Docstoc

Unit 3.03 Revew Practice Test _Key

Document Sample
Unit 3.03 Revew Practice Test _Key Powered By Docstoc
					Report:      Test Answer Key
District:    Forsyth County
Test:        9_12 Business and IT 6311 - Accounting 1 Test 2
Description: Unit 3.03 Review Practice Test
Form:        501



Please use the following figure for questions 1 through 2:
1. In Figure 3.03 R, what is the extension of Merchandise Inventory Account after
   adjustments? (NCCTE.9_12.BE.6311.CA03.03)
   A. $13,500 in the Income Statement Debit column
   B. $13,500 in the Income Statement Credit column
   C. $13,500 in the Balance Sheet Debit column
     D. $13,500 in the Balance Sheet Credit column

2. In Figure 3.03 R, what is the extension of Federal Income Tax Payable after
   adjustments? (NCCTE.9_12.BE.6311.CA03.03)
     A. $3,050 in the Income Statement Debit column
     B. $3,050 in the Income Statement Credit column
     C. $3,050 in the Balance Sheet Debit column
     D. $3,050 in the Balance Sheet Credit column



3. Sarah discovered that a sale on account to Jones Company on June 5 for $560 was
   incorrectly charged to Jackson Company. What is the journal entry to correct this error?
   (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit Jones Company $560 and credit Jackson Company $560
     B. Debit Accounts Receivable/Jones Company $560 and credit Accounts
        Receivable/Jackson Company $560
     C. Debit Jackson Company $560 and credit Jones Company $560
     D. Debit Accounts Payable/Jackson Company $560 and credit Accounts Payable/Jones
        Company $560

4.                                            JOHN SLOW, INC.
                                          CASH PAYMENTS JOURNAL
                                                                        ACCOUNTS   PURCHASES
                                         CK    POST.      GENERAL        PAYABLE    DISCOUNT   CASH
             DATE        ACCOUNT TITLE   NO    REF.    DEBIT   CREDIT    DEBIT      CREDIT     CREDIT
         1   Jan   1   Bill's Marina     194                             595.00                595.00
         2
     Figure 3.03 A

        Which would be the correct posting of the Cash Payments Journal Entry
        shown in Figure 3.03 A to the accounts payable subsidiary ledger?
     (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit Accounts Payable/Bill's Marina, $595
     B. Credit Accounts Payable/Bill's Marina, $595
     C. Credit Cash $595
     D. Debit Accounts Payable/John Slow, Inc., $595
5.                                           Betsy's Wholesale
                                           Cash Receipts Journal
                                                                                             Page No. 3

                                             GENERAL
                                                                                     Sales
                              Do    Pos                       Accounts                 Tax      Sales
                              c     t                         Receivabl   Sales    Payable   Discoun      Cash
     Date    Account Title    No.   Ref.     Debit   Credit    e Credit   Credit    Credit    t Debit     Debit
                              R4
     Mar 5   Sue Sews         3                                  544.00                                 544.00
                              R4
     Mar 7   Pick up Stitch   4                                  325.00                                 325.00
     Figure 3.03 H

        Betsy's Wholesale received $544 payment on account from Sue Sews.
        What is the correct posting of the Mar 5 journalized transaction shown in
        Figure 3.03 H to the accounts receivable subsidiary ledger?
     (NCCTE.9_12.BE.6311.CA03.03)
       A. Credit Accounts Receivable/Sue Sews, $544, which will decrease the subsidiary
          ledger account Debit Balance, $544
       B. Credit Accounts Receivable, $544, which will increase the subsidiary ledger
          account Debit Balance, $544
       C. Credit Accounts Receivable/Betsy's Wholesale, $544

       D. Debit Accounts Receivable/Sue Sews, $544


6. The merchandise inventory account has a balance of $2,400. At the end of the month, a
   physical count of the inventory items shows $2,700 on hand. How is the adjusting entry to
   inventory recorded on a multi-column trial balance worksheet?
   (NCCTE.9_12.BE.6311.CA03.03)
       A. Debit Merchandise Inventory, $300; Credit Income Summary, $300

