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(ACCT102)[2011](s)quiz~3718^_10055.pdf
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A. Journal Entry: (12 marks; suggested time 7 minutes)
1.
Transaction or Event
Assets
Liabilities
Stockholders Equity
Inc. (+)
Dec. (-)
Inc. (+)
Dec. (-)
Inc.
(+)
Dec.
(-)
A.
Investors purchase Monticello stock.
X
X
B.
Used office supplies previously acquired.
X
X
C.
Received cash from a client for services to be performed next month.
X
X
D.
Purchased equipment on account.
X
X
E.
Recorded utility expense, but did not pay it.
X
X
2.
Dr.
Cr.
C.
Cash
850
Unearned Service Revenue
850
E.
Utility Expense
230
Accrued Expenses (Utility Expense Payable; Other Liability)
230
B. True or False Questions: (4 marks; suggested time 3 minutes)
1.
False
2.
False
3.
True
4.
False
C. Multiple Choice Questions: (9 marks; suggested time 15 minutes)
1. B 2. B 3. D 4. B 5. B
6. B 7. A 8. B 9. A