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

question 8

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.The sixth step in the accounting cycle involves six broad types of entries.Which of the indicated transactions is likely to lead to the specified type?

• A)Transaction D, change in market value
• B)Transaction H, prepaid expense
• C)Transaction D, depreciation
• D)Transaction I, uncollectible accounts

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Definitions:

Anxiety

A mental health disorder characterized by feelings of worry, anxiety, or fear that are strong enough to interfere with one’s daily activities.

Doses

The specific quantity of a medicine or drug that is taken at one time or at prescribed intervals.

SSRIs

Selective Serotonin Reuptake Inhibitors, a class of drugs typically used as antidepressants in the treatment of major depressive disorder and anxiety disorders.

Depression

Depression is a mental health disorder characterized by persistently depressed mood or loss of interest in activities, causing significant impairment in daily life.