post acc111 full course [ all units quizes, self quizes all homework midterm and all finals ]

uint 1POST ACC111 UNIT 1 EXERCISEPOST ACC111 UNIT 1 EXERCISEM1- 6M1-9E1-1E1-3E1-6REGAL ENTERTAINMENT GROUPDSW INCPOST ACC111 UNIT 2 EXERCISE HOMEWORKPOST ACC111 UNIT 2 EXERCISE HOMEWORKM2-9M2-10M2-11PB2-2(1)PB2-2(2)PB2-3(3)PB2-2(4,5)BEARINGS AND BREAKS CORPORATIONPOST ACC111 UNIT 3 EXERCISE HOMEWORKPOST ACC111 UNIT 3 EXERCISE HOMEWORKM3-1M3-2M3-3M3-13E3-12E3-12( T ACCOUNTS)E3-13Rebuild CompanyPOST ACC111 UNIT 4 EXERCISE HOMEWORKPOST ACC111 UNIT 4 EXERCISE HOMEWORKM4 -18M4-19M4-20M4-21M4-22M4-23M4-24E4-16E4-T ACCOUNTSE4-17E4-18MINT CLEANING INC.blackboard.com/webapps/blackboard/execute/uploadAssignment?content_id=_2215669_1&course_id=_55940_1&assign_group_id=&mode=view”>Unit 5 – ExercisesAttached Files:.blackboard.com/bbcswebdav/pid-2215669-dt-content-rid-20976852_1/xid-20976852_1″>.blackboard.com/images/ci/ng/cal_year_event.gif” alt=”File”> Unit 5 Homework Template ACC111(2).xlsx (18.488 KB)Chapter 5: Complete mini exercise M5-4, M5-12 and M5-13Chapter 6: Complete mini exercise M6-15 and M6-17Complete exercise E6-5 and E6-7post acc111Unit 6 – ExercisesE7-2E7-3E7-5E8-10E8-11E8-13Reporting Accounts and Notes Receivable in a Classified Balance SheetCATEPILLAR INCPOST ACC111 UNIT 7 EXERCISE HOMEWORKm9-4m9-9e9-12m10-2m10-6m11-4m11-9m11-14m11-15post acc111 unit 8homeworkM12-1M12-2M13-1M13-2quizesQuestion 10 out of 0 pointsCorrectThe accounting standards and concepts used in the preparation of the financial statements are the:Answers:Generally Authorized Accounting Procedures.Generally Applied Accounting Procedures.Generally Authorized Auditing Practices.Question 20 out of 0 pointsCorrectThe accounting equation is:Answers:Revenue – Expense = Liabilities.Assets = Liabilities + Equity.Assets = Liabilities – Equity.Assets + Liabilities = Equity.Question 30 out of 0 pointsThe Income Statement shows:Assets = Liabilities + Equity.Income minus expense = net income.Beginning retained earnings plus net income minus dividends = ending retained earnings.Beginning retained earnings minus net income minus dividends = ending retained earnings.Question 40 out of 0 pointsThe Statement of Retained earnings shows:Assets = Liabilities + Equity.Income minus expense = net income.Beginning retained earnings minus net income minus dividends = ending retained earnings.Question 50 out of 0 pointsCorrectRetained Earnings represents:The total cash retained by the business.The total assets retained by the business.The net income retained by the business.Question 60 out of 0 pointsCorrectWhich of the following is not one of the four financial statements?Answers:CorrectBalance SheetIncome StatementStatement of Retained EarningsStatement of Cash FlowsQuestion 70 out of 0 pointsWhich of the following is true regarding the income statement?Answers:The income statement shows revenue minus expense equals net income.The income statement reports revenues, expenses, and liabilities.The income statement only reports revenue for which cash was received at the point of sale.The income statement reports the financial position of a business at a particular point in time.Question 80 out of 0 pointsCorrectWhich of the following is false regarding the balance sheet?Answers:The accounts shown on a balance sheet represent the basic accounting equation of assets equals liabilities plus equity.The retained earnings balance shown on the balance