acc 290 final exam SOLUTIONS. Jackson Company recorded the following cash transactions for the year:

SOLUTIONS WORD DOC

Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?

What is La More’s 2013 net income using cash basis accounting?

Which one of the following is not a justification for adjusting entries?

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?

Stan’s Market recorded the following events involving a recent purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
Paid $450 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company’s inventory