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  11) When the trial balance includes a debit column total of $10,350 and a credit column total of $10,950, it is probable that: A) a transposition error occurred. B) a $300 debit was recorded twice. C) a $300 credit was recorded twice. D) a $300 debit was recorded as a credit. 12) The trial balance lists the accounts: A) alphabetically. B) in the same order as in the ledger. C) all debits first and then credits. D) all credits first and then debits. 13) A trial balance is a list of the accounts and their ledger balances. 14) The […]

11) Which of the following statements is true of partnership? A) If the partners have no partnership agreement specifying how to divide profits and losses, then they share equally. B) It is legally required to share the profit and losses equally, irrespective of the partnership agreement. C) The stated ratio of profit sharing needs to be approved by the SEC. D) The profit sharing is always based on each partner's capital balances and any losses will be shared equally. 12) Dana and Emile allocate 2/3 of the profits and losses to Dana and 1/3 to Emile. The net income of […]

  56) On January 1, 20XX, Edward Company issued $100,000, 10-year, 8% bonds at face values. The bonds have semiannual interest payments on June 30 and December 31. Record the 20XX journal entries.                                                                           57) On March 1, 20XX, Jones Company issued $100,000, 10-year, 6% bonds at face value. The bonds have semiannual interest payments on June 30 and December 31. Record the 20XX […]

  2.1   Learning Objective 2-1   1) Accounts Payable had a normal starting balance of $500. There were debit postings of $200 and credit postings of $100 during the month. The ending balance is: A) $400 credit. B) $800 debit. C) $400 debit. D) $800 credit. 2) The beginning balance in the Computers account was $3,000. The company purchased an additional $1000 worth of computers. The ending balance in the account is: A) debit of $2,000. B) credit of $3,000. C) debit of $4,000. D) credit of $2,000. 3) An accounting device used to record increases and decreases in individual […]

  31) Soy.com Corporation has 100 shares of $100, 7% cumulative nonparticipating preferred stock and 1,000 shares of $10 par value common stock outstanding. The company paid $4,000 cash dividends including one-year dividends in arrears to preferred stockholders. Preferred stockholders received: A) $1,200. B) $2,000. C) $3,300. D) $1,400. 32) To calculate dividends on par-value preferred stock: A) multiply the number of shares issued times rate. B) multiply rate times par-value per share. C) multiply number of shares outstanding times rate times par-value. D) None of these answers is correct. 33) When a company distributes some of their profits to […]