On May 20, White Repair Service extended an offer of $108,000 for land that had

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On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, White Repair Service accepted the seller’s counteroffer of $122,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service’s records?
Your Answer:
Question 1 options:
Answer
Question 2 (4 points)
Saved
Which of the following is not a business transaction?
Question 2 options:
make a sales offer
sell goods for cash
receive cash for services to be rendered later
pay for supplies
Question 3 (4 points)
Saved
A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to
Question 3 options:
increase an asset, decrease another asset
decrease an asset, decrease a liability
increase an asset, increase a liability
increase an asset, increase stockholders’ equity
Question 4 (4 points)
Saved
Revenues are reported when
Question 4 options:
a contract is signed
cash is received from the customer
work is begun on the job
work is completed on the job
Question 5 (4 points)
Expenses are recorded when
Question 5 options:
cash is paid for services rendered
a bill is received in advance of services rendered
assets are used in the process of earning revenue
assets are purchased
Question 6 (4 points)
Saved
Goods purchased on account for future use in the business, such as supplies, are called
Question 6 options:
prepaid liabilities
revenues
prepaid expenses
liabilities
Question 7 (4 points)
Saved
How does receiving a bill to be paid next month for services received affect the accounting equation?
Question 7 options:
assets decrease; stockholders’ equity decreases
assets increase; liabilities increase
liabilities increase; stockholders’ equity increases
liabilities increase; stockholders’ equity decreases
Question 8 (4 points)
Saved
Land, originally purchased for $30,000, is sold for $62,000 in cash. What is the effect of the sale on the accounting equation?
Question 8 options:
assets increase by $62,000; stockholders’ equity increases by $62,000
assets increase by $32,000; stockholders’ equity increases by $32,000
assets increase by $62,000; liabilities decrease by $30,000; stockholders’ equity increases by $32,000
assets increase by $30,000; no change in liabilities; stockholders’ equity increases by $62,000
Question 9 (4 points)
Computer Corporation is starting its computer programming business and has sold stock of $15,000. Identify how the accounting equation will be affected.
Question 9 options:
increase in assets (Cash) and increase in liabilities (Accounts Payable)
increase in assets (Cash) and increase in Stockholders’ Equity
increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable)
increase in assets (Cash) and increase in assets (Accounts Receivable)
Question 10 (4 points)
The debit side of an account
Question 10 options:
depends on whether the account is an asset, liability, or stockholders’ equity
can be either side of the account depending on how the accountant set up the system
is the right side of the account
is the left side of the account
Question 11 (4 points)
Which of the following is true about T accounts?
Question 11 options:
The left side of a T account is called the debit side.
The left side of a T account is called the credit side.
The right side of a T account is called the debit side.
Transactions are first recorded in T accounts and then posted to the journal.
Question 12 (4 points)
The balance of an account is determined by
Question 12 options:
adding all of the debits to all of the credits
always subtracting the debits from the credits
always subtracting the credits from the debits
adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum
Question 13 (4 points)
​The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.

Accounts payable
$1,500
Fees earned
$3,600
Accounts receivable
1,800
Insurance expense
1,300
Prepaid insurance
2,000
Land
3,000
Cash
3,200
Wages expense
1,400
Dividends
1,200
Common stock
8,800

Total assets are
Question 13 options:
​$10,000
​$8,000
​$9,700
​$9,800
Question 14 (4 points)
Which of the following entries records the purchase of common stock by stockholders?
Question 14 options:
debit Common Stock; credit Accounts Receivable
debit Cash; credit Common Stock
debit Dividends; credit Cash
debit Cash; credit Common Stock
Question 15 (4 points)
Which of the following groups of accounts have a normal debit balance?
Question 15 options:
revenues, liabilities, and stockholders’ equity
stockholders’ equity and assets
liabilities and stockholders’ equity
assets and expenses
Question 16 (4 points)
Which of the following applications of the rules of debit and credit is true?
Question 16 options:
decrease Prepaid Insurance with a credit and the normal balance is a credit
increase Accounts Payable with a credit and the normal balance is a debit
increase Equipment with a debit and the normal balance is a debit
decrease Cash with a debit and the normal balance is a credit
Question 17 (4 points)
The classification and normal balance of the dividends account is
Question 17 options:
an expense with a credit balance
an expense with a debit balance
a liability with a credit balance
stockholders’ equity with a debit balance
Question 18 (4 points)
Which of the following entries records the payment of a bill for your insurance premium?
Question 18 options:
debit Prepaid Insurance; credit Cash
debit Insurance Payable; credit Accounts Receivable
debit Accounts Payable; credit Cash
debit Cash; credit Prepaid Insurance
Question 19 (4 points)
Which of the following entries records the payment of dividends?
Question 19 options:
debit Common Stock; credit Cash
debit Dividends; credit Cash
debit Salaries Expense; credit Cash
debit Salaries Expense; credit Salaries Payable
Question 20 (4 points)
Office supplies were sold by Janer’s Cleaning Service at cost to another repair shop, with cash received. Which of the following entries for Janer’s Cleaning Service records this transaction?
Question 20 options:
Office Supplies, debit; Cash, credit
Office Supplies, debit; Accounts Payable, credit
Cash, debit; Office Supplies, credit
Accounts Payable, debit; Office Supplies, credit
Question 21 (4 points)
Office supplies purchased by Janer’s Cleaning Service on account were returned. Which of the following entries for Janer’s Cleaning Service records this transaction?
Question 21 options:
Cash, debit; Office Supplies, credit
Office Supplies, debit; Accounts Receivable, credit
Accounts Payable, debit; Office Supplies, credit
Office Supplies, debit; Accounts Payable, credit
Question 22 (4 points)
Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be
Question 22 options:
Equipment 2,250
Cash2,250
Cash 2,250
Accounts Payable 6,250
Equipment8,500
Equipment Expense 8,500
Accounts Payable 2,250
Cash6,250
Equipment 8,500
Accounts Payable6,250
Cash2,250
Question 23 (4 points)
Bravo Company had a beginning Accounts Receivable account balance of $500. During the period Bravo’ sold goods on account for $2,280. Ending Accounts Receivable had a $840 balance. How much was collected on account during the period?
Your Answer:
Question 23 options:
Answer
Question 24 (4 points)
Bravo’s complete assets and liabilities are Accounts Receivable $840, Equipment $11,050, Accounts Payable $5,100, Prepaid Rent $2,300, Supplies $780, Bank Loan $2,980, and Tools $450. Bravo’s total assets are: (All account balances are normal.)
Your Answer:
Question 24 options:
Answer
Question 25 (4 points)
Beginning stockholders’ equity was $143,540. Ending stockholders’ equity was $204,550. Additional issuances of capital stock during the year amounted to $19,660. Dividends during the year amounted to $15,850. How much was net income for the year?

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