1THE 2010 Fall ACCOUNTING TRIBE The 1st Scrimmage
Name (Please Print)
Pledge: Simply by signing my personal name below, I am promising that:
1) The work My spouse and i complete can be my own,
2) Some and will certainly not give aid to others,
3) Let me not share any information about the assessment with those people who are taking That later, and
4) I will record any others that I see violating these rules.
Make Journal Articles for Molly's Scooters (Problem 1)
Journal Entries, pg 2
Log Entries, pg 3
Multiple Choice: Please mark the answer on the both Bubble sheet
and on this kind of test. (6 points each)
1) Gathered depreciation can be a(an)
A) expense consideration.
B) liability account.
C) contra accounts.
E)owners' collateral account
2) Which with the following adjustments describes the sale for funds of $1, 000 of 100 stocks of stock?
A)Assets and owners' equity increase by $1, 000
B)Assets and owners' equity decrease simply by $1, 1000
C)Assets and liabilities boost by $1, 000
D)Assets and financial obligations decrease by $1, 1000
E)No changes in total resources, liabilities, or owners' equity
3) Which in turn account will NEVER be included in a closing journal entry?
B) Stored Earnings
C) Advertising Expenditure
D) Salary Payable
E) Tax Expenditure
4) Thomas wants to have $500, 000 in the bank in a decade. If the financial institution pays interest at
12% exponentially boosted semi-annually, how much does he need to pay in today to reach
A) dollar 5, 373. 40
B) $ 155, 902. thirty eight
C) money 160, 986. 62
D) $ 372, 046. ninety six
E) Another number
5) Jason invests $1, 1000 today within an account spending 10% compounded semi-annually.
How much can he possess 20 years via today?
A) $ several, 039. 99
B) $ 38, 337. 60
C) $ 45, 259. twenty six
D) dollar 49, 561. 44
E) Some other quantity
6) Kylie, Inc. can be buying a buck. The original cost on January 1, 06\ was $12, 000. Kylie put $1, 500 straight down and is making annual payments on December 31st of $1, 838. 68 that include interest at 8%. In the event Kylie is definitely properly amortizing this order, the interest expense for 06\ (first year) is
A) $ you, 351. forty eight
B) money 587. thirty-one
C) bucks 680. 00
D) money 487. 20
E) Some other number
7) Still on Kylie- Presuming Kylie can be...