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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