At the End of 2014, CNC Corporation's Accounting Information System

question 53

Multiple Choice

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: CNC completed the following transactions in January 2015:
A.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash) , $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150
j.Signed a contract for annual employee retreat, $450.
All of the following transactions will be part of the third step in the accounting cycle except:

• A) Transaction G.
• B) Transaction I.
• C) Transaction E.
• D) Transaction D.