MGAB01H3 Midterm: MGAB01H3 Midterm 2014 Fall Solutions
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MGAB01H3 Full Course Notes
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True or false questions: debits are used to record increases in assets, dividends and expenses, the process of recording transactions in a journal is called posting. If the accountant failed to make the end of period adjustment to remove from the prepaid. Expense account the amount of expenses incurred, the omission would cause an overstatement of net income. Multiple choice questions: joe boxling"s company had a retained earnings balance of ,400 on june 30 and. Withdrawals for the month of july were ,200. Net income for the business during july: time periods covered by financial statements are called, ,000, ,500, ,000, ,500, ,700, seasonal periods, fiscal years, operating cycles, accounting periods, natural business years. Legal fees earned: legal fees earned, accounts receivable. Legal fees earned: insurance expense, prepaid insurance. In addition to this, consulting work for had been completed but not recorded. 32,540: consulting revenue, accounts receivable, accounts receivable.