month before services are rendered? - ANSWER-Cash
(DR Cash & CR Unearned Revenue)
What is the name of the account that is debited when services are provided one
month before cash is received from a customer? - ANSWER-Accounts Receivable
, (DR Accounts Receivable & CR Unearned Service Revenue; Cash is not received
yet, but you still need to record transaction)
Brianna Inc. uses a multi-step income statement. In 2020, Brianna reports sales of
$300,000, cost of goods sold of $100,000, total expenses of $150,000, unearned
revenue of $40,000, and dividends of $20,000. What was Brianna's 2020 net
income? - ANSWER-$150,000
At December 31, Kalin Co. has liabilities of $7,300, including $500 of accounts
payable, $2,500 in retained earnings, $3,900 of common stock, and $2,000 of
accounts receivable. What is the value of total assets for Kalin Co.? - ANSWER-
$13,700
Which accounts increase with a Debit?
1. cash
2. dividends
3. notes payable
4. unearned revenue
5. accumulated depreciation
6. sales revenue - ANSWER-1. cash
2. dividends
(accumulated depreciation increases with a CREDIT because it is a CONTRA-
Asset)
The beginning balance in cost of goods sold is zero at the start of the year. t/f -
ANSWER-TRUE
(cost of goods sold is considered an expense, which is a temporary account =
becomes 0)
On Nov 1, 2020, Sue Inc signed a contract to provide services (evenly) over the
following 10 months. The company will be paid $200,000 when the services are
complete. What is the credit to service revenue on September 1, 2021 assuming
no adjusting entries were made since December 31, 2020? - ANSWER-$160,000
Accounting is a useful method of recording, summarizing, and reporting financial
transactions. Which of the following is used to record transactions? - ANSWER-
Journal entries
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