sheet must agree to the ending retained earnings balance shown on the statement of retained earnings.The balance sheet summarizes the net changes in specific account balances over a period of time.The balance sheet reports the amount of assets, liabilities, and stockholders equity of a business at a point in time.Question 90 out of 0 pointsWhich of the following regarding retained earnings is false?Answers:Retained earnings is increased by net income.Retained earnings is a component of stockholders equity on the balance sheet.In this course we will be talking about two equity accounts. Common Stock represents the amount of money you invested in the business. Retained earnings is an asset on the balance sheet.Retained earnings represents earnings that were not distributed to stockholders in the form of dividends.unit 2Question 12 out of 2 pointsCorrectPost Company uses $10,000 in cash to pay $10,000 on accounts payable. This would result in:$10,000 credit to cash and a $10,000 credit to accounts payable.$10,000 debit to cash and a $10,000 debit to accounts payable.$10,000 credit to cash and a $10,000 debit to accounts payable.$10,000 debit to cash and a $10,000 credit to accounts payable.Question 22 out of 2 pointsCorrectA company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?$ 158,000$ 160,000$ 162,000$ 100,000Question 32 out of 2 pointsCorrectIn regard to the balance sheet, which of the following statements is true?Income and expenses are reported on the balance sheet.The balance sheet reflects both a point in time and a period of time.The balance sheet reflects a period of time.The balance sheet reflects a point in time.Question 42 out of 2 pointsCorrectWhich of the following are current assets?Cash, accounts receivable, inventory, accounts payableCash, accounts receivable, inventory, suppliesCash, equipment, inventory, vehicleCash, accounts receivable, inventory, buildingQuestion 52 out of 2 pointsCorrectWhich of the following true In regard to current liabilities?Current liabilities are liabilities that you recently paid.Notes payable is normally a current liability.Equipment, vehicles, buildings and land are all current liabilities.Current liabilities are debts and obligations that must be paid within 12 months or less.Question 62 out of 2 pointsCorrectA company purchases $23,000 of supplies in the current month and promises to pay for them next month. How would the company record a liability for the supplies?This liability is not a recognized liability until the payment is due.$23,000 would be posted as a credit to accounts payable.$23,000 would be posted as a credit to supplies expense.$23,000 would be posted as a debit to accounts payable.Question 72 out of 2 pointsCorrectAlpha Company borrows $200,000 from its bank and buys equipment. How does this transaction affect the accounting equation?Assets and Liabilities both increase by $200,000.Assets and Equity both decrease by $200,000.Assets, liabilities and equity are unchanged.Equity increase by $200,000 and liabilities decrease by $200,000.Question 82 out of 2 pointsCorrectBravo Company purchases Land for $200,000 paying cash of $$80,000 and signing a note for the balance. The accounting entry would be:Debit Land $120,000; Credit Notes Payable $120,000.Debit Land $200,000; Credit Cash $200,000.Debit Land $200,000; Credit Cash $80,000; Credit Notes Payable $120,000.Debit Land $80,000; Credit Cash $80,000.unt 2Question 1

