Homework Help is Here – Start Your Trial Now!
Business
Accounting
33) Almushiqah Ltd. decides to establish a 5,000 fund, the journal entry is: A) Cash Petty Cash 5,000 5,000 B) Petty Cash Cash 5,000 5,000 C) Miscellaneous Expense 5,000 Cash 5,000 D) No entry needed to record this transaction

33) Almushiqah Ltd. decides to establish a 5,000 fund, the journal entry is: A) Cash Petty Cash 5,000 5,000 B) Petty Cash Cash 5,000 5,000 C) Miscellaneous Expense 5,000 Cash 5,000 D) No entry needed to record this transaction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Hey the answers plz.
33) Almushiqah Ltd. decides to establish a 5,000 fund, the journal entry is: 5,000 A) Cash Petty Cash 5,000 B) Petty Cash Cash 5,000 5,000 C) Miscellaneous Expense 5,000 Cash 5,000 D) No entry needed to record this transaction 34) An error in the physical count of goods on hand at the end of a period resulted in a 20,000 overstatement of the ending inventory. The effect of this error in the current period is Net Income A) B) C) D) Cost of Goods Sold Understated Overstated Understated Overstated Understated Overstated Overstated Understated 35) Mohammed began his Enterprise by investing 10,000 of cash in the business. The entry to record this transaction is by debiting share capital-ordinary and Crediting cash A) True B) False 36) If a check correctly written and paid by the bank for 1,100 and incorrectly recorded on the company's books for 1,000, the appropriate treatment on the bank reconciliation would be to A) Subtract 100 from the book's balance B) Deduct 100 from the bank's balance C) Add 100 to the book's balance D) Add 100 to the bank's balance 37) Deposits in transit A) are checks from customers which have not yet been received by the enterpris B) have been recorded on the enterprise's books but not yet by the bank C) have not been recorded by the bank or the enterprise D) have been recorded by the bank and the enterprise 38) Assets such as land or buildings that is not currently being used in operating activities will be classified as A) Intangible Assets B) Property, Plant, and Equipment C) Long-Term Investment. D) Current Assets 39) The three steps in the accounting process are identification, recording, and communication. A) True B) False 40) You were given the following information form RRR Co. at December 31, 2018. Equipment Cash - Salaries and Wages Expense - Utilities Expense - Service Revenue - Rent Expense - Unearned Service Revenue 25,000 10,000 Accounts Receivable 15,000 Notes Payable Dividends 13,000 7,000 56,000 11,000 20,000 16,500 5,000 RRR Net Income is: A) 20,000 B) 25,000 C) 45,000 D) 60,000
Transcribed Image Text:33) Almushiqah Ltd. decides to establish a 5,000 fund, the journal entry is: 5,000 A) Cash Petty Cash 5,000 B) Petty Cash Cash 5,000 5,000 C) Miscellaneous Expense 5,000 Cash 5,000 D) No entry needed to record this transaction 34) An error in the physical count of goods on hand at the end of a period resulted in a 20,000 overstatement of the ending inventory. The effect of this error in the current period is Net Income A) B) C) D) Cost of Goods Sold Understated Overstated Understated Overstated Understated Overstated Overstated Understated 35) Mohammed began his Enterprise by investing 10,000 of cash in the business. The entry to record this transaction is by debiting share capital-ordinary and Crediting cash A) True B) False 36) If a check correctly written and paid by the bank for 1,100 and incorrectly recorded on the company's books for 1,000, the appropriate treatment on the bank reconciliation would be to A) Subtract 100 from the book's balance B) Deduct 100 from the bank's balance C) Add 100 to the book's balance D) Add 100 to the bank's balance 37) Deposits in transit A) are checks from customers which have not yet been received by the enterpris B) have been recorded on the enterprise's books but not yet by the bank C) have not been recorded by the bank or the enterprise D) have been recorded by the bank and the enterprise 38) Assets such as land or buildings that is not currently being used in operating activities will be classified as A) Intangible Assets B) Property, Plant, and Equipment C) Long-Term Investment. D) Current Assets 39) The three steps in the accounting process are identification, recording, and communication. A) True B) False 40) You were given the following information form RRR Co. at December 31, 2018. Equipment Cash - Salaries and Wages Expense - Utilities Expense - Service Revenue - Rent Expense - Unearned Service Revenue 25,000 10,000 Accounts Receivable 15,000 Notes Payable Dividends 13,000 7,000 56,000 11,000 20,000 16,500 5,000 RRR Net Income is: A) 20,000 B) 25,000 C) 45,000 D) 60,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Secondary Mortgage Market
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS