100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Financial Accounting Exam #1 Questions With Correct Answers $10.49   Add to cart

Exam (elaborations)

Financial Accounting Exam #1 Questions With Correct Answers

 8 views  0 purchase
  • Course
  • Financial Accounting
  • Institution
  • Financial Accounting

Financial Accounting Exam #1 Questions With Correct Answers Service revenue is accrued ($700) - answerDebit service revenue Credit accounts receivable Office supplied used $300 - answerDebit supplies expense Credit office supplies Depreciation on equipment $1,300 - answerDebit Depreciation eq...

[Show more]

Preview 2 out of 8  pages

  • October 16, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
avatar-seller
sirjoel
©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



Financial Accounting Exam #1 Questions
With Correct Answers


Service revenue is accrued ($700) - answer✔Debit service revenue


Credit accounts receivable


Office supplied used $300 - answer✔Debit supplies expense


Credit office supplies


Depreciation on equipment $1,300 - answer✔Debit Depreciation equipment


Credit accumulated equipment


Salaries owed to employees - answer✔Debit salaries expense


credit salaries payable


Received $2750 for tax services performed on April 8 - answer✔Debit cash


Credit Accounts receivable


Paid cash dividends of $7500 - answer✔Debit dividends


Credit cash

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Received $4900 - answer✔Debit cash


Credit service revenue


Paid office rent $900 - answer✔Debit Rent expense


Credit cash


Received $41,000 cash and issued common stock to Stewart - answer✔Debit cash


Credit common stock


Purchased office supplies, $1,200 and furniture $2,300 on account - answer✔Debit office

supplies ($1,200)

Debit furniture ($1,200)

Credit accounts payable ($2,300)


Performed services for a law firm and received $2,100 cash - answer✔Debit cash


Credit service revenue


Paid $27,000 cash to acquire land to be used in operations - answer✔Land cash


Credit cash

Performed services for a hotel and received its promise to pay the $800 within one week -

answer✔Debit accounts receivable

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sirjoel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67163 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart