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The following is a random list of the adjusted account balances of Wyoming Company as of the end of the current accounting period: The following is a random list of the adjusted account balances of Wyoming Company as of the end of the current accounting period: What is the total of the credit account balances that will be shown on the adjusted trial balance? A) $112,200 B) $114,200 C) $116,200 D) $79,800 What is the total of the credit account balances that will be shown on the adjusted trial balance?


A) $112,200
B) $114,200
C) $116,200
D) $79,800

Correct Answer

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The type of transaction that would be represented by a debit to one asset and a credit to another asset is an asset source transaction.

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Benson Co.purchased land and paid the full purchase price in cash.Which of the following would be included in the journal entry necessary to record this event?


A) A debit to Land and a debit to Cash
B) A debit to Cash and a credit to Land
C) A credit to Land and a credit to Cash
D) A debit to Land and a credit to Cash

Correct Answer

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Double entry accounting requires that every entry must include at least one debit and at least one credit.

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Vargas Company purchased a computer for $3,000 on January 1,Year 1.The computer is estimated to have a 5-year useful life and a $500 salvage value.What adjusting entry would Vargas record on December 31,Year 1 to recognize expense related to use of the computer?


A) Vargas Company purchased a computer for $3,000 on January 1,Year 1.The computer is estimated to have a 5-year useful life and a $500 salvage value.What adjusting entry would Vargas record on December 31,Year 1 to recognize expense related to use of the computer? A) B) C) D)
B) Vargas Company purchased a computer for $3,000 on January 1,Year 1.The computer is estimated to have a 5-year useful life and a $500 salvage value.What adjusting entry would Vargas record on December 31,Year 1 to recognize expense related to use of the computer? A) B) C) D)
C) Vargas Company purchased a computer for $3,000 on January 1,Year 1.The computer is estimated to have a 5-year useful life and a $500 salvage value.What adjusting entry would Vargas record on December 31,Year 1 to recognize expense related to use of the computer? A) B) C) D)
D) Vargas Company purchased a computer for $3,000 on January 1,Year 1.The computer is estimated to have a 5-year useful life and a $500 salvage value.What adjusting entry would Vargas record on December 31,Year 1 to recognize expense related to use of the computer? A) B) C) D)

Correct Answer

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Wichita,Inc.reported the following amounts on its financial statements prepared as of the end of the current accounting period: Wichita,Inc.reported the following amounts on its financial statements prepared as of the end of the current accounting period: -What is the company's debt-to-assets ratio? A) 5% B) 10% C) 45% D) 50% -What is the company's debt-to-assets ratio?


A) 5%
B) 10%
C) 45%
D) 50%

Correct Answer

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