The journal entry to record accrued interest on a short-term note payable must include a debit to:
A) Interest Payable and a credit to Cash.
B) Interest Expense and a credit to Cash.
C) Interest Expense and a credit to Interest Payable.
D) Interest Payable and a credit to Notes Payable.
32) Kathy's Corner Store has total cash sales for the month of $36,000 excluding sales taxes. If the sales tax rate is 5%, what journal entry is needed? (Ignore Cost of Goods Sold.)
A) debit Cash $37,800, credit Sales $37,800
B) debit Cash $36,000 and credit Sales $36,000
C) debit Cash $34,200, debit Sales Tax Receivable for $1,800 and credit Sales for $36,000
D) debit Cash $37,800, credit Sales $36,000 and credit Sales Tax Payable $1,800
33) Notes payable due in six months are reported as:
A) a reduction to notes receivable on the balance sheet.
B) current assets on the balance sheet.
C) current liabilities on the balance sheet.
D) long-term liabilities on the balance sheet.
34) Sales taxes collected from customers are sent to the state government at the end of each month. What journal entry is prepared?
A) debit Accounts Receivable and credit Sales
B) debit Sales Tax Payable and credit Sales
C) debit Accounts Payable and credit Cash
D) debit Sales Taxes Payable and credit Cash
35) Montana Company sold merchandise with a retail price of $30,000 for cash. They only accept cash. Montana Company is required to collect 6% state sales tax. The total cash received from customers was:
36) Mike's Pharmacy sold merchandise with a selling price of $2,500 to customers for cash. They also collected sales taxes of $300 for the day. The pharmacy uses the perpetual inventory system but ignore Cost of Goods Sold. The journal entry to record this information has:
A) debit to Cash of $2,800.
B) debit to Sales Tax Expense $300.
C) credit to Sales $2,800.
D) debit to Sales Tax Payable $300.
37) The total earned wages of an employee for the payroll period is the ________. The amount of earned wages the employee takes home is _________.
A) gross pay; withholding amount
B) gross pay; net pay
C) net pay; gross pay.
D) net pay; taxes withheld amount
38) Unearned Service Revenue relating to services to be provided in one month is reported on the balance sheet as:
A) a revenue account.
B) a current liability.
C) a component of stockholders' equity.
D) a long-term liability.
39) Nationwide Magazine sells 60,000 subscriptions on account in March. The subscription price is $15 each. The subscriptions start in April. The journal entry in March would include a:
A) debit to Cash for $900,000.
B) debit to prepaid subscriptions for $900,000
C) credit to Cash for $900,000.
D) credit to Unearned Subscription Revenue for $900,000.
40) Hoover Company has a note payable for $300,000 on January 31, 2014. Starting on February 1, 2014, the company is required to pay $75,000 on the note each month. The first payment is on February 1, 2014, the second payment is on March 1, 2014, the third payment is on April 1, 2014 and the final payment is on May 1, 2014. How will this note be reported on the balance sheet at January 31, 2014?
A) Long-term liability, $300,000
B) Long-term liability, $225,000
C) Current liability, $75,000; long-term liability, $225,000
D) Current liability, $300,000
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