ACCT 3

Whispering Winds Corp. began the year with $115900 in its Common Stock account and a debit balance in Retained Earnings of $49700. During the year, the company earned net income of $24800 and declared and paid $8300 of dividends. In addition, the company sold additional common stock amounting to $30400. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts?

113,100

An accountant has debited an asset account for $1160 and credited a liability account for $580. What can be done to complete the recording of the transaction? 1.Debit another asset account for $580. 2.Credit a different asset account for $580. 3.Nothing further must be done. 4.Debit a stockholders' equity account for $580

credit a different asset account for 580

Equipment costing $16000 is purchased by paying $4000 cash and signing a note payable for the remainder. The journal entry should include a 1.debit to Cash. 2.credit to Notes Payable. 3.credit to Notes Receivable. 4.credit to Equipment.

credit to notes payable

The Dividends account 1.is not a proper subdivision of stockholders' equity. 2.appears on the income statement along with the expenses of the business. 3.must show transactions every accounting period. 4.is increased with debits and decreased with credits.

is increased with debts and decreased with credits

Which of the following journal entries is recorded correctly and in the basic format? 1.Cash 1590 Salaries and Wages Expense 580 Advertising Expense 1010 2 Salaries and Wages Expense 580 Advertising Expense 1010 Cash 1690 3Salaries and Wages Expense 580 Advertising Expense 1010 Cash 1590 4Salaries and Wages Expense 580 Cash 1590 Advertising Expense 1010

salaries and wages expense 580 advertising expense 1010 cash 1590

Which of the following accounts is increased with a credit? 1Supplies 2Sales Revenue 3Supplies expense 4.Dividends

sales revenue

When a service has been performed, but no cash has been received, which of the following statements is true? 1.The entry includes a debit to accounts receivable. 2.No journal entry is made. 3.The entry includes a debit to accounts payable. 4.The entry includes a credit to unearned revenue.

the entry includes a debit to accounts receivable