ACCT 101 QUIZ 2 08252011.docx-ACCT 101 Q...
ACCT_101_QUIZ_2_08252011.docx-ACCT 101 QUIZ 2 Name: Secon
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ACCT 101 QUIZ 2 08252011.docx-ACCT 101 QUIZ 2 Name...
ACCT_101_QUIZ_2_08252011.docx-ACCT 101 QUIZ 2 Name: Secon
ACCT 101 QUIZ 2 08252011.docx-ACCT ...
ACCT_101_QUIZ_2_08252011.docx-ACCT 101 QUIZ 2 Name: Secon
Page 1
ACCT 101 QUIZ 2
Name:
Secon No. (Circle one): G4
G5
G6
1) Accounts payable had a normal beginning balance of $1600. During the period, there
were debit posngs of $300 and credit posngs of $900. What was the ending balance? (2
points)
A) 1,000 credit
B) 2,200 debit
C) 2,200 credit
D) 1,000 debit
(C) Beginning balance of 1600 credit ending with 2200(=1600+900-300) credit
2) Which of the following transacons does not involve an expense? (2 points)
A) Paying cash for an Accounts Payable
B) Paying cash to buy a machine
C) Purchase office supplies on account
D) All of the
above
(D)
3) A $250 debit to accounts receivable was posted as a credit (this was the only error, other
accounts involved in this transacon were recorded correctly). This error will cause which of
the following condions on the trial balance? (2 points)
A) The sum of the debits will exceed the sum of the credits by $250.
B) The sum of the credits will exceed the sum of the debits by $250.
C) The sum of the credits will exceed the sum of the debits by $500.
D) The trial balance will be in balance
the sum of the credits will equal the sum of the
debits.
(C)
4) The transacons carried out by Blue Waters Corporaon during the year caused an increase
in total assets of $25,650 and a decrease in total liabilies of $12,250. If no addional stock
was issued during the year and dividends of $7,850 were paid, what was the net income
for
the year? (2 points)
A) $21,250
B) $45,750
C) $30,050
D) $13,400
(B)
Changes in Owners’ equity: $25,650 – (-$12,250) = $37,900 Net income: $37,900 + $7,850 =
$45,750


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