Problems
I. Lynn Robbins is a real estate agent. It sells a house for Nancy Fleming and bills her $30000 for real estate services performed. Which account is not affected from this transaction?
1 service revenue
2 unearned service revenue
3 retained earnings
4 accounts receivable
II. The temporary account balances ultimately wind up in what account?
1 income summary
2 retained earnings
3 share capital ordinary
4 comprehensive income
III. Yilmaz A S encounters the following situations in October and prepares for the monthly financial statements. Which adjusting entry is not the type of accrued revenues / expenses?
1 Yilmaz incurs utility expense which is not paid in cash or recorded.
2 Yilmaz employees worked 3 days in October but will not be paid until November.
3 A periodic system requires cost of goods sold be determined after each sale.
4 A perpetual system determines cost of goods sold only at the end of the accounting period.