Financial Accounting Fundamentals | Online Course Support

In December, a company signed a contract with a regular customer, who has a good payment history, to sell products for $120,000. In January, the company delivered the products to the customer. The customer paid the company $100,000 in cash in February and $20,000 in March. Revenue regarding this transaction is recognized:

ByAdmin

3. Question 3 In December, a company signed a contract with a regular customer, who has a good payment history, to sell products for $120,000. In January, the company delivered…

Financial Accounting Fundamentals | Online Course Support

On January 1, a company purchased a truck for $60,000. To pay for the truck, it took out a 5-year loan that was to be repaid in 5 equal principal payments over the 5 years. The truck is estimated to be used for 3 years. Which of the following accurately describes the depreciation expense that the company should record related to the truck?

ByAdmin

10. Question 10 On January 1, a company purchased a truck for $60,000. To pay for the truck, it took out a 5-year loan that was to be repaid in…

Financial Accounting Fundamentals | Online Course Support

A company sells its products to a customer for $5,000 on account. The cost of the products sold is $2,000. Select the journal entries that are correct. (Assuming no other transactions.) (1) Accounts Receivable (A) (inc) 2,000 …Retained Earnings (OE) (revenue) (inc) 2,000

ByAdmin

7. Question 7 A company sells its products to a customer for $5,000 on account. The cost of the products sold is $2,000. Select the journal entries that are correct….

Financial Accounting Fundamentals | Online Course Support

Which of the following transactions would result in an increase in Owners’ Equity (assuming no other transactions)?

ByAdmin

6. Question 6 Which of the following transactions would result in an increase in Owners’ Equity (assuming no other transactions)? 1 / 1 point   A company repaid $180,000 of a 10-year loan…

Financial Accounting Fundamentals | Online Course Support

This month, a company receives $2,500 from a regular customer, of which $1,500 is for products delivered last month and $1,000 is for products that will be delivered next month. What is the net change in Deferred Revenue this month (assuming no other transactions affecting Deferred Revenue)?

ByAdmin

5. Question 5 This month, a company receives $2,500 from a regular customer, of which $1,500 is for products delivered last month and $1,000 is for products that will be…

Financial Accounting Fundamentals | Online Course Support

This month, a company receives $6,000 from a regular customer, of which $4,000 is for products delivered last month and $2,000 is for products that will be delivered next month. What is the net change in Accounts Receivable this month (assuming no other transactions that affect Accounts Receivable)?

ByAdmin

4. Question 4 This month, a company receives $6,000 from a regular customer, of which $4,000 is for products delivered last month and $2,000 is for products that will be…

Financial Accounting Fundamentals | Online Course Support

At the end of January, the amount a company owes its employees for time worked in January totals $80,000, all of which will be included in their paychecks on February 5. Which of the following journal entries should be recorded in January and February?

ByAdmin

11. Question 11 At the end of January, the amount a company owes its employees for time worked in January totals $80,000, all of which will be included in their…

Financial Accounting Fundamentals | Online Course Support

On January 1, a company purchased a truck for $120,000. To pay for the truck, it took out a 5-year loan that was to be repaid in 5 equal principal payments over the 5 years. The truck is estimated to be used for 3 years. Which of the following accurately describes the depreciation expense that the company should record related to the truck?

ByAdmin

10. Question 10 On January 1, a company purchased a truck for $120,000. To pay for the truck, it took out a 5-year loan that was to be repaid in…

Financial Accounting Fundamentals | Online Course Support

On November 1, a company pays a total of $6,000 in rent for November, December and January. What amount should the company record as rent expense in November and what is the balance in the Prepaid Rent account on December 31 (assuming no other transactions)?

ByAdmin

9. Question 9 On November 1, a company pays a total of $6,000 in rent for November, December and January. What amount should the company record as rent expense in…

Financial Accounting Fundamentals | Online Course Support

This month, a company receives $10,000 from a regular customer, of which $6,000 is for products delivered last month and $4,000 is for products that will be delivered next month. What is the net change in Accounts Receivable this month (assuming no other transactions that affect Accounts Receivable)?

ByAdmin

4. Question 4 This month, a company receives $10,000 from a regular customer, of which $6,000 is for products delivered last month and $4,000 is for products that will be…