" Rock Castle Construction — Accounting transactions resulting from processing

purchasing and cash disbursement transactions

For each of the following transactions, select the proper accounting entry

from the list provided.

a. Inventory was received but not paid for on a purchase order.

Payment terms were 2% 10, Net 30.

1. DR A/C #12100 Inventory Asset

CR A/C #50100 Cost of Goods Sold

2. DR A/C #12100 Inventory Asset

CR A/C #20000 Accounts Payable

3. DR A/C #50100 Cost of Goods Sold

CR A/C #20000 Accounts Payable

4. DR A/C #12100 Inventory Asset

CR A/C #54300 Job Materials"

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

The maximum tax rate on estates and gifts

The balance sheet contains the following major sections: current assets long-term investments property, plant, and equipment intangible assets other assets current liabilities long-term liabilities contributed capital retained earnings accumulated other comprehensive income required: the following is a list of accounts. using the letters a through j, indicate in which section of the balance sheet each of the accounts would be classified. if an account does not belong under one of the sections listed, select "not under any of the choices" from the classification drop down box. for all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". account classification contra or deducted (yes/no) 1. cash 2. bonds payable (due in 8 years) 3. machinery 4. deficit 5. unexpired insurance 6. franchise (net) 7. fund to retire preferred stock 8. current portion of mortgage payable 9. accumulated depreciation 10. copyrights 11. investment in held-to-maturity bonds 12. allowance for doubtful accounts 13. notes receivable (due in 3 years) 14. property taxes payable 15. deferred taxes payable 16. additional paid-in capital on preferred stock 17. premium on bonds payable (due in 8 years) 18. work in process 19. common stock, $1 par 20. land 21. treasury stock (at cost) 22. unrealized increase in value of available-for-sale securities