1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) 2. (TCO 2) As required to […]

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1)Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense ……………. ……………. $15,000 […]

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ACC/290 Principles of Accounting I Final Exam 1) Which financial statement is used to determine cash generated from operations? A.                     Income statement B.                     Statement of operations C.                     Statement of cash flows D.                     Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A.                     Balance sheet, income […]

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30 Questions and answers included in attachment! 1. the largest source of household income is in the U.S. is obtained a. stock dividends b. wages and salaries c. interest earnings d. rental income 2.the market where business sell goods and services to households and the government is called a. goods market b. factor market c. […]

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1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in  A.     microeconomic researchB.     macroeconomic researchC.     theoretical research, because there is no data on these variablesD.     empirical research, because there is no economic theory related to these variables 2) A […]

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