项目七单元测试
- Use the following selected information for the Lily Company to calculate the correct credit column total for a trial balance. Accounts receivable $7 200, Accounts payable6 900, Building179 400, Cash15 800, Capital64 000, Insurance expense6 500, Salary expense 56 100, Salary payable3 600, Service revenue190 500 （ ）
- When should revenue be recorded under the accrual-basis and cash-basis of accounting? （ ）
- A purchase of office equipment for cash of$130 was recorded as an addition to office equipment and an addition to liabilities. By what amounts are the accounts understated or overstated as a result of this error?("understated" means too low, and" overstated" means too high （ ）
- What are quick assets? （ ）
Lily opened a new business by investing the following assets:cash, $4,000; land＄20,000; building,$80,000. Also,the business would assume responsibility for a note payable of $32.000. Lily signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record the investment by Lily? ( )
A:$ 265 000 B:$ 137 100 C:$ 74 500 D:$ 201 000
答案:$ 265 000
A:When the service is performed; When the customer is billed B:When the customer is billed ; When received C:When received When the service is performed D:When the service is performed; When received
A:Assets, overstated$130;Liabilities,overstated$130 B:Office equipment,understated$260;Liabilities,overstated$130 C:Office equipment,overstated$130;Liabilities,overstated$130 D:Assets,understated $ 130;Liabilities,overstated$130
A:Cash ,inventory,accounts receivable B:Cash ,FVPL investments, prepaid expenses C:Cash, accounts receivable, prepaid expenses D:Cash .FVPL.investments, accounts receivable
A:Cash 4,000
Land 20,000
Building 80.000
Lily,capital 104,000
Liability 32,000 Lily,capital 72,000
Lily,capital 104,000
Land 20.000
Building 80,000
Note payable 32,000
Lily,capital 72,000
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