Name TECH ID Section EXAM 3 ACCT200 1. A current liability is a debt that can re

Question

Name TECH ID Section EXAM 3 ACCT200 1. A current liability is a debt that can reasonably be expected to be paid a. out of currently recognized revenues. b. between 6 months and 18 months. c. out of cash currently on hand d. within one year, or the operating cycle, whichever is longer 2. Moss County Bank agrees to lend the Cullumber Company $530,000 on January 1. Cullumber Company signs a S 530,000, 6%, 9-month note. The entry made by Culumber Company on January 1 to record the proceeds and issuance of the note is: a. Interest Expense 23,850 506,150 Cash b. Cash c. Cash Notes Payable Notes Payable 530,000 530,000 23,850 Interest Expense Notes Payable 553,850 d. Cash 530,000 23,850 Interest Expense Notes Payable Interest Payable 530,000 23,850 3. On October 1, Pronghorn's Painting Service borrows $164,000 from National Bank on a 3- month, $164,000, 4% note, what entry must Pronghorn's Painting Service make on December 31 before financial statements are prepared? 1,640 1,640 6,560 1,640 a. Interest Payable 1,640 1,640 6,560 1,640 Interest Expense b. Interest Expense Notes Payable Interest Expense c. Interest Payable d. Interest Expense Interest Payable ales taxes collected by a retailer are recorded by debiting Sales Taxes Payable. crediting Sales Taxes Payable. c. crediting Sales Tax Revenue. d. debiting Sales Tax Expense. a. b.

Explanation / Answer

Question Answer 1 d 2 b 3 d 4 b 5 d 6 c 7 c 8 c 620,000*97.25% 9 d 10 d 11 c 12 d 1,700,000 x 9.5% 13 a 14 d 15 c 16 a 17 a 18 b 19 c 20 b 21 a 22 b 23 b 24 a 25 d (726,200-35,000) / 4 26 b 27 c 59,500 - (96,000-47,000) 28 29 b 30 a (2,050,000 x 2 )/(1,020,000+1,320,000)

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