University of Ottawa Financial Accounting Worksheet

Don't use plagiarized sources. Get Your Custom Essay on
University of Ottawa Financial Accounting Worksheet
Just from $13/Page
Order Essay

10 multiple choice questions  for Business  about ( Accrual Accounting)1)  You operate a lawn care business. On May 1, 20×4, one of your customers paid you $631 for lawn care for the summer of 20×4. What is the effect of this transaction on the accounting equation?

Select one:

a. Liabilities increase by $631 and shareholders’ equity increases by $631 

b. There is no effect on the accounting equation 

c. Assets increase by $631 and shareholders’ equity increases by $631 

d. Assets increase by $631 and liabilities increases by $631

ans: d

2)   Karr Corporation received cash of $6284 on August 1, 20×8 for one year’s rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20×8 adjusting entry is:

Select one:

a. Debit Rent Revenue and credit Unearned Rent, $2618 

b. Debit Cash and credit Unearned Rent, $3666 

c. Debit Unearned Rent and credit Rent Revenue, $2618 

d. Debit Rent Revenue and credit Unearned Rent, $3666 

ans:D

3)   BC Incorporated is in the process of closing their books at year-end. The following information is reported on the income statement:

  

Salary Expense

$27

 

Interest Expense 

$15

 

Revenue 

$919

 

Rent Expense 

$32

Which of the following are correct closing entries:

Select one:

a. A credit to retained earnings of $961 

b. A debit to retained earnings of $ 919 

c. A debit to retained earnings of $845 

d. A credit to retained earnings of $ 845

ans: d 

My Essay Homework
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.