Question 11
Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal?
Group of answer choices
unearned revenue, $2,000
service revenue, $2,000
unearned revenue, $3,000
service revenue, $3,000
Question 121 pts
On December 31, we had accrued taxes of $6,000. What account would we debit when we record the adjusting entry for accrued taxes on December 31?
Group of answer choices
cash
income taxes expense
income taxes payable
accounts payable
Question 13
We purchased a vehicle for $45,000. It has an estimated useful life of 5 years and no residual value. What is the dollar amount we would record in our adjusting entry each month for depreciation of the vehicle if we use the straight-line method of depreciation?
Group of answer choices
$9,000
$900
$750
$500
Question 14
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions.
Debit |
Credit |
|
Cash |
$1,000 |
|
Accounts receivable |
$2,000 |
|
Equipment |
$3,250 |
|
Accounts payable |
$2,500 |
|
Common stock |
$1,500 |
|
Retained earnings |
? |
|
Dividends |
$250 |
|
Service revenue |
$4,500 |
|
Salaries expense |
$1,100 |
|
Advertising expense |
$900 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for revenues from the table below:
Debit |
Credit |
||
A |
Service revenue |
$3,000 |
|
Income summary |
$3,000 |
||
B |
Income summary |
$4,500 |
|
Service revenue |
$4,500 |
||
C |
Income summary |
$3,000 |
|
Service revenue |
$3,000 |
||
D |
Service revenue |
$4,500 |
|
Income summary |
$4,500 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for expenses from the table below:
Debit |
Credit |
||
A |
Salaries expense |
$1,100 |
|
Advertising expense |
$900 |
||
Income summary |
$2,000 |
||
B |
Income summary |
$2,000 |
|
Salaries expense |
$1,100 |
||
Advertising expense |
$900 |
||
C |
Expenses |
$2,000 |
|
Income summary |
$2,000 |
||
D |
Income summary |
$2,000 |
|
Expenses |
$2,000 |
[ Select ] ["A", "B", "C", "D"] Select the correct entry to close income summary from the table below:
Debit |
Credit |
||
A |
Retained earnings |
$2,500 |
|
Income summary |
$2,500 |
||
B |
Income summary |
$2,500 |
|
Retained earnings |
$2,500 |
||
C |
Income summary |
$4,500 |
|
Revenue |
$4,500 |
||
D |
Net income |
$4,000 |
|
Retained earnings |
$4,000 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for dividends from the table below:
Debit |
Credit |
||
A |
Dividends |
$250 |
|
Income summary |
$250 |
||
B |
Dividends |
$250 |
|
Retained earnings |
$250 |
||
C |
Income summary |
$250 |
|
Dividends |
$250 |
||
D |
Retained earnings |
$250 |
|
Dividends |
$250 |
Question 15
Which of the following accounts appears on the income statement of a merchandiser?
Group of answer choices
dividends
cost of goods sold
supplies inventory
retained earnings
Q 11.
Journal entry will be:
Debit Unearned revenue account | $ 3,000 | |
Credit revenue account | $ 3,000 |
So, answer is C Unearned revenue $3,000
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $1,000 Accounts receivable $2,000 Equipment $3,250 Accounts payable $2,500 Common stock $1,500 Retained earnings ? Dividends $250 Service revenue $4,500 Salaries expense $1,100 Advertising expense $900 [ Select ] ["A", "B", "C", "D"] Select the correct closing entry...
A company had the following adjusted trial balance on December 31, 2012:Cash$5,000Accounts Receivable5,500Supplies1,800Prepaid Rent36,000Land7,000Accounts Payable$1,000Unearned Service Revenue3,500Common Stock44,000Retained Earnings10,500Dividends3,300Service Revenue156,250Salaries Expense152,000Rent Expense900Utilities Expense1,650Supplies Expense2,100$215,250$215,250 The closing entry to close the Income Summary would include which entry to Retained Earnings?Group of answer choicescredit of $400debit of $400credit of $3,700debit of $3,700debit of $2,900
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
Problem 4-01A a-d The trial balance columns of the worksheet for Lampert Roofing at March 31, 2019, are as follows. Lampert Roofing Worksheet For the Month Ended March 31, 2019 Trial Balance - Account Titles Dr. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 Accounts Payable 2,500 Unearned Service Revenue 550 Common Stock 10,000 Retained Earnings 2,900 Dividends 1,100 Service Revenue 6,300 Salaries and Wages Expense 1,300 Miscellaneous Expense 400 23,500 23,500 Other data: 1. A...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
16. Adjusting entries are needed to correctly measure the _______ (a) ending balance in the cash account; (b) net income (loss) on the income statement; (net income (loss) on the balance sheet; (d) beginning balance in the Cash account. 17. What's the normal balance of Retained Earnings? (a) credit balance (b) debit balance (c) none of the above. 18. GAAP is currently formulated by the (a) SEC (b) FASB (C) IMA (d) AICPA (e) PCAOB. 19. which of the following entries will be necessary to close...
The trial balance columns of the worksheet for Monty at March 31, 2019, are as follows. Cr. Monty Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cash 4,800 Accounts Receivable 3,000 Supplies 2,500 Equipment 11,440 Accumulated Depreciation, 1,300 Equipment Accounts Payable 2,400 Unearned Service Revenue 700 Common Stock 11,020 Retained Earnings 3,100 Dividends 1,100 Service Revenue 6,000 Salaries and Wages Expense 1,300 Miscellaneous Expense 380 24,520 24,520 Other data: 1. A physical count reveals only...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...