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Which Of The Following Is Correct? » Re⥃askly

Which of the following is correct?

Practice More Questions From: Accounting Concepts and Measurement Assessment

Q:

True or False. An accumulated depreciation account is considered an account with a natural credit balance, meaning the account increases with debits and decreases with credits.

Q:

Suzie Santo owns “Chiquita Chihuahua”, a boutique pet supplies store with customized canine offerings. She has a vendor, “Paws Free”, that supplies her with high-end carrying cases for small dogs. Suzie ordered $8000 worth of cases for the upcoming travel season on credit, but didn’t plan on a pandemic shutting down all travel and not to mention her business for 6 months. She contacts Ricky at “Paws Free” to work out an arrangement to settle her account. What type of document is used for this type of agreement?

Q:

Suzie agrees to pay Ricky the $8,000 in 2 months, at 15% interest. Which of the following is the most accurate way Ricky and Suzie should record this event on each of their balance sheets?

Q:

Continuing with our example, would Ricky’s notation on the balance sheet fall under the asset or liabilities column?

Q:

Would Suzie record this transaction as an asset or a liability on her balance sheet?

Q:

Suzie is ready to make her second and final payment of $4,000 plus interest to Ricky. Using the formula Principal X Interest X 30/365, what would Suzie’s total second and final payment be?

Q:

Which Promissory Note component would be entered in section [ 3 ] of the statement below? I​, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

Q:

Which Promissory Note component would be entered in section [ 1 ] of the statement below? I​, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

Q:

Which Promissory Note component would be entered in section [ 5 ] of the statement below? I​, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

Q:

Katie runs an ice cream shop called “Cream and Cone,” and has made her mark by selling flavored sugar cones to enhance her customers’ enjoyment of all the unique flavors of ice cream. She notices that her Maple-Bacon sugar cone is a hot item, especially when paired with a scoop of Bourbon-Butter Pecan. She has decided to trademark this signature cone and use it as her brand’s star item. She’s calling it her ‘Maple-Bacon Bourbon Blast’. Her new trademark is considered what kind of asset?

Q:

Roger owns a food delivery service that uses couriers on electric skateboards to deliver locally in the business district. His skateboards which are valued at $2,700 are considered which of the following?

Q:

Which of the following is correct?

Q:

True or False. A prepaid expense such as prepaid rent or insurance is initially classified as a liability.

Q:

A copyright is an example of what type of asset?

Q:

What do bookkeepers do when they don’t know how to book something? Select all that apply.

Q:

True or False. The Direct Write-Off Method adheres to the matching principle because it lets businesses write off debt that is believed to be uncollectible.

Q:

When a customer purchases something by cash or check, before it’s deposited into the bank, which account should it be entered into?

Q:

I​f a customer or vendor buys something on credit, but hasn’t made a payment in over 30 days, which receivable account should be used?

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