会计英语Chap5-8quizsolution.docx

SOLUTIONS TO CHAPTER5 10-MINUTE QUIZZESQUIZ ADRCRConsulting Fees Earned28,150Income Summary28,150To close the revenue account.Income Summary14,820Salaries Expense8,850Utilities Expense2,130Rent Expense3,390Depreciation Expense450To close the expense accounts.Income Summary13,330Retained Earnings13,330To close the income summary account.Retained Earnings1,150Dividends1,150To close the dividends account.QUIZ B1A2B3C4B5DQUIZ CDebitCreditCash$ 5,700Accounts Receivable4,500Unexpired Insurance2,100Office Equipment18,300Accumulated Depreciation: Office Equipment$ 600Unearned Consulting Fees3,600Capital Stock15,300Retained Earnings, December 31, 20________11,100$30,600$30,600QUIZ DDRCRService Revenue203Income Summary203To close the revenue account.Income Summary138Salaries Expense95Depreciation Expense27Advertising Expense16To close the expense accounts.Income Summary65Retained Earnings65To close the income summary account.Retained Earnings13Dividends13To close the dividends account.SOLUTIONS TO CHAPTER 6 10-MINUTE QUIZZESQUIZ AQUIZ B1D1B2C2C3B3C4A4A 5C5C6AQUIZ C a(1)$133,500 (The merchandise purchases)(2)$405,200 ($381,000 + $133,500 - $109,300)(3)$109,300 (The cost of merchandise sold)b(1)$-0- (In a periodic system, merchandise purchases are debited to the Purchases account, not the Inventory account)(2)$381,000 (The balance at the beginning of the month)(3)$-0- (In a periodic system, no entries are made to transfer costs as sales occur from the Inventory account to the Cost of Goods Sold account)SOLUTIONS TO *QUIZ D Date General Journal20__July 1 Inventory9,800Accounts Payable (Lorac Corp.)9,8003 Accounts Payable (Lorac Corp.)2,450 Inventory2,4509 Accounts Receivable (Morris Realty)3,500Sales3,500Cost of Goods Sold2,450Inventory2,450 10 Accounts Payable (Lorac Corp.)7,350Cash7,350 19 Cash3,430 Sales Discounts70Accounts Receivable (Morris Realty)3,500 SOLUTIONS TO CHAPTER 7 10-MINUTE QUIZZESQUIZ AQUIZ B1B1B2B2C3C3D4B4A5C5C QUIZ C1Huang, Inc.Bank ReconciliationJune