accounting for non majors multiple choice 417463

equipment allocation.
depreciation. x
accumulation.
matching.

Liabilities
Assets
stockholders’ equity
Expenses

assets.
liabilities.
stockholders’ equity.
prepaid expenses.

accounting equation
retained earnings statement
intangible asset section
classified balance sheet

asset.
x liability.
capital stock.
revenue.

one month or less.
one week or less.
one year or less.
more than one year.

the closing process.
converting to cash basis accounting.
x the adjustment process.
going concern adjustments.

Increase accounts receivable and cash by $1,000,000 each
Increase accounts receivable and revenues by $1,000,000 each
Increase accounts receivable and unearned revenues by $1,000,000 each
No effect at this time

Increase insurance expense and decrease cash by $3,600 each
x Increase prepaid insurance and decrease cash by $3,600 each
Increase unearned insurance and decrease cash by $3,600 each
No effect at this time

when cash is received without regard to when the services are rendered.
x when the services are rendered without regard to when cash is received.
when cash is received at the time services are rendered.
if cash is received after the services are rendered.

Cash is increased $15,600, Accounts Receivable is increased $15,600
Accounts Receivable is increased $15,600, Retained Earnings is increased $15,600
Accounts Payable is increased $15,600, Retained Earnings is increased $15,600
Cash is decreased $15,600, Accounts Receivable is decreased $15,600

Supplies is decreased $800, Note Payable is decreased $800
Cash is decreased $800, Supplies is increased $$800
Supplies is increased $800, Accounts Payable is increased $800
Cash is decreased $800, Note Payable is decreased $800

Cash is increased $10,900, Accounts Receivable is decreased $10,900
Cash is increased $10,900, Capital Stock increased $10,900
Cash is increased $10,900, Note Payable is decreased $10,900
Cash is increased $10,900, Retained Earnings is increased $$10,900

Cash is increased $2,400, Retained Earnings is decreased $2,400
Cash is decreased $2,400, Prepaid Insurance is increased $2,400
Cash is decreased $2,400, Retained Earnings is increased $2,400
Cash is increased $2,400, Equipment is decreased $2,400

Cash is decreased $1,500, Note Payable is decreased $1,000
Cash is decreased $1,500, Capital Stock is decreased $1,500
Cash is decreased $1,500, Retained Earnings is decreased $1,500
Cash is increased $1,500, Retained Earnings is increased $1,500