0 out of 0 points

Match the account to the effect of debits.

Question

Answers

Cash

A debit will increase this account.

Retained earnings

A debit will decrease this account.

Accounts payable

A debit will decrease this account.

Land

A debit will increase this account.

Building

xt year. Which of the following statements is correct?Using accrual accounting, the revenue is reported in November.Using accrual accounting, the revenue is reported in the month John bought the paint for the barn.Using accrual accounting, the revenue is reported when the wages expenses related to the barn painting are paid by John.• Question 32 out of 2 pointsDuring June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July. She uses the accrual basis of accounting. How will these transactions affect her financial statements?The income statement will show the effect of the transactions in July.The balance sheet will show no effect from the transactions in June.The transactions have no effect on the balance sheet.• Question 10 out of 0 pointsThe matching principle requires:Assets = Liabilities + Equity.Expenses be recorded when the revenues they generate are paid.Net income be transferred to the retained earnings account at the end of an accounting period.• Question 20 out of 0 pointsWhen should companies that sell gift cards to customers report revenue?When the gift card is sold and cash is received.When the gift card is used by the customer.At the end of the year in which the gift card is sold..• Question 30 out of 0 pointsWebby Corporation reported the following amounts on its income statement: service revenues, $ 32,500; utilities expense, $ 300; net income, $ 1,600; and income tax expense, $ 900. If the only other amount reported on the income statement was for selling expenses, what amount would it be?$ 2,200$ 30,000$ 29,700$ 30,900• Question 40 out of 0 pointsWhat type of account is Unearned Revenue?RevenueAssetLiabilityEquityExpense• Question 50 out of 0 pointsIn October 200X John signs a contract to paint a house. During November 200X John paints the house. He is not paid until December 200X. Under accrual accounting when should this job be recorded as revenue?: OctoberNovemberDecemberIn any of the three months• Question 60 out of 0 pointsDuring June 200X a customer pays John in advance for a house painting job that is to be done in July 200X. Under accrual accounting the payment in June would be recorded as:Unearned revenue (as a liability)Unearned revenue (as an asset)RevenueExpense• Question 70 out of 0 pointsUnder accrual accounting an expense paid in advance is recorded as:A debit to the asset account Prepaid Expense.A credit to the asset account Prepaid Expense.A debit to an expense account.A credit to an expense account.• Question 8In regard to revenue accounts:A debit entry will increase this account; a credit entry will decrease this account.A credit entry will increase this account; a debit entry will decrease this account.A debit entry can either increase or decrease this account.A credit entry can either increase or decrease this account.• Question 90 out of 0 pointsIn regard to expense accounts:A debit entry will increase this account; a credit entry will decrease this account.A credit entry will increase this account; a debit entry will decrease this account.A debit entry can either increase or decrease this account.A credit entry can either increase or decrease this account.• Question 100 out of 0 pointsIn regard to the Unearned Revenue account:A debit entry will increase this account; a credit entry will decrease this account.A credit entry will increase this account; a debit entry will decrease this account.A debit entry can either increase or decrease this account.A credit entry can either increase or decrease this account.unit 4.8181819915771px;”=””> Question 12 out of 2 pointsRetained earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned revenue of $5,000, had expenses of $3,200 and paid a cash dividend of $500.The income statement for the year ending December 31, 200X would show net income of:$2,300$2,100$800$1,800• Question 22 out of 2 pointsThe balance in Prepaid insurance is $ 2,500 before any adjustment. $1,000 worth of the insurance has expired. The adjusting journal entry should include which of the following?Debit to Prepaid insurance for $ 1,000.Debit to Insurance expense for $ 1,000.Credit to Insurance expense for $ 1,000.Debit to Insurance expense for $ 1,500.• Question 32 out of 2 pointsA credit entry will increase this account; a debit entry will decrease this account.A debit entry can either increase or decrease this account.A credit entry can either increase or decrease this account.• Question 90 out of 0 pointsIn regard to the account Salary Payable:A debit entry will increase this account; a credit entry will decrease this account.A credit entry will increase this account; a debit entry will decrease this account.A debit entry can either increase or decrease this account.A credit entry can either increase or decrease this account.unit 5.8181819915771px;”=””>• Question 12 out of 2 pointsBased on the following income statement what is the Net Profit Margin Ratio?Cinnamon and Spice., Inc.Income StatementAs of Dec. 31, 200XRevenue:Sales $180,000Expenses:Selling expense 84,000Operating expense 18,000Interest expense 11,000Other expense 7,000Total expense 120,000Net Income $60,00033.33%66.67%3%1.5%• Question 22 out of 2 pointsCompany A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.What is the debt to asset ratio for Company A?20%25%50%80%?• Question 10 out of 0 pointsCompany Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?With net sales of $710,000With net sales of $890,000With net sales of $790,000With net sales of $810,000• Question 52 out of 2 pointsOn March 1, 200X Bravo Company sells $6,000 of services on credit terms offering a 2% discount if paid within ten days. They are paid on March 3. The customer takes the discount, what is Bravo Company’s accounting entry on March 3, 200X?Debit cash $6,000; credit accounts receivable $6,000.Debit cash $5,880; credit accounts receivable $6,000.Debit cash $5,880; credit accounts receivable $5,880.Debit cash $5,880; debit sales discount $120; credit accounts receivable $6,000.$6,000 minus $120 = $5,880 payment.• Question 62 out of 2 pointsThe accounting entry for a sales return includes:A debit to the sales account and a credit to cash.A credit to the sales account and a debit to cash.A debit to the sales return account and a credit to cash.A credit to inventory and a debit to the sales return account.• Question 10 out of 0 pointsSales with terms 2/ 10, n/ 30 means:The buyer gets a 10 percent discount for payment within 30 days.The buyer gets 2 percent discount for payment within 10 days.The buyer gets a 10 percent discount for payment within 10 days.The buyer gets a 2 percent discount for payment within 30 days.• Question 20 out of 0 pointsA $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered payment in full?$ 1,000$ 900$ 800$ 980• Question 30 out of 0 pointsA company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:80%20%50%10%• Question 40 out of 0 pointsCompany Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?With net sales of $710,000With net sales of $890,000With net sales of $790,000With net sales of $810,000nit 7.8181819915771px;”=””>UNIT 7 CH 9• Question 10 out of 0 pointsWhen recording depreciation, which of the following statements is true?Total assets increase and stockholders equity increases.Total assets decrease and total liabilities increase.Total assets decrease and stockholders equity increases.Total assets decrease and stockholders equity decreases.• Question 20 out of 0 pointsACME, Inc. uses straight- line depreciation for all of its depreciable assets. ACME sold a piece of machinery on December 31, 2010, that it purchased on January 1, 2009, for $ 10,000. The asset had a five- year life and zero residual value. Accumulated depreciation was $4,000. If the sales price of the used machine was $ 7,500, the resulting gain or loss on disposal was which of the following amounts?Loss of $ 6,000.Loss of $ 1,500.Gain of $ 6,000.Gain of $ 1,500.• Question 30 out of 0 pointsOn January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be:Debit depreciation expense – $3,600, credit accumulated depreciation – $3,600.Debit depreciation expense – $4,000, credit accumulated depreciation – $4,000.Debit depreciation expense – $3,600, credit machine – $3,600.Debit depreciation expense – $4,000, credit machine – $4,000.• Question 40 out of 0 pointsOn January 1, 200X Jones Company purchased a machine for $10,000. The machine has no salvage value and a useful life of 5 years. Jones uses straight line depreciation. After 4 years the book value of the machine would be?$10,000$2,000$8,000$5,000.• Question 50 out of 0 pointsYou purchase a patent for $100,000. The remaining useful life is 10 years. The entry for amortization expense for the first year would be:Debit patent $100,000 and credit cash $100,000.Debit patent expense $10,000 and credit cash $10,000.Debit patent $10,000 and credit cash $10,000.Debit amortization expense $10,000 and credit patent $10,000.• Question 12 out of 2 pointsWhich of the following is not capitalized when a piece of production equipment is acquired for a factory?Sales taxes.Installation costs.Transportation costs.Ordinary repairs.f $400,000 and a credit to bonds receivable of $400,000.A debit to bonds receivable of $400,000 and a credit to cash of $400,000.• Question 40 out of 0 pointsJones Company issues a 10 year, 8%, $400,000 bond at par on July 31. How much interest will be paid over the life of the bond?$40,000$4,000$320,000$32,000• Question 12 out of 2 pointsOn July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be:$10,000.$2,500$2,000$5,000• Question 20 out of 2 pointsPost Company issues a 6 year, 6%, $200,000 bond at par on July 31. The journal entry would be:A debit to cash of $200,000 and a credit to bonds payable of $200,000.A debit to bonds payable of $200,000 and a credit to cash of $200,000.A debit to cash of $200,000 and a credit to bonds receivable of $200,000.A debit to bonds receivable of $200,000 and a credit to cash of $200,000.• Question 32 out of 2 pointsPost Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?$4,000$6,000$12,000$72,000• Question 42 out of 2 pointsA company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?0.57.50.32.0• Question 52 out of 2 pointsIf a company has gross salaries of $12,000 and it withholds $1,800 for income taxes and $800 for FICA taxes, the journal entry to record the employee’s pay should include:Debit to salary expense for $9,400Debit to salary payable for $9,400Credit to salary payable for $9,400Credit to cash for $12,000• Question 12 out of 2 pointsOn July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be:$10,000.