Sales transaction | Accounting homework help

Question 1

Don't use plagiarized sources. Get Your Custom Essay on
Sales transaction | Accounting homework help
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

A company delivered $10,000 of goods to a customer that agreed to pay cash within 30 days. The goods had cost $8,000 to manufacture.

Which of the following items would be increased by this sales transaction? (check all that apply)

a)       Inventory

b)       Total Assets

c)       Total Liabilities

d)       Accounts Receivable

e)       Revenue

 

Question 2

A company took delivery of $50,000 of new inventory and agreed to pay cash to the supplier within 30 days.

Which of the following items would be increased by this inventory purchase transaction? (check all that apply)

a)       Total Stockholders’ Equity

b)       Current Liabilities

c)       Cash from Operations

d)       Inventory

e)       Cost of Goods Sold

 

Question 3

A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter.

Which of the following items would be increased by this cash collection transaction? (check all that apply)

a)       Cash from Operations

b)       Revenue

c)       Accounts Receivable

d)       Total Assets

e)       Total Stockholders’ Equity

 

Question 4

A company collected $10,000 cash from a customer as a deposit for goods that will be shipped next quarter.

Which of the following items would be increased by this cash collection transaction? (check all that apply)

a)       Total Liabilities

b)       Total Assets

c)       Accounts Receivable

d)       Cash from Operations

e)       Revenue

 

Question 5

A company received $100,000 cash from issuing 10,000 shares of $4 par value stock.

Which of the following items would be increased by this stock issuance transaction? (check all that apply)

a)       Revenue

b)       Additional Paid in Capital

c)       Total Liabilities

d)       Cash from Operations

e)       Total Assets

 

Question 6

A company received $75,000 cash from a bank loan that must be repaid in three years.

Which of the following items would be increased by this bank loan transaction? (check all that apply)

a)       Notes Payable

b)       Cash from Investing

c)       Interest Payable

d)       Revenue

e)       Current Assets

 

Question 7

A company declared $500,000 of dividends that will be paid two months from now.

Which of the following items would be increased by this dividend declaration transaction? (check all that apply)

a)       Cash from Financing

b)       Net Income

c)       Dividend Expenses

d)       Retained Earnings

e)       Total Liabilities

 

Question 8

A company paid $50,000 to its insurance company for fire insurance coverage over the next year.

Which of the following items would be increased by this insurance prepayment transaction? (check all that apply)

a)       Prepaid Insurance

b)       Unearned Revenue

c)       Current Assets

d)       Total Stockholders’ Equity

e)       Insurance Expense

 

Question 9

At the end of the quarter, a company did an adjusting entry to record the fact that $1,000 of Prepaid Advertising had been used up during the quarter.

Which of the following items would be increased by this advertising adjusting entry? (check all that apply)

a)       Prepaid Advertising

b)       Cost of Goods Sold

c)       Total Liabilities

d)       Cash from Operations

e)       Advertising Expense

 

Question 10

A company borrowed $500,000 cash from a bank and used it to purchase $500,000 of new manufacturing equipment.

Which of the following items would be increased by the bank loan and equipment purchase transactions? (check all that apply)

a)       Cash from Financing

b)       Notes Payable

c)       Total Assets

d)       Cash from Investing

e)       Inventory

 

Question 11

At the end of the quarter, a company did an adjusting entry to record $5,000 of depreciation on the fleet of automobiles used by the sales force.

Which of the following items would be increased by this depreciation adjusting entry? (check all that apply)

a)       Cash from Operations

b)       Total Assets

c)       SG&A Expense

d)       Accumulated Depreciation

e)       Total Liabilities

 

Question 12

A company sold a piece of manufacturing equipment for $30,000 cash. The equipment had been listed on the balance sheet at a net book value of $25,000, so the company recorded a gain on sale of equipment of $5,000.

Which of the following items would be increased by this equipment sale transaction? (check all that apply)

a)       Net Income

b)       Total Assets

c)       Cash from Operations

d)       Equipment

e)       Cash from Investing

 

 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Professor’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
  • 2-hour delivery
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
Getting into any engagement is not as simple as it sounds, especially when done remotely. Thus, you as our client need solid assurances that your expectations will be met and exceeded. Taking this into consideration, we are very serious when it comes to honoring our end of the bargain. On this page, we have clearly stipulated our assurances to clear any anxiety, doubts, or uncertainties that you may have. We are sure that after reading the below short guarantee highlights, you will be entirely confident that your needs will be exceeded!

Money-back guarantee

Our money-back guarantee assures you of the safety of your money. Several reasons may make you want to get a refund, and we have the best refund system since it works INSTANTLY! Yes, I said instantly! Many of our competitors place complex processes for you to get a refund. Some websites make you wait for 14 days! For what? We know that you obviously have other uses for the money; that is why we refund on the spot. Here at Employed Professors, we simply look into the issue and press a button, and your money is back. No waiting! No back and forth!

Zero-plagiarism guarantee

Being the worst academic offense that is severely punished by all institutions, plagiarism is a NO at Employed Professors! In fact, we are always ready with evidence that your paper is plagiarism-free.

Our elite algorithm for detecting plagiarism is updated regularly, as our developers work 24/7 to make sure that it captures even the slightest instance. We provide a plagiarism report FREE OF CHARGE so that you are confident when submitting your paper to that stickler professor or TA. This way, we ensure that you will never get expelled for this heinous act!

Free-revision policy

Sometimes, for absolutely no reason, your TA or professor might require you to make some changes to your paper. Other times, further customization can be needed as you deem fit; of course, you are the king, and you command, and we obey! As such, if you feel that a specific aspect has not been captured as you like, you can always send the paper back for revision, and this is also FREE OF CHARGE! All you need to clearly state are the new guidelines that you want our professor to use to accomplish your desired objective in the way that you want it.

Privacy policy

Our clients' confidentiality is our priority; this is a fact that is undeniable in our company. We CANNOT give out the data/information that we request from you even at GUNPOINT! This is how far we can go to protect your identity. Furthermore, our databases are regularly services and secured with an impenetrable security system. Over the years that we have been in this essential industry, we have never had a data breach, thanks to our top-notch technical department that ensure the confidentiality of your information. A detailed summary of our privacy policy is as below:

24/7 and on-the-spot-response system

Unlike our competitors who will make you wait even 30 minutes to respond to your inquiries, order messages, and support help, we have developed a seamless communication system that notifies our always-standby support personnel to respond to you. Furthermore, we have given our professors access to this high-tech system so that they can respond promptly to ensure that no time is wasted. Remember, this business' most valuable element is time, and delays are usually catastrophic. The last thing we would imagine is you having to lose points for lateness. Thus, we ensure that prompt communication is ever-present, without failure!

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency