College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 12, Problem 7DQ
To determine
Explain the accounting treatment of the given accounts in the closing procedure.
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Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold
B)Sales Discounts
C) Purchases
D) Deferred Revenue
E) LIFO Reserve
Which one of the following is a contra account with a credit balance?
Accumulated Depreciation
Depreciation Expense
Cost of Goods Sold
O Unearned Service Revenue
Where should goods in transit that where recently purchased f.o.b. destination be included on the balance sheet?
A) Accounts payable.
B) Inventory
C) Equipment
D) Not the balance sheet
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Prob. 3ECh. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - Prob. 1CP
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- Which of the following transaction is not recorded in the general journal? Select one: A. All of the above B. Sales and purchase of inventory on credit C. Purchase of non-current assets by cash D. Sales of non-current assets by casharrow_forwardRevenues may be generated by:Select one:a. having a liability forgiven.b. holding and disposing of inventory in the normal course of business.c. receiving a donation.d. all of the given answers.arrow_forwardWhich of the following assets would not be included as a quick asset? a.Merchandise inventory b.Cash c.Temporary investments d.Accounts receivablearrow_forward
- Which of the following is an example of a contra account? expaantion for correct and incorrect a) Accumulated depreciation b) Accounts payable c) Prepaid expenses d) Inventoryarrow_forwardIt is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to a. Discount term b. Credit terms c. Cash term d. Shipping termsarrow_forwardRecording cost of goods sold is a/an A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entryarrow_forward
- Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) Measurement principle B) Expense Recognition (Matching) principle C) Revenue Recognition principle D) Historical Cost principle Please answer ASAP, I will upvotearrow_forwardExplain a bill-and-hold sale. When is revenue recognizedin these situations?arrow_forwardA seller recognizes the amount of returns from right to return sales as a/an ________. Group of answer choices expense revenue asset liabilityarrow_forward
- Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c. Purchase returns and allowances d. Accumulated depreciationarrow_forwardWhich of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsarrow_forwardIncome arises from the following except: A. sale of merchandise to customers B. rendering of services C. use of entity resources by others D. Disposal of assets other than inventory E. answer not givenarrow_forward
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