$2,500$2,000$5,000• Question 20 out of 2 pointsPost Company issues a 6 year, 6%, $200,000 bond at par on July 31. The journal entry would be:A debit to cash of $200,000 and a credit to bonds payable of $200,000.A debit to bonds payable of $200,000 and a credit to cash of $200,000.A debit to cash of $200,000 and a credit to bonds receivable of $200,000.A debit to bonds receivable of $200,000 and a credit to cash of $200,000.• Question 32 out of 2 pointsPost Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?$4,000$6,000$12,000$72,000• Question 42 out of 2 pointsA company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?0.57.50.32.0• Question 52 out of 2 pointsIf a company has gross salaries of $12,000 and it withholds $1,800 for income taxes and $800 for FICA taxes, the journal entry to record the employee’s pay should include:Debit to salary expense for $9,400Debit to salary payable for $9,400Credit to salary payable for $9,400Credit to cash for $12,000UNIT 7CH 11• Question 10 out of 0 pointsPost Company issues 100,000 shares of $10 par value stock for $18 a share. The accounting entry for this transaction would be:Debit cash -$1,000,000 and credit Capital Stock – $1,000,000.Debit cash -$1,800,000 and credit Capital Stock – $1,800,000.Debit cash -$1,800,000 and credit Capital Stock – $1,000,000, credit Additional Paid in Capital $800,000.Debit cash -$1,000,000, debit Additional Paid in Capital Stock – $800,000 and credit Capital – $1,800,000,800,000• Question 20 out of 0 pointsDividends become a liability of the corporation:On the date the board of directors declares the dividend.On the date of record.On the date payment is made.When preferred dividends have not been paid.• Question 30 out of 0 pointsOn January 1, 200X XYZ Company declared a cash dividend of .50 per share. On January 1 they will make the following journal entry:Debit cash and credit dividends payable.Debit dividends declared and credit dividends payable.Credit cash and debit dividends declared.Debit expense and credit cash.• Question 12 out of 2 pointsPost Company issues 10,000 shares of $5 par value common stock for $20 a share. The accounting entry for this transaction would be:Debit cash -$200,000 and credit Common Stock – $200,000.Debit cash -$50,000 and credit Common Stock – $50,000.Debit cash -$200,000, debit Additional Paid in Capital – $50,000 and credit Common Stock – $200,000,Debit cash -$200,000 and credit Common Stock – $50,000, credit Additional Paid in Capital – $150,000.• Question 22 out of 2 pointsDividends become a liability of the corporation:On the date the board of directors declares the dividend.On the date of record.On the date payment is made.When preferred dividends have not been paid.• Question 32 out of 2 pointsXYZ Company has 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the following journal entry:Debit cash $50,000 and credit dividends payable $50,000.Debit dividends declared $50,000 and credit dividends payable $50,000.Credit cash $50,000and debit dividends declared $50,000.No entry is made until January 31.• Question 42 out of 2 pointsWhich of the following will result when a dividend is paid?A credit to dividends payable.A debit to dividends payable.A debit to capital.A credit to capital.• Question 52 out of 2 pointsIn its most basic form, the Earnings per Share (EPS) ratio is calculated as:Dividends paid on common stock divided by the average number of shares outstanding of common stock.Net income divided by the average number of shares outstanding of common stock.Net income divided by average stockholder’s equity.Sales divided by average stockholder’s equityunit 6.8181819915771px;”=””>Unit 6chapter 7• Question 12 out of 2 pointsThe 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000• Question 22 out of 2 pointsPost Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000• Question 32 out of 2 pointsFollowing is the inventory activity for July:Beginning Balance 10 sweaters @ $12 eachWhat is the cost of ending inventory using the FIFO inventory method?$6,580$4,540$4,020$5,620• Question 40 out of 0 pointsWhat is the cost of ending inventory using the LIFO inventory method?$6,580$4,540$4,020$5,620Unit 6 – Chapter 7 Income Statement Exercise• Question 10 o
t of 0 pointsSales Revenue $800Beginning Inventory $100Purchases $700Available for Sale ?Ending Inventory $500Cost of Goods Sold ?Gross Profit ?Operating Expenses $200Net Income ?The missing dollar amounts are:Goods Available for Sale – $800Cost of Goods Sold – $300Gross Profit – $500Net income – $300Goods Available for Sale – $900Cost of Goods Sold – $300Gross Profit – $500Net income – $400Goods Available for Sale – $800Cost of Goods Sold – $600Gross Profit – $200Net income – $50Goods Available for Sale – $800Cost of Goods Sold – $300Gross Profit – $400Net income – $400• Question 20 out of 0 pointsSales Revenue $900Beginning Inventory $200Purchases $700Available for Sale ?Ending Inventory ?Cost of Goods Sold ?Gross Profit ?Operating Expenses $150Net Income $0The missing dollar amounts are:Goods Available for Sale – $300Ending Inventory – $150Cost of Goods Sold – $600Gross Profit – $300Goods Available for Sale – $900Ending Inventory – $150Cost of Goods Sold – $750Gross Profit – $150Goods Available for Sale – $300Ending Inventory – $150Cost of Goods Sold – $750Gross Profit – $100Goods Available for Sale – $300Ending Inventory – $100Cost of Goods Sold – $800Gross Profit – $200• Question 30 out of 0 pointsSales Revenue ?Beginning Inventory $150Purchases ?Available for Sale ?Ending Inventory $250Cost of Goods Sold $200Gross Profit $400Operating Expenses $100Net Income ?The missing dollar amounts are:Sales Revenue – $600Purchases – $250Goods Available for Sale – $500Net income – $300Sales Revenue – $800Purchases – $300Goods Available for Sale – $450Net income – $500Sales Revenue – $600Purchases – $300Goods Available for Sale – $450Net income – $300Sales Revenue – $600Purchases – $200Goods Available for Sale – $350Net income – $300• Question 40 out of 0 pointsSales Revenue $800Beginning Inventory ?Purchases $600Available for Sale ?Ending Inventory $250Cost of Goods Sold ?Gross Profit ?Operating Expenses $250Net Income $100The missing dollar amounts are:Beginning Inventory – $100Goods Available for Sale – $600Cost of Goods Sold – $350Gross Profit – $350Beginning Inventory – $300Goods Available for Sale – $500Cost of Goods Sold – $550Gross Profit – $450.8181819915771px;”=””>ACCOUNTING MID TERMMichael’s Plumbing Company has the following transactions for the yearDecember 1 – Issued capital stock for $50,000 to start plumbing business.December 1 – Paid gas expense $500.December 1 – Paid one year insurance premium costing $3,600.December 2 – Received $3,000 for job to install plumbing system in January next year.December 8 – Plumbing repairs for three houses totaling $15,000 and billed customers.December 10 – Purchased equipment costing $8,400 on credit.December 12 – Purchased supplies costing $900 on credit.December 23 – Plumbing services completed and billed to customers for $1,500.December 24 – Paid for equipment purchased on December 10th.December 28 – Received $2,000 for the repairs done on December 8th.December 31 – Paid a $1,000 dividend.Required:1. Prepare journal entries for the above transactions. Be sure to identify them as a through k.2. Post the above transactions to T Accounts.3. Prepare a Trial Balance.4. Prepare adjusting entries in journal format and post to T Accounts.Supplies on Hand December 31 was $500.The Equipment is to be depreciated over 48 months starting with December.(HINT: Record one month depreciation expense).Wages owed but not paid on December 31 was $250.One month of insurance has expired.5. Prepare an Adjusted Trial Balance.6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.7. Prepare closing entries in journal format and post to the T Accounts.8. Prepare a Post-Closing Trial Balance.John’s House PaintingJohn’s House PaintingJohn’s House PaintingJohn’s House PaintingIncome StatementStatement of Retained EarningsFor the Year Ending December 31, 20XXFor the Year Ending December 31, 20XX.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>final.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>.8181819915771px;”=””>• Question 13 out of 3 pointsThe accounting equation is:• Question 23 out of 3 pointsThe Statement of Retained earnings shows:• Question 33 out of 3 pointsThe Income Statement shows:• Question 43 out of 3 pointsWhich of the following regarding retained earnings is false?• Question 53 out of 3 pointsIn regard to current liabilities which of the following is false?• Question 63 out of 3 pointsWhich of the following are current assets?• Question 73 out of 3 pointsIn reference to accrual accounting which of the following is true?• Question 83 out of 3 pointsDuring November 200X John painted a barn. The customer does not pay John until January this next year. Which of the following statements is correct?• Question 93 out of 3 pointsPayment of a dividend will:• Question 13 out of 3 pointsA company was recently formed with $ 50,000 cash contributed to the ht- line depreciation for all of its depreciable assets. Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400. If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?• Question 123 out of 3 pointsOn July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be:• Question 133 out of 3 pointsPost Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?• Question 1Needs GradingSales Revenue $1000Beginning Inventory $400Purchases $500Available for Sale ?Ending Inventory $300Cost of Goods Sold ?Gross Profit ?Operating Expenses $100Net Income ?Selected Answer: Available for Sale- $800Cost of Goods Sold- ($300)Gross Profit- $500Net Income- $300Correct Answer:Sales $1000Beginning inventory $400Plus purchases $500Cost of goods available for sale $900Less ending inventory ($300)Cost of goods sold ($600)Gross profit $400Operating expenses ($100)Net income $300Response Feedback: [None Given]• Question 2Needs GradingAssume you serve on the board of a local golf and country club. In preparation for renegotiating the club’s bank loans, the president indicates that the club needs to increase its operating cash flows before the end of the current year. The club’s treasurer reassures the president and other board members that he knows a couple of ways to boost the club’s operating cash flows. First, he says, the club can sell some of its accounts receivable to a collections company that is willing to pay the club $97,000 up front for the right to collect $1 00,000 of the overdue accounts. That will immediately boost operating cash flows. Second, he indicates that the club paid about $200,000 last month to relocate the 18th fairway and green closer to the clubhouse. The treasurer indicates that although these costs have been reported as expenses in