第九章单元测试
- An estimated liability:（ ）
- Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits?（ ）
- All of the following statements regarding long-term liabilities are true except?（ ）
- Athena Company's salaried employees earn two weeks of vacation per year. It pays $858,000 in total employee salaries for 52 weeks but its employees work only 50. Record Athena Company's weekly journal entry to record the vacation expense: （ ）
- On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.)（ ）
A:Is a known obligation of an uncertain amount that can be reasonably estimated. B:Is not recorded until the amount is known for certain. C:Is a liability that may occur if a future event occurs. D:Can be the result of a lawsuit.
答案:Is a known obligation of an uncertain amount that can be reasonably estimated.
A:Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500. B:Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500. C:Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500. D:Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
A:Long-term liabilities include long-term notes payable, warranty liabilities, lease liabilities, and bonds payable. B:Liabilities that do not have a fixed due date, but are payable on demand, are reported as long-term liabilities. C:A single long-term liability can be divided between current and noncurrent sections on the balance sheet. D:Long-term liabilities can be reported on the balance sheet in a single total or in multiple categories.
A:Debit Vacation Benefits Payable $660; credit Vacation Benefits Expense $660. B:Debit Vacation Benefits Expense $17,160; credit Vacation Benefits Payable $17,160. C:Debit Vacation Benefits Expense $660; credit Vacation Benefits Payable $660. D:Debit Vacation Benefits Payable $16,500; credit Vacation Benefits Expense $16,500.
A:Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375. B:Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625. C:Debit Notes Payable $50,625; credit Cash $50,625. D:Debit Interest Expense $625; credit Interest Payable $625.
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