Practice More Questions From: Assets Practice Quiz
Q:
To book Prepaid Expenses, you must be using which type of accounting method?
Q:
Rent for Eternal Summer is $1,200/month, but if it is prepaid, rent is only $12,000 for the year. If Eternal Summer pays $12,000 on January 1, how would you book this transaction? Account Debit Credit Cash Prepaid rent
Q:
What happens on Feb 1? Remember that $1,000 (1/12) of the $12,000 Prepaid rent has been “used up” or realized as an expense during January. So we need to _____ Prepaid rent (asset account) and _____ Rental expense (expense account)
Q:
What would the balance in the Prepaid rent account be on May 1?
Q:
If we run a Profit & Loss (or Income Statement) for Eternal Summer at the end of April, which of these would appear on the statement?
Q:
If we create a Balance Sheet for Eternal Summer on May 1st, which of these would appear on the statement?
Q:
Which of these would be considered a current asset? (select all that apply)
Q:
How would you categorize $3,500 worth of computer equipment that the business will use as part of its operations?
Q:
Use the balance sheet pictured to answer the following question. Balance Sheet Current assets Amount Cash $2,500 Accounts receivable $400 Inventory $400 Prepaid rent $10,000 Long-term assets Equipment $3,900 Vehicle $25,000 Accumulated depreciation -$2,500 Furniture $2,200 Computers $2,600 Total Assets $44,500 If Eternal Summer purchased $500 worth of Inventory using Cash, what would the total assets be after the transaction?
Q:
Use the balance sheet pictured to answer the following question. Balance Sheet Current assets Amount Cash $2,500 Accounts receivable $400 Inventory $400 Prepaid rent $10,000 Long-term assets Equipment $3,900 Vehicle $25,000 Accumulated depreciation -$2,500 Furniture $2,200 Computers $2,600 Total Assets $44,500 If Eternal Summer purchased $500 worth of Inventory using their supplier credit line, what would the total assets be after the transaction?
Q:
Use the balance sheet pictured to answer the following question. Balance Sheet Current assets Amount Cash $2,500 Accounts receivable $400 Inventory $400 Prepaid rent $10,000 Long-term assets Equipment $3,900 Vehicle $25,000 Accumulated depreciation -$2,500 Furniture $2,200 Computers $2,600 Total Assets $44,500 If the accumulated depreciation for Eternal Summer’s mobile massage van increases to $3,000, what would the Total Assets balance be after this entry?
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