A file that stores data used as a standard when processing transactions is
a. a reference file
b. a master file
c. a transaction file
d. an archive file
A
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If a company uses the allowance method to account for bad debts, when will the company's owners' equity decrease?
a. At the date a customer's account is written off b. At the end of the accounting period when an adjusting entry for bad debts is recorded c. At the date a customer's account is determined to be uncollectible d. When the accounts receivable amount becomes past due
Goods in transit shipped FOB shipping point should be included in the inventory of the
A) buyer B) seller C) shipping company D) none of these
To test for the significance of a regression model involving 8 independent variables and 121 observations, the numerator and denominator degrees of freedom (respectively) for the critical value of F are _____
a. 8 and 121 b. 7 and 120 c. 8 and 112 d. 7 and 112
Deacon Company provides you with following information related to payroll transactions for the month of May. Prepare journal entries to record the transactions for May.Office SalariesSales SalariesSocial SecurityTaxesMedicare TaxesFederal Income Taxes$38,000$26,000$3,968$928$5,600a. Recorded the May payroll using the payroll register information given above.b. Recorded the employer's payroll taxes resulting from the May payroll. The state unemployment tax rate is 5.4% of the first $7,000 paid each employee. Only $42,000 of the current month's salaries are subject to unemployment taxes. The federal rate is 0.6%.c. Issued a check to Reliant Bank in payment of the May FICA and employee taxes.d. Issued a check to the state for the payment of the SUTA taxes for the month of May.e. Issued a
check to Reliant Bank in payment of the employer's quarterly FUTA taxes for the first quarter in the amount of $1,020. What will be an ideal response?