5 points

QUESTION 2

Where do expenses fall under the accounting equation

5 points

QUESTION 3

Where does Accounts Receivable fall under the accounting equation?

5 points

QUESTION 4

What are the four financial statements and in what order do you complete them?

5 points

QUESTION 5

What is the journal entry for the following transaction: The owner of Grantham Landscaping, LLC took out a loan from the local bank in the amount of $8,525.

5 points

QUESTION 6

There is a monthly bill from the utility company which bills $300 per month. This month, the invoice was never received. Please provide a journal entry to accrue for this expense.

5 points

QUESTION 7

Daves Plumbing, LLC performed plumbing services and billed for the services in the amount of 6,000, however, the client has not issued payment on the invoice. Please provide a journal entry to accrue for this revenue.

5 points

QUESTION 8

There were 500 boxes of paperclips in the offices supply closet at the beginning of the month. At the end of the month, there were 250 boxes left. The amount of boxes cost $3 per box. Please record a journal entry for this adjustment.

5 points

QUESTION 9

If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014. Under CASH BASE accounting, when would this revenue be corded?

5 points

QUESTION 10

If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014. Under ACCRUAL BASE accounting, when would this revenue be corded?

5 points

QUESTION 11

What are the three characteristics that qualifies an asset as a Plant Asset?

5 points

QUESTION 12

A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000. What is the amount which will be depreciated on the books annually?

5 points

QUESTION 13

A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000. What is the amount which will be in the Accumulated Depreciation amount for this truck after 5 years?

5 points

QUESTION 14

A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000. What is the journal entry to record the depreciation 3 years after the truck was purchased?

5 points

QUESTION 15

Where does the account Accumulated Depreciation fall under the accounting equation?

5 points

QUESTION 16

A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.

After 10 years, Grantham Landscaping, LLC has decided to sell the truck in a private party sell for $4,000 as that is the best price it be sold for in the amount time the company has allowed itself to dispose of the property.

Please provide a journal entry which will account for the loss in disposing of the plant asset (the truck).

5 points

QUESTION 17

A truck which is purchased by Grantham Landscaping, LLC was purchased for $30,000, is expected to be used by the company for 10 years, and the salvage value is $5,000.

After 10 years, Grantham Landscaping, LLC has decided to sell the truck in a private party sell for $8,000 as that is the best price it be sold for in the amount time the company has allowed itself to dispose of the property.

Please provide a journal entry which will account for the gain in disposing of the plant asset (the truck).

5 points

QUESTION 18

Define the term Intangible Asset.

5 points

QUESTION 19

For equipment, the accountant will depreciate the cost of the item over a period of time. For a natural resource, the accountant will __________ cost of the item over a period of time.

5 points

QUESTION 20

For equipment, the accountant will depreciate the cost of the item over a period of time. For an intangible asset, the accountant will __________ cost of the item over a period of time.