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1)Choi Corp has 1 million outstanding common shares and on September 25, Choi Corp declares to pay $1 cash dividend to shareholders on October 25

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1)Choi Corp has 1 million outstanding common shares and on September 25, Choi Corp declares to pay $1 cash dividend to shareholders on October 25. Which of the following accounting is correct for September 25? *

Cash credit 1 million

Retained Earning credit 1 million

Cash debit 1million

Retained Earnings debit 1 million

2)

Company purchases $55,000 merchandise inventory and pays $5,000. Which of the following is true for the accounting of this transaction?

Accounts Payable credit $50,000

Merchandise Inventory debit $50,000

Accounts Payable debit $5,000

Cash debit $5,000

3)

Meek Corporation acquires a building at $32,000 for an estimated useful life of 20 years. Meek estimates the building will have $12,000 residual value at the end of 20 years. Meek uses double declining balance method for depreciation. What's the depreciation expense at the end of second year? *

$1,680

$3,000

$2,880

$1,500

4)

At the end of September, $200,000 salaries of the personnel accrued but not pay yet is credit to:

Salaries Payable

Cash

Accounts Payable

Salaries Expense

5)

A consultant collects $1,000 consultancy fee in advance. The correct entry is here: *

Debit Cash $1,000 and credit Unearned Revenue $1,000

Debit Accounts Receivable and credit Service Revenue $1,000

Debit Accounts Receivable $1,000 and credit Unearned Revenue $1,000

Debit Cash $1,000 and credit Service Revenue $1,000