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

question 7

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 ninth step in the accounting cycle prepares the accounting information system for a new period.Which of the following accounts in CNC's trial balance will be part of the ninth step?

• A)Accounts receivable
• B)Supplies
• C)Retained earnings
• D)Equipment

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Definitions:

Moral Identity

The degree to which being a moral person is central to an individual's identity, influencing their actions and decisions.

Formalism

A specific method, convention, or approach characterized by its emphasis on form and structure in the arrangement of elements.

Moral Development

The process by which individuals develop their understanding of what is right and wrong, often influenced by societal norms and personal experiences.

Development Stage

A phase within a process or lifespan characterized by specific growth, progress, or changes.