       B. Debit Income Summary, $300; Credit Merchandise Inventory, $300

       C. Debit Merchandise Inventory, $2,700; Credit Income Summary, $2,700

       D. Debit Income Summary, $2,700; Credit Merchandise Inventory, $2,700


7. At the end of the year, Utz Milk Transport calculated its Federal Income Tax amount for
   the year to be $7,000. Utz Milk Transport already made Federal Income Tax payments in
   the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense
     recorded on a multi-column trial balance worksheet? (NCCTE.9_12.BE.6311.CA03.03)
        A. In the adjustments columns, Debit Federal Income Tax Expense, $4,000; Credit
           Federal Income Tax Payable, $4,000
        B. In the adjustments columns, Debit Federal Income Tax Expense, $7,000; Credit
           Federal Income Tax Payable, $7,000
        C. In the adjustments columns, Debit Federal Income Tax Expense, $3,000; Credit
           Federal Income Tax Payable, $3,000
        D. In the adjustments columns, Debit Federal Income Tax Expense, $11,000; Credit
           Federal Income Tax Payable, $11,000

8.                                                  SAMMY'S WAREHOUSE
                                                  CASH PAYMENTS JOURNAL
                                                                                ACCOUNTS        PURCHASES
                                                 CK    POST.      GENERAL        PAYABLE         DISCOUNT   CASH
                DATE           ACCOUNT TITLE     NO     REF.   DEBIT   CREDIT      DEBIT         CREDIT     CREDIT
          1     Jan     1    Auto Parts Supply   194                               565.00                   565.00
          2
     Figure 3.03 C

        What is the correct posting of the journalized transaction shown in Figure
        3.03 C to the accounts payable subsidiary ledger?
     (NCCTE.9_12.BE.6311.CA03.03)
        A. Credit Accounts Payable/Auto Parts Supply, $565

        B. Credit Cash $565

        C. Debit Accounts Payable/Sammy's Warehouse, $565

        D. Debit Accounts Payable/Auto Parts Supply, $565


9.
                                             PURCHASES JOURNAL


                                                       PURCH      POST
       DATE                 ACCOUNT CREDITED                                Purchases Dr. Accts. Pay. Cr.
                                                         NO        REF

       Nov. 7         Surf Tales                        321                            675.00



     Figure 3.03 F
     What is the correct posting of the journalized transaction shown in Figure
     3.03 F to the accounts payable subsidiary ledger?
  (NCCTE.9_12.BE.6311.CA03.03)
      A. Debit Accounts Payable/ Surf Tales, $675

      B. Debit Purchases, $675

      C. Credit Purchases, $675

      D. Credit Accounts Payable/ Surf Tales, $675


10.                                       Willie's Wheels
                                          Sales Journal
                                                                                   P
                                                                                   a
                                                                                   g
                                                                                   e

                                                                                   N
                                                                                   o
                                                                                   .

                                                                                   2

                                                                                   A
                                                                                   c
                                                                                   c
                                                                                   o
                                                                                   u
                                                                                   n
                                                                                   t
                                                                                   S
                                                                                   s
                                                                                   a
                                                                                   l
                                                                                   R
                                                                                   e
                                                                                   e
                                                                                   s
                                                                                   c
                                                                                   S
                                                                                   e
                                                                                   a
                                                                                   T
                                                                                   i
                                                                                   l
                                                                                   a
                                                                                   v
                                                                                   e
                                                                                   x
                                                                                   a
                                                                                   s
                                                                                   b
                                                                                   P
                                                                                   l
                                                                                   C
                                                                                   a
                                                                                   e
                                                                                   r
                                                                                   y
                                                                                   a
                                                                                   e
                                                                                   D
                                                                                   d
                                                                                   b
                                                                                   e
                                                                                   i
                                                                                   l
            Date                  Account Debited           Sale No.   Post Ref.   b
                                                                                   e
                                                                                   t
                                                                                             i
                                                                                             t
                                                                                             1
                                                                                             0
                                                                                             8
                                                                                             0
                                                                                             .
                                                                                             0
              Feb 4                Speed Demon                   S15                         0
                                                                                             1
                                                                                             1
                                                                                             2
                                                                                             3
                                                                                             0
                                                                                             5
                                                                                             .
                                                                                             0
              Feb 5                R. Cool                       S16                         0
      Figure 3.03 I

