Acc 206 week 2 quiz

ACC 206 Week 2 Quiz

Question 1


  Your answer is correct.


A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period is the



payroll register.


withholding tax table.


employee earnings record.


Wage and Tax Statement.

Question 2


  Your answer is correct.


Unearned Rent Revenue is



debited when rent is received in advance.


a contra account to Rent Revenue.


reported as a current liability.


a revenue account.

Question 3


  Your answer is incorrect.  Try again.


Companies usually report current liabilities, after notes and accounts payable, in



order of maturity.


random order.


alphabetical order.


order of magnitude.

Question 4


  Your answer is correct.


Current maturities of long-term debt



are optionally reported on the balance sheet.


require an adjusting entry.


can be properly classified during balance sheet preparation, with no adjusting entry required.


are not considered to be current liabilities.

Question 5


  Your answer is correct.


The total compensation earned by an employee is called



net pay.


net earnings.


gross earnings.


take-home pay.

Question 6

Waterway, Inc. sells 1340 units of a product that has a one-year warranty on parts. The average cost of honoring one warranty contract is $50. During the year 70 contracts are honored at a total cost of $3500. It is estimated that 140 contracts will be honored in the following year. The adjusting entry at the end of the current year will include a



credit of Warranty Liability $7000.


credit of Warranty Liability $10500.


debit of Warranty Expense $3500.


debit of Warranty Expense $10500.

Question 7

On October 1, Sunland’s Carpet Service borrows $347000 from First District Bank on a 3-month, $347000, 8% note. What entry must Sunland’s Carpet Service make on December 31 before financial statements are prepared?



Interest Expense 27760  

   Interest Payable 27760


Interest Expense 6940  

    Interest Payable 6940


Interest Expense 6940  

    Notes Payable 6940


Interest Payable 6940  

   Interest Expense 6940

Question 8


  Your answer is correct.  Try again.


Jason Gomi has worked 48 hours this week. He worked in excess of 8 hours each day. His regular hourly wage is $6 per hour. What are Jason’s gross wages for the week? (The company Jan works for is in compliance with the Fair Labor Standards Act.)










Question 9


  Your answer is correct.


Sarah Jones’s regular rate of pay is $26 per hour with one and one-half times her regular rate for any hours which exceed 40 hours per week. She worked 49 hours last week. Therefore, her gross wages were










Question 10


  Your answer is correct.


Lake Concord Company has twenty employees who each earn $113 per day. If they accumulate vacation time at the rate of 1.2 vacation days for each month worked, the amount of vacation benefits that should be accrued at the end of the month is










Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Academic Solvers has put together a group of highly qualified writers with a wide range of expertise in the online writing community. Our goal is to become your one-stop shop for all academic and online writing needs. Take a look at our fantastic service below!


Research Paper Editing

At Academic SolversEditing your research paper could prove to be difficult especially amidst the tight schedules that students have. At, we offer research paper editing services. The services include proofreading and use of online platforms such as Grammarly and Turnitin to address any concerns that may arise within the paper. Get our services and you will have satisfactory results.

Research Paper

Custom Research Paper

Writing a research paper could be quite hectic especially if it is your first time. Identifying the research topic, finding the references and interpreting information could pose significant challenges. However, this should not be issues of concern anymore. At, we offer solutions to research papers. We deliver plagiarism free and quality research papers that are customized to suit your needs.


Online Proofreading

Despite writing expertise and skills, you are never guaranteed of error free papers. Academic solvers’ online proofreading services leaves no mistake unaddressed. We go through your paper using a variety of online tools that help to ensure that we edit your paper and make it error free. We have collected a group of experts hence can guarantee quality proofreading services.


Cheap Research Papers

Do you have difficulties writing your research paper? Are you afraid of the cost of hiring a professional to write your research papers? Worry no more. At we address both of your problems. We are equipped with a large number of professional writers. Second, we offer our research paper writing services at cheap prices that are largely affordable. Don’t miss this chance. Order our cheap research papers today.


College Assignment

College assignment could be one of the biggest challenges to students especially working with tight schedules. acts to bridge this gap existing between getting satisfactory grades and meeting deadlines. Our college assignment professionals provide students with quality, plagiarism free and confidential assignment help that helps them to achieve desired grades and outcomes.


Essay Help

Essays are some of the most critical elements in the academic life of a student. At academic solvers we prioritize providing quality essays. As such, our professional ensure that they address issues of grammar, structure and plagiarism to provide essays that meet the need of the client. Here, we focus on developing content that aims at addressing the subject in question through the expertise of our professional and experienced writers. Try our services and we guarantee succes.