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1/1
points
1.
Which of these transactions would produce $10,000 of revenue in December?
(check all that apply)
Correct
The two revenue recognition criteria are earned and realized. Both criteria
are satised in December.
Un-selected is correct
BOC Realty leases space to a tenant for December and January. The
tenant pre-paid the $20,000 rent for the two months in November.
Correct
The two revenue recognition criteria are earned and realized. Both criteria
are satised in December.
BOC Realty leases space to a tenant for December and the tenant pays
the $10,000 rent in cash in December.
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Correct
Homework #2 3/10 points (30%)
Quiz, 10 questions The two revenue recognition criteria are earned and realized. Both criteria
are satised in December.
BOC Realty leases space to a tenant for December and sends a bill for
the $10,000 rent to be paid in January.
Correct
The two revenue recognition criteria are earned and realized. Both criteria
are satised in December.
0/1
points
2.
Which of these transactions would produce $10,000 of expenses in December?
(check all that apply)
Un-selected is correct
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These are product costs, which will become expenses when the batteries
Homework #2
are sold. No batteries have been sold yet. 3/10 points (30%)
Quiz, 10 questions
1/1
points
3.
Which journal entry reects the following transaction?:
BOC receives a $2,000 cash deposit from a customer for custom goods that will be
delivered next year.
Correct
We debit cash to increase it and we credit a liability for the obligation to
deliver goods in the future, which I have called Advances from Customers.
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4.
Which journal entry(s) reects the following transaction?:
BOC received $10,000 of cash from a customer who took delivery of goods that
originally cost BOC $8,000 to acquire.
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0/1
Homework #2
Quiz, 10 questions
points 3/10 points (30%)
5.
How much quarterly depreciation expense would be recognized for a building that
originally cost $100,000 and has an estimated useful life of 10 years with a $20,000
salvage value?
$10,000
$8,000
$2,000
$1,000
$2,500
0/1
points
6.
Which journal entry reects the adjusting entry needed on December 31?:
In November, BOC prepaid $30,000 of rent for December, January, and February
(and it was recorded properly). Now, it is December 31, the end of the scal year.
No entry needed.
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0/1
points
7.
Which journal entry reects the adjusting entry needed on December 31?:
Last year, BOC purchased a building for $1,000,000. The expected life of the
building is 20 years and its expected salvage value is $200,000. Now, it is December
31, the end of the scal year. No other entries were recorded for this building
during the year.
0/1
points
8.
Which journal entry reects the adjusting entry needed on December 31?:
In November, BOC received a $5,000 cash deposit from a customer for custom-
build goods that will be delivered in January (BOC recorded an entry for this $5,000
in November). Now, it is December 31, the end of the scal year.
No entry needed.
1/1
points
9.
Which item would not appear on the Income Statement?
Dividends
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Correct
Homework #2
Dividends do not show up on the Income Statement! 3/10 points (30%)
Quiz, 10 questions
Operating Income
Pre-tax Income
SG&A Expense
Gross Prot
0/1
points
10.
Which of the following are permanent accounts? (check all that apply)
Revenue
Retained Earnings
Common Stock
Correct
Permanent account.
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Unearned Revenue
Homework #2 3/10 points (30%)
Quiz, 10 questions
Correct
Permanent account.
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