T1 Answer Key

T2 Answer Key
. I. True or False
1. F
 2. T 9. Assets Decrease, 13. Liabilities Credit,
3. F Liabilities Decrease Expense Debit
4. T 10. Assets Increase, 14. Liabilities Credit,
5. F OE Increase Expense Debit
6. F IV. Classification 15. Assets Debit,
7. F 1. Use of assets Income Credit
8. F 2. Exhange of Claims VI. Short Problems
9. T 3. Exchange of 1. 400,000
10. T Assets 2. 255,000
II. Multiple Choice 4. Source of assets 3. 205,000
1. C 5. Exchange of VII. Comprehensive
2. D assets 1. 0
3. B 6. Exchange of 2. 110,200
4. B Claims 3. 95,200
5. A 7. Source of Assets 4. 303,580/311,330
6. B 8. Source of Assets 5. 208,380/216,130
7. C 9. Exchange of 6. 49,360
8. B Assets 7. 28,480/20,730
9. D 10. Use of Assets 8. 20,880
10. B V. Financial Analysis Profit/28,630 Profit
11. F 1. Assets Debit, OE 9. 12,500
12. C Credit
13. B 2. Asset Debit, Asset
14. D Credit, Liability
15. B Credit
III. transaction effects 3. Asset Debit,
1. Assets Decreased, Liability Credit
OE Decrease 4. Asset Credit,
2. Assets Increased, Expenses Debit
Assets Decrease, 5. Asset Debit,
Liability Increase Income Credit
3. Assets Decrease, 6. No effect
OE Decrease 7. Asset Debit,
4. Assets Increase, Income Credit
OE Increase 8. Asset Credit,
5. Assets Decrease, Expenses Debit
Liability Decrease 9. Asset Credit,
6. Assets Increased, Liabilities Debit
OE Increased 10. Asset Debit,
7. Assets increase, Income Credit T3 Answer Key
OE Increased 11. Asset Credit,
8. Assets Decrease, Expense Debit True or False
OE Decrease 12. Asset Credit, OE 1. F
Debit 2. F
 3. T 7. C 9. 23,750
4. F 8. Use of Assets, 10. 211,350
5. F Source of Assets 11. 69,650
6. T 9. C 12. 36,300
7. T 10. Source of Assets 13. 88,800
8. F 14. 10,000
9. F Supply the missing 15. 23,750
10. T amounts: 16. 211,350
11. F 1. 31,000 17. 38,400
12. T 2. 519,000 18. 77,450
13. F 3. 275,000
14. F 4. 293,000
15. T 5. 55,000
6. 305,000
Multiple Choice 7. 504,000
1. D 8. 181,000
2. D 9. 89,000
3. B 10. 114,000
4. D 11. 125,000
5. A 12. Swift
6. C 13. Ariana
7. D
8. A Trial balance: Supply
9. B missing amount
10. C 1. 648,000
11. B 2. 338,000
12. D 3. 465,000
13. C 4. 401,000
14. C 5. 213,000
15. B 6. 340,000
16. A 7. 348,000
17. B
18. C Short Problems
1. No answer
Type of Transaction 2. C T4 Answer Key
1. D Comprehensive Problems: Multiple Choice
2. Source of Assets, 1. 94,000 1. C
Exchange of 2. 106,350 2. B
Assets 3. 12,350 3. B
3. C 4. 74,700 4. A
