The Chart of Accounts for the Corning Company Includes the Following

question 197

Multiple Choice

The chart of accounts for the Corning Company includes the following: $$\begin{array} { | l | l | } \hline \text { Account Name } &{ \text { Account Number } } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Common Stock } & 31 \\\hline \text { Dividends } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ Page 3 of the journal contains the following entry: $$\begin{array} { | c | l | l | } \hline \text { Prepaid Insurance } & 1,530 & \\\hline \text { Cash } & & 1,530 \\\hline\end{array}$$
-The chart of accounts for the Miguel Company includes the following: $$\begin{array} { | l | l | } \hline \text { Account Name } &{ \text { Account Number } } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Common Stock } & 31 \\\hline \text { Dividends } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ Page 3 of the journal contains the following transaction: $$\begin{array} { | c | l | l | } \hline \text { Cash } & 640 & \\\hline \text { Fees Earned } & & 640 \\\hline\end{array}$$ What posting references will be found in the journal entry?

• A) 41, 3
• B) 3, 11
• C) 11, 41
• D) 11, 3

---

Definitions:

Interconnected

Being linked or related in such a way that each element affects or is affected by others.

New Products

Items that have been recently introduced to the marketplace and offer new features, benefits, or improvements over previous versions.

Market Conditions

The characteristics and influences that affect the supply and demand for products and services in a particular market.

Successful

Describes achieving set goals or objectives through effective planning, execution, and evaluation, often associated with positive outcomes or profitability in a business context.