The Chart of Accounts for Corning Company Includes the Following

question 18

Multiple Choice

The chart of accounts for Corning Company includes the following:
$$\begin{array} { | l | c | } \hline{ \text { Account Name } } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Corning Capital } & 31 \\\hline \text { Corning Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ ?
Page 3 of the journal contains the following entry:
Prepaid Insurance........1,530
Cash.............................1,530
-The chart of accounts for Miguel Company includes the following:? $$\begin{array} { | l | c | } \hline{ \text { Account Name } } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Miguel, Capital } & 31 \\\hline \text { Miguel, Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ Page 5 of the journal contains the following transaction:? $$\begin{array} { | c | r | r | } \hline \text { Sal aries Expense } & 525 & \\\hline \text { Cash } & & 525 \\\hline\end{array}$$ What is the posting reference that will be found in the salaries expense account?

• A) 5
• B) 11
• C) 54
• D) 21

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Definitions:

Online Pricing Algorithms

Computer-based systems and software used by businesses to dynamically set or adjust prices of products and services online based on market demand, competition, and other factors.

Collusive Prices

Price levels that are set as a result of agreement among competitors in a market rather than through competition, which is often illegal.

Microsoft

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