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College Accounting

Business

Quiz 12 :

Preparing a Worksheet for a Merchandising Company

Quiz 12 :

Preparing a Worksheet for a Merchandising Company

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Rental Income is what type of account?
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B

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If gross profit exceeds expenses, the company
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C

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Inventory Shrinkage results because of
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D

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Which of the following accounts is NOT a liability?
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The Inventory ledger account balance was $16,000 but the physical count at the end of period was $15,900. What adjustment is required to Cost of Goods Sold?
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As Unearned Rent is earned, it becomes
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The entry to adjust for Inventory Shrinkage includes
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Unearned Rent is what type of account?
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The entry to adjust for Unearned Rent becoming earned includes
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If $4,000 was the beginning inventory, $10,000 in new inventory purchases were made and the cost of goods sold were $7,000. How much was ending inventory last accounting period?
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Net Income equals
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What inventory method is used when the inventory balance is updated only at the end of the accounting period?
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A characteristic of a perpetual inventory method is that
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The normal balance for Unearned Rent is
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When using a perpetual inventory method, what account is increased when you buy merchandise inventory?
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Inventory shrinkage
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Joe received $4,000 in advance for renting part of his building for 4 months. What is the entry to record the adjustment after one month has passed?
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The term used when the physical inventory account doesn't match the Inventory account balance at the end of the period is
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When the adjustment for Unearned Rent is made,
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Joe received $4,000 in advance for renting part of his building. What is the entry to record the receipt of payment?
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