ACCT 212 Week 3 Quiz

$20.00

Institution	ACCT 212 Financial Accounting
Contributor	Jessica Brown

Description

Question: On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to the Revenue Recognition Principle, on which date should the revenue be recorded?
Question: Under accrual-basis accounting, companies typically report expenses:
Question: On March 4, Tonkawa Law asks Green Lawn Services for basic lawn maintenance totaling $200. Green Lawn provides maintenance on March 8, and Tonkawa pays for the lawn maintenance on March 12. Under accrual-basis accounting, on which date should Tonkawa record lawn maintenance expense?
Question: The following table contains financial information for Trumpeter Inc. before closing entries:


Cash	$13,600
Supplies	6,000
Prepaid Rent	3,200
Salaries Expense	6,400
Equipment	65,300
Service Revenue	28,200
Miscellaneous Expenses 21,200
Dividends	3,800
Accounts Payable	3,500
Common Stock	66,300
Retained Earnings	21,500

What is Trumpeter's net income?

Question: A company performs $2,700 of services during the month and bills customers. The customers are expected to pay next month.

Record the customer billing using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Question: Suppose a company rents office space for one year, paying $24,000 ($2,000/month) in advance on September 1.
Question: A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membership period. For the gym, this is an example of a(n):
Question: Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n):
Question: Which of the following would not typically be used as an adjusting entry?
Question: The closing entry for expenses includes: