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Quiz 2
Quiz 2
1. The following amounts are reported in the ledger of Mariah Company:
What is the balance in the common stock account?
2. Childers Service Company provides services to customers totaling $3,400, for which it billed the customers. How would the transaction be recorded?
3. A company received a bill for newspaper advertising services, $440. The bill will be paid in 10 days. How would the transaction be recorded today?
4. When a company pays utilities of $1,760 in cash, the transaction is recorded as:
5. Summer Leasing received $11,000 from a customer to cover 24 months of rent in advance. How should Summer record this transaction?
6. Assume that $18,300 cash is paid for insurance to cover the next year. The appropriate debit and credit would be:
7. When a company pays $1,700 dividends to its stockholders, the transaction should be recorded as:
8. Clement Company paid an account payable related to a previous utility bill of $990. This transaction should be recorded as follows on the payment date:
9. On July 7, Saints Incorporated received $10,500 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7?
10. The Accounts Payable account has a beginning balance of $10,300 and the company purchased $54,000 of supplies on account during the month. The ending balance was $18,700.
How much did the company pay to creditors during the month?