82. The
controller for Tires and More, Inc. has recorded the following transactions
during the month: the purchase of supplies on credit, $4,200; receipt of a bill
for utilities for the month which is due on the 15th of the next month, $1,200;
and, partial payment on the balance due for supplies, $800. What is the
balance in the Accounts Payable account at the end of the month assuming a
beginning balance of $0, and is the balance a debit or a credit?
A. $4,600 debit.
B. $4,600 credit.
C. $3,400 credit.
D. $5,400 credit.
83. The
controller for Tires and More, Inc. has recorded the following transactions
during the month: the company was established by selling 10,000 shares of stock
to the public for $20,000 on the 1st of the month; the company recorded $36,000
of revenue for tires and services provided during the month; and expenses of
$22,000 were recorded for the month. What is the balance of StockholdersΓ’ΒΒ
Equity at the end of the month, and is the balance a debit or a credit?
A. $34,000 debit.
B. $34,000 credit.
C. $20,000 credit.
D. $6,000 debit.
84. The
controller for Tires and More, Inc. has recorded the following transactions
during the month: the company was established by selling 10,000 shares of stock
to the public for $20,000 on the 1st of the month; the company recorded $36,000
of revenue for tires and services provided during the month; and expenses of
$22,000 were recorded for the month. Additionally, on the last day of the
month the company declared dividends of $2,000. What is the balance of
StockholdersΓ’ΒΒ Equity at the end of the month, and is the balance a debit or a
credit?
A. $32,000 debit.
B. $32,000 credit.
C. $18,000 credit.
D. $36,000 debit.
85. An
$800 debit item is accidentally posted as a credit. The trial balance column
totals will therefore differ by
A. $0
B. $400
C. $800
D. $1,600
86. The
trial balance for Parker Company is as follows:
Parker Company
Trial Balance
January 31, 20×5
Cash
$ 6,000
Accounts Receivable
4,000
Art Supplies
6,000
Office Supplies
10,000
Prepaid Rent
14,000
Prepaid Insurance
10,000
Art Equipment
10,000
Office Equipment
6,000
Accounts Payable
$ 10,000
Common Stock
30,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
10,000
Telephone Expense
6,000
________
$ A
$
B
If the balance of the Dividends account were $100,000 and the balance of the
Wages Expense account were $10,000, what would be the amount of B?
A. $124,000
B. $150,000
C. $192,000
D. $152,000
87. The
trial balance for Parker Company is as follows:
Parker Company
Trial Balance
January 31, 20×5
Cash
$ 6,000
Accounts Receivable
4,000
Art Supplies
6,000
Office Supplies
10,000
Prepaid Rent
14,000
Prepaid Insurance
10,000
Art Equipment
10,000
Office Equipment
6,000
Accounts Payable
$ 10,000
Common Stock
30,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
10,000
Telephone Expense
6,000
________
$ A
$
B
If the trial balance showed a balance of $14,000 in the Dividends account and a
balance of $30,000 in the Wages Expense account, what would be the amount of
Advertising Fees Earned for the period?
A. $106,000
B. $86,000
C. $116,000
D. $56,000
88. The
trial balance for Parker Company is as follows:
Parker Company
Trial Balance
January 31, 20×5
Cash
$28,000
Accounts Receivable
4,000
Art Supplies
6,000
Office Supplies
10,000
Prepaid Rent
14,000
Prepaid Insurance
10,000
Art Equipment
10,000
Office Equipment
6,000
Accounts Payable
$ 10,000
Common Stock
30,000
Dividends
14,000
Advertising Fees Earned
108,000
Wages Expense
30,000
Utilities Expense
10,000
Telephone Expense
6,000
_______
$148,000
$148,000
On the trial balance, total assets equal
A. $108,000
B. $104,000
C. $88,000
D. $68,000
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