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18. Sales $400,000, Cost of Goods Sold $220,000; Operating Expenses- $ 40,000 Find gross profit. a. $ 180,000 b. 150,000 c. 390,000 d. None of the above 19. Which of the following list gives the correct sequence of accounting procedures? a. Financial statements, trial balance, ledger, journal b Journal, ledger, trial balance, financial statements c. Ledger, trial balance, journal, financial statements d. Financial statements, journal ledgor trial balance 20. A $ 20,000 machine is purchased by paying $ 5,000 cash issuing a promissory note for the remainder. The journal entry would include a: a. Credit to Notes Receivable. b. Credit to Machinery c. Credit to Notes Payabie. d. Debit to cash 21. Which of the tollowing is not a valid adjusting entry a. Debit interest expense, credit interest payable b. Debit supplies expense, credit supplies Debit uneaned revenue, credit service revenue Debit insurance expense credit cash d. 22. Which of the following accounts is closed at periad end? a. Interest Expense b. Accumulated depreciation c Prepaid Insurance d Interest Receivable 23. Accumulated depreciation is what type of account? a. Asset b. Revenue c Expense d. None of the above 24. A vehicle that cost $ 90,000 was depreciated over 10 years. Using the straight-line met the annual depreciation expense a. $ 9,000 b. 4,500 C 3,500 d. None of above 3 Page

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