          Willie's Wheels sold $100 merchandise on account to Speed Demon. What
         is the correct posting of the Feb 4th journalized transaction shown in
         Figure 3.03 I to the accounts receivable subsidiary ledger?
      (NCCTE.9_12.BE.6311.CA03.03)
        A. Debit Accounts Receivable/Speed Demon, $108, which will increase the subsidiary
           ledger account Debit Balance by $108
        B. Credit Accounts Receivable/Speed Demon, $108; which will decrease the
           subsidiary ledger account Debit Balance by $108
        C. Debit Accounts Receivable/Willie's Wheels, $108

        D. Credit Accounts Receivable/Willie's Wheels, $108


11.                                           The Bakery
                                             Sales Journal
                                                                                             P
                                                                                             a
                                                                                             g
                                                                                             e

                                                                                             N
                                                                                             o
                                                                                             .

                                                                                             3

                                                                                             S
                                                                                             A
                                                                                             a
                                                                                             c
                                                                                             c
                                                                                             l
                                                                                             e
                                                                                             o
                                                                                             s
                                                                                             u
                                                                                             n
                                                                                             C
                                                                                             t
                                                                                             T
              Date                 Account Debited              Sale No.      Post Ref.      r
                                                                                             a
                                                                                             s
                                                                                             x
                                                                                             e
                                                                                             d
                                                                                             R
                                                                                             e
                                                                                             P
                                                                                             i
                                                                                             t
                                                                                             c
                                                                                             a
                                                                                             y
                                                                                             e
                                                                                             a
                                                                                             i
                                                                                             v
                                                                                             b
                                                                                             l
                                                                                             a
                                                                                             e
                                                                                             b
                                                                                             l
                                                                                             e

                                                                                             D
                                                                                             e
                                                                                             b
                                                                                             i
                                                                                             t
                                                                                             3
                                                                                             2
                                                                                             3
                                                                                             4
                                                                                             6
                                                                                             .
                                                                                             0
                                                                                             .
                                                                                             0
            Mar 3                 1st Church                    S716                         0

                                                                                             1
                                                                                             2
                                                                                             9
                                                                                             3
                                                                                             2
                                                                                             .
                                                                                             0
            Mar 4                 5th Bank                      S717                         0
   Figure 3.03 J

      The Bakery sells merchandise for $32.00 on account to 1st Church. What is
      the correct posting of the Mar 3rd journalized transaction shown in Figure
      3.03 J to the accounts receivable subsidiary ledger?
   (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit Accounts Receivable/ 1st Church, $36, which will increase the subsidiary
        ledger account Debit Balance by $36
     B. Credit Accounts Receivable/1st Church, $36, which will decrease the subsidiary
        ledger account Debit Balance by $36
     C. Debit Accounts Receivable/The Bakery, $36

     D. Credit Accounts Receivable/The Bakery, $36


12. Accessories Plus is closing its books at the end of the year. It is ready to close the
    dividends account. What is the correct journal entry? (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit to Income Summary; credit to Dividends
      B. Debit to Retained Earnings; credit to Dividends

      C. Debit to Dividends; credit to Retained Earnings

      D. Debit to Dividends; credit to Income Summary


13. Susan discovered that a sale on account to Michelle Company on February 12 for $800
    was incorrectly charged to the account of Michael Company. What is the journal entry
    to correct this error? (NCCTE.9_12.BE.6311.CA03.03)
      A. Debit Michael Company $800 and credit Michelle Company $800

      B. Debit Accounts Receivable/Michael Company $800 and credit Accounts
         Receivable/Michelle Company $800
      C. Debit Michelle Company $800 and credit Michael Company $800

      D. Debit Accounts Payable/Michelle Company $800 and credit Accounts
         Payable/Michael Company $800

14.                                       Willie's Wheels
                                          Sales Journal
                                                                                           P
                                                                                           a
                                                                                           g
                                                                                           e

                                                                                           N
                                                                                           o
                                                                                           .

