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

question 30

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.CNC uses block coding for its chart of accounts.The balance in account #101 at the end of January 2015 will be:

• A)$5000 on the debit side.
• B)$5000 on the credit side.
• C)Some other amount on the debit side.
• D)Some other amount on the credit side.

---

Definitions:

Divergent Thinking

An approach or technique employed to stimulate creative thinking by considering numerous potential answers.

Encoding

The process of converting information into a form that can be stored in memory.

Vocabulary

The set of words known and used by a person in a particular language.

Phonetic Method

An approach to teaching reading and writing that emphasizes the sounds of letters and their combinations.