## 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   E​ntity Assumption T​he Periodicity Assumption A​ccrual Basis Assumption G​oing…

## 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…