Which expense provided by Lou did you not include in the journal?
9. Question 9 Which expense provided by Lou did you not include in the journal? 1 / 1 point On July 7, Lou rented a piece of commercial equipment from Home Depot…
Which accounting assumption allows bookkeepers to break a company’s financial life into smaller chunks of time?
7. Question 7 Which accounting assumption allows bookkeepers to break a company’s financial life into smaller chunks of time? 1 / 1 point Entity Assumption The Periodicity Assumption Accrual Basis Assumption Going…
If you were going to prepare the Balance Sheet for the previous month, what would you enter for the Accounts Receivable balance?
6. Question 6 If you were going to prepare the Balance Sheet for the previous month, what would you enter for the Accounts Receivable balance? (Format your response like this:…
Lou’s net income on his income statement is _______.
5. Question 5 Lou’s net income on his income statement is _______. (Format your response like this: $ $3,390
Lou’s total operating expenses for the previous month are ______.
4. Question 4 Lou’s total operating expenses for the previous month are ______. (Format your response like this: $ $2,110
The total debits for the Trial Balance equal:
3. Question 3 The total debits for the Trial Balance equal: 1 / 1 point $33,000 $16,500 $8,500 $12,700 Correct Correct! The total debits for the Trial Balance equal $16,500.
If Lou makes a $500 payment to the bank for his small business loan, what will be the new loan balance?
2. Question 2 If Lou makes a $500 payment to the bank for his small business loan, what will be the new loan balance? 1 / 1 point $9,500 $10,500 $500 $10,000…
Instructions: Make sure you have completed the hands-on bookkeeping workbook portion of the course 1 project before starting this quiz. You will need your completed workbook to help you respond to many of the questions.
1. Question 1 Instructions: Make sure you have completed the hands-on bookkeeping workbook portion of the course 1 project before starting this quiz. You will need your completed workbook to…
An accounting method in which revenues are reported when they are earned and expenses are reported when they are incurred is called:
10. Question 10 An accounting method in which revenues are reported when they are earned and expenses are reported when they are incurred is called: 1 / 1 point Cash-Basis Accounting Accrual…
Caren Cosmos is the world’s most popular soft rock folk singer. She sold t-shirts online last year and made $7,000. The money from these sales went directly into her personal banking account which she used for her personal needs. Which key accounting assumption did Caren ignore?
8. Question 8 Caren Cosmos is the world’s most popular soft rock folk singer. She sold t-shirts online last year and made $7,000. The money from these sales went directly…