Spring, Accounting 11 Common Segment for 01, 02, 03, 04, 05, 06, 07, 08. 09, 11, 17 Answer all questions directly on Scantron sheet. Erase fully if you change an answer. Read all choices carefully before making selection. DIRECTIONS 1. Cash is a. a current asset b. an asset c. not part of property, plant, and equipment d. all of the above 2. E Co. borrowed $20,000 from the local bank, What account should be debited on E Co.'s books? a. notes receivable c. accounts receivable d. cash b. notes payable 3. Which of the following accounts would not be on the books of a merchandising company? a. accounts receivable b. unearned service revenue d. sales returns and allowances c. sales Matching Questions 4-8. You may use a particular choice more than once. Here are the choices: Income Statement Statement of Owner's Equity Balance Sheet Trial Balance General Ledger a. b. c. d. e. Interest receivable appears on this financial statement. This financial statement has the account drawings on it. After preparing journal entries, you post to this You can find the book value of an asset on this financial statement. This statement shows the change in capital (net worth) for the year. 4. 5. 6. 7 8. The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. credit to sales. 9. a. b. c. d. An example of a current liability would be a. accounts payable b. salaries payable 10. c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: 11 cash payments journal. general journal. sales journal. cash receipts journal. a. b. C. d