Question Details

Fernetti Company bought office supplies on account



1.	On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future. The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should:
a.	debit Cash $550 and credit Unearned Service Revenue $550.
b.	debit Accounts Receivable $550 and credit Service Revenue $550.
c.	debit Accounts Receivable $550 and credit Cash $550.
d.	debit Accounts Receivable $550 and credit Unearned Service Revenue $550.


2.	On March 8, Fernetti Company bought office supplies on account from the Flint Company for $880. Fernetti Company incorrectly debited Office Equipment for $800 and credited Accounts Payable for $800. The entries have been posted to the ledger. the correcting entry should be:
a.	Office Supplies		880
		Accounts Payable			880
b.	Office Supplies		880
		Accounts Payable			800
		Office Equipment			80
c.	Office Supplies		880
		Office Equipment			880
d.	Office Supplies		880
		Office Equipment			800
		Accounts Payable			80


3.	The following information (in thousands) is for Zháng Office Supplies:
Zháng Office Supplies
Statement of Financial Position
December 31, 2011

Trademark			   ¥70,000	Share Capital	¥120,000	
Land		¥90,000		Retained Earnings	  250,000	
Building	¥100,000					¥370,000
Less Accum.						
Depreciation	(20,000)	  80,000	  170,000			
Land held for investment			    75,000	Accounts Payable	   60,000	
Prepaid Insurance			    30,000	Salaries Payable	   10,000	
Inventory			    70,000	Mortage Payable	   90,000	
Accounts Receivable			    50,000			
Cash			    65,000			  160,000
Total Assets			 ¥530,000	Total Equity and Liabilities		¥ 530,000

The total dollar amount of assets to be classified as current assets is
a.	¥290,000.
b.	¥215,000.
c.	¥180,000.
d.	¥145,000.


4.	The following information (in thousands) is for Zháng Office Supplies:
Zháng Office Supplies
Statements of Financial Position
December 31, 2011

Trademark			   ¥70,000	Share Capital-ordinary	¥120,000	
Land		¥90,000		Retained Earnings	  250,000	
Building	¥100,000					¥370,000
Less Accum.						
Depreciation	(20,000)	  80,000	  170,000			
Land held for investment			    75,000	Accounts Payable	   60,000	
Prepaid Insurance			    30,000	Salaries Payable	   10,000	
Inventory			    70,000	Mortage Payable	   90,000	
Accounts Receivable			    50,000			
Cash			    65,000			 160,000
Total Assets			 ¥530,000	Total Equity and Liabilities		¥ 530,000


The total dollar amount of assets to be classified as property, plant, and equipment is
a.	¥320,000.
b.	¥170,000.
c.	¥245,000.
d.	¥190,000.


5.	The following information (in thousands) is for Zháng Office Supplies:
Zháng Office Supplies
Statement of Financial Position
December 31, 2011
Trademark			   ¥70,000	Share Capital	¥120,000	
Land		¥90,000		Retained Earnings	  250,000	
Building	¥100,000					¥370,000
Less Accum.						
Depreciation	 (20,000)	  80,000	  170,000			
Land held for investment			    75,000	Accounts Payable	   60,000	
Prepaid Insurance			    30,000	Salaries Payable	   10,000	
Inventory			    70,000	Mortage Payable	   90,000	
Accounts Receivable			    50,000			
Cash			    65,000			  160,000
Total Assets			 ¥530,000	Total Equity and Liabilities		¥ 530,000

The total dollar amount of assets to be classified as investments is
a.	¥0.
b.	¥150,000.
c.	¥75,000.
d.	¥180,000.



Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help