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

question 69

Multiple Choice

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: 52.At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:
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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.
Sequential numbering is a common internal control applied to source documents in the accounting information system.Which of the following transactions will involve sequential numbering?

• A) Transaction A.
• B) Transaction F.
• C) Transaction G.
• D) Transaction J.

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