What is the Accounting equation? 5 points   QUESTION 2 Where do expenses fall under the accounting equation? Path: p Words:0 5 points   QUESTION 3 Where does Accounts Receivable fall under the accounting equation? Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 4 What are the four financial statements and in what order do you complete them? Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 5 What is the journal entry for the following transaction: The owner of Grantham Landscaping, LLC took out a loan from the local bank in the amount of $8,525. Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 6 There is a monthly bill from the utility company which bills $300 per month.  This month, the invoice was never received.  Please provide a journal entry to accrue for this expense. Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 7 Dave’s Plumbing, LLC performed plumbing services and billed for the services in the amount of 6,000, however, the client has not issued payment on the invoice. Please provide a journal entry to accrue for this revenue. Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 8 There were 500 boxes of paperclips in the office’s supply closet at the beginning of the month.  At the end of the month, there were 250 boxes left.  The amount of boxes cost $3 per box.  Please record a journal entry for this adjustment. Path: p Words:0 5 points   QUESTION 9 If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014.  Under CASH BASE accounting, when would this revenue be corded? Path: p Words:0 -- Font family -- -- Font size -- 5 points   QUESTION 10 If Grantham Landscaping, LLC mowed a yard for $5,500 in March 2014, but did not get paid for mowing the yard until July 2014.  Under AC ...

1. What is the Accounting equation?

3. 5 points
QUESTION 2
Where do expenses fall under the accounting equation?
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4. 5 points
QUESTION 3
Where does Accounts Receivable fall under the accounting
equation?
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8. 5 points
QUESTION 4
What are the four financial statements and in what order do you
complete them?

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12. 5 points
QUESTION 5

13. What is the journal entry for the following transaction: The
owner of Grantham Landscaping, LLC took out a loan from the
local bank in the amount of $8,525.
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17. 5 points
QUESTION 6
There is a monthly bill from the utility company which bills
$300 per month. This month, the invoice was never received.
Please provide a journal entry to accrue for this expense.
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21. 5 points
QUESTION 7
Dave’s Plumbing, LLC performed plumbing services and billed
for the services in the amount of 6,000, however, the client has
not issued payment on the invoice. Please provide a journal
entry to accrue for this revenue.
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25. 5 points
QUESTION 8
There were 500 boxes of paperclips in the office’s supply closet
at the beginning of the month. At the end of the month, there
were 250 boxes left. The amount of boxes cost $3 per box.
Please record a journal entry for this adjustment.

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29. 5 points
QUESTION 9
If Grantham Landscaping, LLC mowed a yard for $5,500 in
March 2014, but did not get paid for mowing the yard until July
2014. Under CASH BASE accounting, when would this revenue
be corded?
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33. 5 points
QUESTION 10
If Grantham Landscaping, LLC mowed a yard for $5,500 in
March 2014, but did not get paid for mowing the yard until July
2014. Under ACCRUAL BASE accounting, when would this
revenue be corded?
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37. 5 points
QUESTION 11
What are the three characteristics that qualifies an asset as a
Plant Asset?

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41. 5 points
QUESTION 12

42. A truck which is purchased by Grantham Landscaping, LLC was
purchased for $30,000, is expected to be used by the company
for 10 years, and the salvage value is $5,000. What is the
amount which will be depreciated on the books annually?
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46. 5 points
QUESTION 13
A truck which is purchased by Grantham Landscaping, LLC was
purchased for $30,000, is expected to be used by the company
for 10 years, and the salvage value is $5,000. What is the
amount which will be in the “Accumulated Depreciation”
amount for this truck after 5 years?
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50. 5 points
QUESTION 14
A truck which is purchased by Grantham Landscaping, LLC was
purchased for $30,000, is expected to be used by the company
for 10 years, and the salvage value is $5,000. What is the
journal entry to record the depreciation 3 years after the truck
was purchased?
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54. 5 points
QUESTION 15
Where does the account “Accumulated Depreciation” fall under
the accounting equation?

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58. 5 points
QUESTION 16

59. A truck which is purchased by Grantham Landscaping, LLC was
purchased for $30,000, is expected to be used by the company
for 10 years, and the salvage value is $5,000.
After 10 years, Grantham Landscaping, LLC has decided to sell
the truck in a private party sell for $4,000 as that is the best
price it be sold for in the amount time the company has allowed
itself to dispose of the property.
Please provide a journal entry which will account for the loss in
disposing of the plant asset (the truck).
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63. 5 points
QUESTION 17
A truck which is purchased by Grantham Landscaping, LLC was
purchased for $30,000, is expected to be used by the company
for 10 years, and the salvage value is $5,000.
After 10 years, Grantham Landscaping, LLC has decided to sell
the truck in a private party sell for $8,000 as that is the best
price it be sold for in the amount time the company has allowed
itself to dispose of the property.
Please provide a journal entry which will account for the gain in
disposing of the plant asset (the truck).
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67. 5 points
QUESTION 18
Define the term “Intangible Asset”.

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71. 5 points

72. QUESTION 19
For equipment, the accountant will depreciate the cost of the
item over a period of time. For a natural resource, the
accountant will __________ cost of the item over a period of
time.

75. 5 points
QUESTION 20
For equipment, the accountant will depreciate the cost of the
item over a period of time. For an intangible asset, the
accountant will __________ cost of the item over a period of
time.
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