Homework Answers
Assets and liabilities are the account which are not closed at the end of year. Income and expenses will get close at the end of the year.
So correct answer is B) Unearned rent
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Which of the following accounts will not be closed at the end of the year? OA)...
Which of the following accounts should be closed at the end of the year? OA) Unearned...
Which of the following accounts should be closed at the end of the year? OA) Unearned Rent B) Accumulated Depreciation OC) Supplies Expense OD) Prepaid Insurance
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts?...
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts? O Debit Credit Question 7 (1 point) Which of the following accounts will NOT be closed to Income Summary at the end of the fiscal year? Salaries expense Fees earned Unearned rent Depreciation expense
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal...
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. $564 Fees Earned $3,160 737 Insurance Expense 423 500 Rent expense 1,500 Accounts payable Accounts receivable Supplies Prepaid insurance Cash Office equipment Dividends 2,003 Land 2,438 759 1,783 1,800 Wages expense Retained earnings Common stock 5,500 614 5,033 Unearned rent 1,600 Total assets are Oa. $3,084 Ob. $5,033 Oc. $9,261 Od. $3,160
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts...
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts Payable 1,670 Notes Payable 4,135 Common Stock 1,000 Retained Earnings 13,418 Dividends 608 Fees Earned 6,931 Wages Expense 2,684 Rent Expense 729 Utilities Expense 387 170 Depreciation Expense Miscellaneous Expense 79 Totals 29,000 29,000 Determine the total assets. Oa. $29,000 Ob. $14,418 Oc. $24,343 Od. $22,497
Which of the following would be added to net income using the indirect method? OA. A...
Which of the following would be added to net income using the indirect method? OA. A decrease in accounts payable OB. An increase in accounts receivable OC. An increase in prepaid expenses OD. Depreciation expense
The balance in the unearned fees account, before adjustment atthe end of the year, is...
The balance in the unearned fees account, before adjustment at
the end of the year, is $95,500. Of these fees, $82,760 have been
earned. In addition, $32,640 of fees have been earned but have not
been billed.Journalize the December 31 adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees. Refer to
the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSGeneral LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Land16 Equipment17 Accumulated...
Given the following list of accounts with normal balances, what are the trial balance totals of...
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $1,100 800 2,000 Cash Accounts Receivable Capital Accounts Payable Service Fees Earned Rent Expense 900 1,000 2,000 | OA) $4,800 debit, $4,800 credit OB) $1,900 debit, $1,900 credit OC) $1,100 debit, $1,100 credit OD) $3,900 debit, $3,900 credit
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance?
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash c. Depreciation Expense d. Fees Earned e. Doug Woods, Capital f. Doug Woods, Drawing g. Equipment h. Land i. Salaries Payable j. Unearned Rent k. Wages Expense
The payment for the monthly rent will require which of the following entries? Oa. debit Rent...
The payment for the monthly rent will require which of the following entries? Oa. debit Rent Expense and credit Cash Ob. credit Cash and credit Rent Expense Oc. credit Rent Expense and debit Cash Od. debit Cash and debit Rent Expense
Which of the following accounts should be closed at the end of the year? OA) Unearned Rent B) Accumulated Depreciation OC) Supplies Expense OD) Prepaid Insurance
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
Question 6 (1 point) What is the normal balance for stockholders' equity and owner's equity accounts? O Debit Credit Question 7 (1 point) Which of the following accounts will NOT be closed to Income Summary at the end of the fiscal year? Salaries expense Fees earned Unearned rent Depreciation expense
The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. $564 Fees Earned $3,160 737 Insurance Expense 423 500 Rent expense 1,500 Accounts payable Accounts receivable Supplies Prepaid insurance Cash Office equipment Dividends 2,003 Land 2,438 759 1,783 1,800 Wages expense Retained earnings Common stock 5,500 614 5,033 Unearned rent 1,600 Total assets are Oa. $3,084 Ob. $5,033 Oc. $9,261 Od. $3,160
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts Payable 1,670 Notes Payable 4,135 Common Stock 1,000 Retained Earnings 13,418 Dividends 608 Fees Earned 6,931 Wages Expense 2,684 Rent Expense 729 Utilities Expense 387 170 Depreciation Expense Miscellaneous Expense 79 Totals 29,000 29,000 Determine the total assets. Oa. $29,000 Ob. $14,418 Oc. $24,343 Od. $22,497
Which of the following would be added to net income using the indirect method? OA. A decrease in accounts payable OB. An increase in accounts receivable OC. An increase in prepaid expenses OD. Depreciation expense
The balance in the unearned fees account, before adjustment at
the end of the year, is $95,500. Of these fees, $82,760 have been
earned. In addition, $32,640 of fees have been earned but have not
been billed.Journalize the December 31 adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees. Refer to
the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSGeneral LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Land16 Equipment17 Accumulated...
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $1,100 800 2,000 Cash Accounts Receivable Capital Accounts Payable Service Fees Earned Rent Expense 900 1,000 2,000 | OA) $4,800 debit, $4,800 credit OB) $1,900 debit, $1,900 credit OC) $1,100 debit, $1,100 credit OD) $3,900 debit, $3,900 credit
Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash c. Depreciation Expense d. Fees Earned e. Doug Woods, Capital f. Doug Woods, Drawing g. Equipment h. Land i. Salaries Payable j. Unearned Rent k. Wages Expense
The payment for the monthly rent will require which of the following entries? Oa. debit Rent Expense and credit Cash Ob. credit Cash and credit Rent Expense Oc. credit Rent Expense and debit Cash Od. debit Cash and debit Rent Expense
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