4. Source of Assets 5. 35,350 5. D
5. A 6. 4,300 6. D
6. Source of Assets, 7. 1,250 7. B
Use of Assets 8. 56,350 8. D
 9. D 5. 44,000 23. SF Position - Debit
10. C 6. 78,600:338,100 24. SF Performance -
11. A 7. B Debit
12. D 8. Overstated 25. SF Position - Credit
13. C 9. Overstated 26. SF Performance -
True or False 10. Not affected Credit
1. T 11. Overstated 27. SF Performance -
2. F 12. 377,600 Debit
3. T 13. Debit 28. SF Position - Debit
4. F 14. Credit 29. SF Performance -
5. T 15. Credit Credit
6. T 16. Debit 30. SF Position - Credit
7. T 17. Total Liabilities 31. SF Performance -
8. F 18. 333,600 Debit
9. T 19. Decreased
10. F 20. Decreased
11. T 21. Increased
12. T 22. Decreased
13. F Comprehensive Problem
14. T 1. 967,600
15. T 2. 126,000
3. Net Loss: 2,900
Classification 4. 739,600
1. A 5. 109,000
2. B 6. 739,600
3. A 7. 1,458,400
4. C 8. 399,700
5. A 9. Net Profit: 77,300
6. B 10. 477,000
7. C 11. 1,058,700
8. C 12. 981,400
9. B 13. 77,300 T5 Answer Key
10. C 14. 150,700 1. C
11. A 15. 298,200 2. D
12. A 16. Increase by 3. B
13. A 147,500 4. C
14. C 17. 750,500 5. D
15. B 18. Decrease by Modified True or False
Correction of Errors 109,000 1 (S1 and S2 are True)
1. Office Supplies: 19. 831,200 2 (S1 and S2 are False)
Account Payable 20. Increase by 3 (S1 True and S2 False)
2. 2,700: Understated 108,500 4 (S1 False and S2 True)
3. 382,100: 43,100 21. Increase by 41,200
4. C 22. 806,900
 1. 4 14. C
2. 1 15. Expense method
3. 2 16. 8,000
4. 3 17. Accumulated
5. 2 depreciation -
6. 1 Salon Equipment
7. 4 18. B
8. 3 19. 72,000
9. 3 20. 20,000
10. 1 21. Depreciation
Effects of expense
Unrecorded/Omitted 22. C
adjustments 23. 85,000
1. BB 24. 15,200
2. AA 25. B
3. BB 26. 15,200
4. DD 27. Income Method
5. AA 28. 5,000
6. EE 29. B
7. BB 30. E
8. EE 31. C
9. CC 32. A
10. DD 33. B
11. AA 34. Net Income
12. EE 35. 125,375
13. EE 36. 555,200
14. DD 37. 352,375
15. AA 38. 157,000
Comprehensive 39. 509,375 T6 Answer Key
Problems 40. 139,000
1. 2,825 41. 370,375 1. A
2. C 42. 509,375 2. C
3. 53,675 3. D
4. Interest receivable 4. B
5. 7,200 5. C
6. A 6. B
7. A 7. A
8. Salon Materials 8. B
Expense 9. A
9. 30,000 10. D
10. C 11. C
11. Expense method 12. D
12. 4,000 13. C
13. Prepaid insurance 14. B
 15. A 24. Binggay, Drawing
16. D 25. NA
17. A 26. NA
Multiple Choice 27. RE
1. D 28. RE
2. C 29. RE
3. C 30. NA
4. D
Matching Type
5. C 1. E
6. B 2. A
7. D 3. C
8. B 4. D
9. C 5. B
10. D
11. D
12. A
13. A
14. C

Modified Multiple Choice

1. C
2. D
3. B
4. C
5. A T7 Answer Key
6. A
7. C Matching Type
8. D 1. J
9. C 2. B
10. D 3. A
11. A 4. E
12. C 5. H
13. C 6. D
14. 253,000 7. G
15. 105,000 8. I
16. 110,500 9. C
17. 5,500 10. F
18. 148,000
19. 142,500 Modified True or False
20. 60,500110,500
21. 110,500 1. A
22. Expenses 2. D
23. Income Summary 3. B
 4. C 14. 6,157.50
5. B 15. 199,092.50
6. C 16. 193,092.50
7. A 17. C
8. D 18. D
9. A 19. C
10. A
Identification
Multiple Choices 1. C
1. C 2. C
2. B 3. C
3. B 4. A
4. A 5. D
5. D 6. E
6. B 7. E
7. C 8. D
8. D 9. C
9. C 10. C
10. B 11. C
12. A
Multiple Choice - Short 13. A
Problem 14. B
15. e T8 Answer Key
1. C Multiple Choice
2. B 1. D
3. C 2. C
4. D 3. B
5. D 4. C
5. D
Short Problems 6. A
7. C
1. 120,000 8. C
2. 2,290 9. A
3. 112, 210 10. D
4. 326,880
5. 127,120 Modified True or False
6. 9,581.40 1. C
7. 309,798.60 2. A
8. 309,798.60 3. D
9. 79,200 4. B
10. 78,408 5. A
11. 81,408 6. B
12. 36,250 7. C
13. 213,750 8. A
 9. A
10. C

Short Problems
1. 9,410,000
2. 6,280,000
3. 6,380,000
4. 7,540,000
5. 6,500,000
6. 2,910,000
7. 1,580,000
8. 1,760,000
9. 3,340,000
10. B
11. 430,000
12. D
13. 170,000
14. 88,000
15. 168,000
16. 94,000 T9 Answer Key
17. 76,000
Worksheet - PI 1. F
1. B 2. F
2. C 3. T
3. A 4. T
4. 63,416 5. F
5. 819,316 6. R
6. 379,000 7. F
7. 148,780 8. R
8. 169,130 9. R
9. 203,630 10. F
10. 159,430 11. R
11. 219,570 12. F
12. C 13. F
13. C 14. R
14. C 15. F
15. D
16. C Identification
17. A
18. D 1. E
19. 89,126 2. A
20. 194,766 3. C
4. B
5. D
 6. A 18. 20,000
7. C 19. B
8. D 20. 85,500
9. C 21. 309,500
10. E 22. 19,000
11. E 23. 10,000
12. C 24. 6,500
13. B 25. 1,250
14. D 26. 1,400
15. C 27. 4,100

Multiple Choice

1. C
2. A
3. D
4. D T10 Answer Key
5. A Matching Type
6. D 1. C
7. D 2. E
8. A 3. A
9. C 4. B
10. No correct answer 5. D

Special Journals 1. A
Problem 2. B
3. C
1. 133,000 4. D
2. 176,500 5. E
3. 819,020
4. 880 Multiple Choice
5. 245,150
6. 1,620 1. A
7. 2,700 2. A
8. C 3. E
9. 163,000 4. C
10. 268,000 5. B
11. 77,300 6. C
12. 133,000 7. C
13. 819,020 8. D
14. 600,000 9. A
15. 45,500 10. E
16. 23,100 11. B
17. 1,550 12. D
 13. C 12. 2,376,851
14. C 13. 422,590
15. D 14. 545,000
16. B 15. 1,409,261
17. C 16. 1,168,117
18. A 17. 967,590
19. E
20. A

Modified True or False

1. C
2. B
3. A T11 Answer Key
4. A
5. D Multiple Choice
6. D 1. D
7. B 2. C
8. C 3. A
9. A 4. C
10. B 5. B
6. B
Short Problems 7. A
1. C 8. D
2. A 9. A
3. C 10. B
4. A 11. C
5. C 12. C
6. D 13. C
7. D 14. A
8. A 15. D

Problem Solving Modified True or False

1. B
2. 723,600 1. A
3. 92,500 2. B
4. 600 3. D
5. B 4. C
6. 1,113,416 5. B
7. 53,567 6. B
8. 674,785 7. D
9. 1,263,435 8. A
10. 747,426 9. B
11. 367,937 10. C
Short Problems

1. D
2. C
3. D

1. D

1. A
2. A
3. C

1. A
2. A
3. C
4. D

1. C
2. A
3. B
4. D
5. B

1. C
2. A
3. C

1. B
2. 220,000
3. B

1. C
2. B
3. 207,750
4. D
5. C