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Review Test 2

QuestionAnswer
Jamie knows she is expected to produce accurate financial reports from her audit. By submitting her report to her superiors her friend will be reprimanded for misappropriation of funds. She submits an accurate report and follows which ethics principle? objectivity
Mary (who's applying to be an accountant) lists "problem-solver" as and qualification and needs little direction to complete assignments. This is classified as which skill? 21st century skill
"$124.00 in Social Security withholding"--What's the employer's Social Security tax amount for the pay period? $124.00
Paid these taxes: Social Security $240.00; Medicare $110.00; Federal Income Tax $250.00. What is the journal entry for the payment of the payroll taxes? Debit: Social Security Tax Payable $240.00; Medicare Tax Payable $110.00; Federal Income Tax Payable $250.00; Credit: Cash $600.00
Received check for $225.00 from Pen & Paper, whose account was previously written off. Using Allowance Method for uncollectible accounts, what is the correct journal entry to re-open Pen & Paper's account? Debit: Accounts Receivable/Pen & Paper $225.00; Credit: Allowance for Uncollectible Accounts $225.00
Using percentage of total sales on account, Hair Design Supply Company estimates uncollectible accounts expense on $1,200,000. (In the past: uncollectible accounts expense=2% of total sales on account.) What is the uncollectible accounts expense? $24,000
Received check $75.00 from Cathy Martin whose account was previously written off. Using Allowance Method for uncollectible accounts, what is the correct re-opening entry? Debit: Account Receivable/Cathy Martin; $75.00; Credit: Allowance for Uncollectible Accounts $75.00
Created by: Tate.cord70
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