                                                                                           2

                                                                                           A
                                                                                           S
                                                                                           a
                                                                                           c
                                                                                           c
                                                                                           l
                                                                                           S
                                                                                           a
                                                                                           o
                                                                                           e
                                                                                           u
                                                                                           s
                                                                                           l
                                                                                           e
                                                                                           n
                                                                                           s
                                                                                           t
                                                                                           T
                                                                                           a
                                                                                           s
                                                                                           x
                                                                                           C
                                                                                           r
                                                                                           R
                                                                                           e
                                                                                           P
                                                                                           c
                                                                                           a
                                                                                           d
                                                                                           i
                                                                                           e
                                                                                           y
            Date                  Account Debited              Sale No.      Post Ref.     a
                                                                                           i
                                                                                           t
                                                                                          b
                                                                                          v
                                                                                          l
                                                                                          a
                                                                                          e
                                                                                          b
                                                                                          l
                                                                                          e

                                                                                          D
                                                                                          e
                                                                                          b
                                                                                          i
                                                                                          t
                                                                                          1
                                                                                          0
                                                                                          8
                                                                                          0
                                                                                          .
                                                                                          0
             Feb 4                 Speed Demon                     S15                    0
                                                                                          1
                                                                                          1
                                                                                          2
                                                                                          3
                                                                                          0
                                                                                          5
                                                                                          .
                                                                                          0
             Feb 5                 R. Cool                         S16                    0
   Figure 3.03 I

       Willie's Wheels sold $100 merchandise on account to Speed Demon. What
      is the correct posting of the Feb 4th journalized transaction shown in
      Figure 3.03 I to the accounts receivable subsidiary ledger?
   (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit Accounts Receivable/Speed Demon, $108, which will increase the subsidiary
        ledger account Debit Balance by $108
     B. Credit Accounts Receivable/Speed Demon, $108; which will decrease the
        subsidiary ledger account Debit Balance by $108
     C. Debit Accounts Receivable/Willie's Wheels, $108

     D. Credit Accounts Receivable/Willie's Wheels, $108


15. Simon's CDs is closing their books at the end of the year. They have a net loss of
    $30,000. What is the correct entry to close the Income Summary account?
    (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit Income Summary, $30,000; credit Retained Earnings, $30,000

     B. Debit Retained Earnings, $30,000; credit Dividends, $30,000

     C. Debit Retained Earnings, $30,000; credit Income Summary, $30,000
     D. Debit to Dividends, $30,000; credit Income Summary, $30,000


16. Dharma is closing the books at the end of the accounting period. How should she close
    the debit amounts in the Income Statement? (NCCTE.9_12.BE.6311.CA03.03)
     A. Debit the debit balance Income Statement accounts; credit to Income Summary

     B. Debit to Retained Earnings; credit the debit balance Income Statement accounts

     C. Credit the debit balance Income Statement accounts; debit to Income Summary

     D. Credit the debit balance Income Statement accounts; credit Retained Earnings


Please use the following figure for questions 17 through 18:




17. Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03
    R, what is the cost of merchandise sold? (NCCTE.9_12.BE.6311.CA03.03)
     A. The cost of merchandise sold is $18,050

     B. The cost of merchandise sold is $19,550

     C. The cost of merchandise sold is $44,400

     D. The cost of merchandise sold is $45,900


18. Using the Year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03
    R, what are the Net Sales? (NCCTE.9_12.BE.6311.CA03.03)
     A. Net sales are $20,650

     B. Net sales are $54,900

     C. Net sales are $56,450.
D. Net sales are $56,000.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:2
posted:8/31/2013
language:English
pages:12