Entries by mary WAMBUGU

5. (True or False) Under the retail inventory method, the retail value of ending inventory is determined by counting the ending inventory, referring to invoices to determine that inventory’s cost, and multiplying the cost amount by the cost to retail percentage.

August 28, 2019 in /by

Question 5. (True or False)Under the retail inventory method, the retail value of ending inventory is determined by counting the ending inventory, referring to invoices to determine that inventory’s cost, and multiplying the cost amount by the cost to retail percentage. 6. (Multiple Choice) On March 1, 20X3, Jimenez purchased a one-year insurance policy for […]

 

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(Multiple Choice) In a post-closing trial balance: A. debits should equal credits.. B. no balances remain in the Dividends, Revenue, and Expense accounts.

August 28, 2019 in /by

Question 7. (Multiple Choice)In a post-closing trial balance:A.   debits should equal credits.. B.   no balances remain in the Dividends, Revenue, and Expense accounts. C.   Retained earnings includes net income. D.   All of the above. E.   None of these. 8. (True or False) In preparing a bank reconciliation, outstanding checks should be added back to the […]

 

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9. (Multiple Choice) Which of the following is false? A. Cost less accumulated depreciation equals depreciable base. B. “Depreciation expense” and “accumulated depreciation” are synonymous.

August 28, 2019 in /by

Question 9. (Multiple Choice)Which of the following is false?A.   Cost less accumulated depreciation equals depreciable base. B.    “Depreciation expense” and “accumulated depreciation” are synonymous. C.   Depreciation expense normally increases over the service life of an asset.. D.   All of the above. E.   None of these. 10. (Multiple Choice) Richards Hospital was incorporated on August 1.  […]

 

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. (Multiple Choice) Hernandez Company accrued wages of $350 on December 31. The company makes reversing entries. The proper entry on payday, January 5, to record a $1,200 payroll includes: A. a credit to Wage Expense of $1,200. B. a credit to Wages Payable of $350. C.

August 28, 2019 in /by

11. (Multiple Choice)Hernandez Company accrued wages of $350 on December 31.  The company makes reversing entries.  The proper entry on payday, January 5, to record a $1,200 payroll includes: A.   a credit to Wage Expense of $1,200. B.   a credit to Wages Payable of $350. C.   a credit to Wage Expense of $850. D.   a […]

 

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