Weekly Post-Class Online Quiz #3

Weekly Post-class Online quiz #3: Principles of Accounting-T123WSB-9 21:58, 02/02/2023
Weekly Post-class Online quiz #3

Due Feb 2 at 10:15pm Points 15 Questions 15
Available Feb 2 at 9:30pm - Feb 2 at 10:15pm 45 minutes
Time Limit 45 Minutes
Attempt History
Attempt Time Score
LATEST Attempt 1 26 minutes 15 out of 15
! Correct answers will be available on Feb 2 at 10:15pm.
Score for this quiz: 15 out of 15

Submitted Feb 2 at 9:57pm
This attempt took 26 minutes.
Question 1 1 / 1 pts
ABC Company had the following transactions during the month.

What would be the total amount of service revenue for the month if
ABC Company uses the cash basis method?
a) Paid $2,400 for insurance for the next 12 months.

b) Received $7,200 for services to be performed equally over the
next 12 months.
c) Paid $1,000 for the current month's rent.
d) Paid $150 cash for office supplies.
e) Paid $800 in Salaries Expense.
f) Received $1,700 in cash for service revenue earned this month.
$8,900
https://lms.westernsydney.edu.vn/courses/744/quizzes/10064 Trang 1 / 10
$2,500
$2,450
$2,300
Princeton Financial Services Company purchased computers that

are to be used in its consulting services. Based on the matching
principle, what account, other than Computers, should appear on the
balance sheet as of December 31?
Accumulated depreciation - Computers
Service Revenue
Depreciation Expense - Computers
Computers Expense
On January 1, the Accounts Receivable of Martha Company had a

debit balance of $200,000. during January, the company provided
services for $400,000 on account. The company collected $230,000
from its customers on account in January. What was the ending
balance in the Accounts Receivable account at the end of January?
$170,000
$400,000
$600,000
$370,000
On October 1 of the current year, a company received $8,400 for

services to be performed evenly over the next six months. If no
adjusting entry was made on December 31 of the current year:
net income would be overstated by $2,100.
net income would be overstated by $4,200.
net income would be understated by $8,400.
net income would be understated by $4,200.
The following Office Supplies account information is available for

Nabors Company:
Beginning balance $1,200

Office Supplies 8,000
expensed
Ending balance 4,000
From the above information, calculate the amount of office supplies

purchased.
$4,000
$10,800
$1,200
$8,000
Hatfield Company purchased a building for $150,000 on December 1

in exchange for a six-month loan at 12% with interest and note to be
paid six-months later. Assuming the company uses the accrual basis
method, what would be the adjusting entry on December 31?
Interest Expense 1,500

Interest Payable 1,500



At the beginning of year 1, Zach Company purchased a piece of

equipment for $4,800 with a three-year life and no residual value.
Using the straight-line method, what is the adjusting entry for
depreciation expense at the end of year 1?
depreciation Expense - Equipment 1,600

Accumulated depreciation - Equipment 1,600



Improvements, a home improvement magazine, collected $960,000

in subscription revenue on June 30. Each subscriber will receive an
issue of the magazine in each of the next 12 months, beginning with
the July issue. The company uses the accrual method of accounting.
What is the amount of Subscription Revenue that has been earned
by the end of December? (Round any intermediate calculations to
two decimal places, and your final Ans to the nearest whole number..
$960,000
$400,000
$560,000
$480,000
Global Enterprises Company signed a one-year $42,000 note

payable at 8% interest on April 1, 2025. If Global only adjusts its
accounts once a year at year-end, how much interest expense was
accrued on December 31, 2025? (Round any intermediate
calculations to two decimal places, and your final Ans to the nearest
whole number.
$3360
$2520
$840
$2800
Cash-basis accounting does NOT record:
payment of salaries to employees.
expiration of prepaid rent.
borrowing money from the local bank.
receipt of cash from interest earned on note receivable.
Dress designers Company has entered into a contract to design 10

new dresses for a customer. It will collect a total of $48,000 after the
design services are complete. dress designers started design work
on June 1. As of June 30, it finished 2 of the 10 designs. The
company will make an adjusting entry at the end of June to accrue
$12,000 of service revenue.
True
False
Smith Company has a balance in Office Supplies of $1,500 before

adjustment. Office supplies of $750 remain at the end of the year.
The adjusting entry would be:
Office Supplies 750
Supplies Expense 750
Office Supplies 750
Office Supplies 750
Supplies Revenue 750
Office Supplies 750
Doorglam paid $98,000 for office furniture. The furniture is

depreciated using the straight-line method and has an estimated
service life of 7 years and no residual value. After three years of use,
the accumulated depreciation of the furniture will be:
$42,000.
$84,000.
$56,000.
$98,000.
At the time the transaction occurred, which of the following would

result in an increase in net income under the accrual basis of
accounting, but would not result in an increase in net income under
the cash basis of accounting?
receipt of cash for services that were performed earlier on account
purchase of supplies for cash
performance of services on account
use of supplies purchased earlier
In an ________ adjustment, the cash payment occurs before an

expense is incurred or the cash receipt occurs before the revenue is
earned.
deferred
accrued
depreciation
general
Quiz Score: 15 out of 15

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Weekly Post-class Online quiz #3: Principles of Accounting-T123WSB-9 21:58, 02/02/2023

Weekly Post-class Online quiz #3

! Correct answers will be available on Feb 2 at 10:15pm.

Score for this quiz: 15 out of 15

ABC Company had the following transactions during the month.

a) Paid $2,400 for insurance for the next 12 months.

Princeton Financial Services Company purchased computers that

Accumulated depreciation - Computers

Depreciation Expense - Computers

On January 1, the Accounts Receivable of Martha Company had a

On October 1 of the current year, a company received $8,400 for

net income would be overstated by $2,100.

net income would be overstated by $4,200.

net income would be understated by $8,400.

net income would be understated by $4,200.

The following Office Supplies account information is available for

Beginning balance $1,200

From the above information, calculate the amount of office supplies

Hatfield Company purchased a building for $150,000 on December 1

Interest Expense 1,500

Interest Payable 1,500

Interest Payable 9,000

Interest Expense 9,000

At the beginning of year 1, Zach Company purchased a piece of

depreciation Expense - Equipment 1,600

depreciation Expense - Equipment 4,800

Accumulated depreciation - Equipment 1,600

Accumulated depreciation - Equipment 4,800

Improvements, a home improvement magazine, collected $960,000

Global Enterprises Company signed a one-year $42,000 note

Cash-basis accounting does NOT record:

payment of salaries to employees.

expiration of prepaid rent.

borrowing money from the local bank.

receipt of cash from interest earned on note receivable.

Dress designers Company has entered into a contract to design 10

Smith Company has a balance in Office Supplies of $1,500 before

Office Supplies 750

Supplies Expense 750

Office Supplies 750

Supplies Expense 750

Supplies Expense 750

Office Supplies 750

Supplies Revenue 750

Office Supplies 750

Doorglam paid $98,000 for office furniture. The furniture is

At the time the transaction occurred, which of the following would

receipt of cash for services that were performed earlier on account

purchase of supplies for cash

performance of services on account

use of supplies purchased earlier

In an ________ adjustment, the cash payment occurs before an

Quiz Score: 15 out of 15

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