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For each, of the following 6, identify as either (A) Asset, (L) Liability, (I) Income, or (E) Expense. ... 1. Accrued Interest
2. Depreciation on Company Auto
3. Deposit received on a Pending Contract
4. Prepaid Interest
5. Sales Tax Collected
6. Late Fees from Customers
7. Which of the following would be increased by a debit?
A. Purchase Returns and Allowances
B. Purchase Discounts
C. Sales Returns and Allowances
D. Allowance for Doubtful Accounts
8. You discover during your bank reconciliation the Bank deducted a check from another Company from your bank account. Which of the following woul dyou do during the reconciliation?
A. Add the check amount to balance per bank
B. Deduct the check amount from the balance per bank
C. Add the check amount to the balance per books
D. Deduct the check amount from the balance per books
9. On Sept 1 your company receives a $400 advance on a lease of an office building, which you record as an advance. The annual lease is $1200. What entry must you make at 12/31?
A. Debit Rent Advance for $400
B. Credit Rental Income for $400
C. Neither of the above
D. Both A and B
10. On August 1 your company signs a $15,000 contract to have the building painted, and pays the painter $4,000 in advance. You record the payment as painting expense and find out that the painting is 50% done at 12/31. What entry must you make then?
A. Debit painting expense for $7,500
B. Credit painting advance for $3,500
C. Debit painting expense for $3,500
D. Credit painting expense for $4,000
11. What is the Standard Tax Rate for a Sub S Corporation?
12. What does LLC stand for?
16-18. What three attributes does a General Journal Entry have to have?
19-21. Which of the following 3 are Cost of Goods Sold items, for a manufacturer? (Yes or No) .... 19. Welder's Salary
20. Bookkeeper's Salary
21. Sales Tax on Aluminum used in production
25-26. Are the following legitimate accounting equations? (Yes or No) ...25. Assets - Liabilities = Income
26. Debits = Credits
30. What report summarizes the Company's Financial Position at a specific date?
34. Your boss asks you to call the people who have owned The Company money for more than 60 days. What report or list would you use to begin these calls?
39. What would be the Book depreciation in the second year for a Truck with a base price of $20,000 and extras of $5,000 purchased on June 30, assuming the company used Straight Line Depreciation for this five year asset?
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