Accounting Assignment | College Homework Help

14) Which of the following statements is correct regarding adjustments? a) Adjustments are optional All adjustments are made at the beginning of the accounting b) period Adjustments will correctly allocate cash to revenue or c) expenses d) Adjustments update assets, liabilities and owner’s equity 15) Crediting income statement balances is part of the closing entry to: a) close revenue accounts for the year b) transfer revenue balances to cash c) close expense accounts for the year d) close the drawings account for the year I 16) After posting the closing entries, a company must prepare a[n]: posting trial a) balance b) post-closing trial balance c) unadjusted trial balance adjusted trial d) balance 17) Which of the following is not an example of an operating expense? Cost of Goods a) Sold Insurance b) Expense c) Rent Expense d) Salaries Expense 18) The two systems of measuring inventory are: a) periodic and episodic b) perpetual and periodic c) FIFO and Weighted average d) control account and sub-ledger 19) Mary operates a wholesale business that distributes canned food. She receives a complaint from a customer and accepts $500 worth of product back from the customer that was billed on account. The cost of the product is $300. Which of the following entries is correct? a) Dr. Sales Returns and Allowances $500, Cr. A/R $500 b) Dr. Sales Returns and Allowances S500, Cr. A/R $500 and Dr. Inventory $300, C. COGS S300 c) Dr. A/R S500, Cr. Sales Returns and Allowances $500 d) Dr. A/R $500. Cr. Sales Returns and Allowances $500 and Dr. Inventory $300. Cr. COGS $300

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