Question

On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December?

$0

$2,500

$5,000

cannot be determined

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Question 2 4 pts

Our employees worked the last two weeks of December. They will be paid in January. What account would we debit when we record the December 31 adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

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Question 3 4 pts

On December 31, we had accrued salaries of $6,000. What account would we credit when we record this adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

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Question 4 4 pts

Our employees worked the last two weeks of December. They will be paid in January. What account would we credit when we record the December 31 adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

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Question 5 4 pts

Which of the following accounts will not appear in an adjusting entry?

salaries payable

depreciation expense

rent expense

building

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Question 6 4 pts

The balance in our office supplies account on September 1 was $7,700. On September 30, our supplies on hand totaled $2,000. What account and amount would we debit when we record this adjusting entry in the general journal?

office supplies expense, $9,700

office supplies, $5,700

office supplies, $7,700

office supplies expense, $5,700

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Question 7 4 pts

Prepaid rent is recorded as:

an asset

a liability

revenue

an expense

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Question 8 4 pts

An adjusting entry that credits income taxes payable is an example of:

deferred expenses

deferred revenue

accrued expenses

accrued revenue

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Question 9 4 pts

Which of the following accounts is a contra asset?

depreciation expense

prepaid rent

dividends

accumulated depreciation

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Question 10 4 pts

All of a company’s accounts and account balances appear on the:

income statement

statement of retained earnings

balance sheet

adjusted trial balance

please answer all the questions thank you

Answer 1

Answer to Question 1.

Correct Answer: $5,000

In Cash basis of accounting, only transactions involving cash flow are recorded.

In the given question, only a single transaction generating cash revenue occurred. Therefore, the cash revenue to be recorded for December is $5,000.

Answer to Question 2.

Correct Answer: Salaries Expense.

On December 31, the adjusting entry to record the salaries expense occurred towards employee’s salaries for two weeks will be recorded. The Journal entry to record the salaries expenses will be as follows:

Salaries Expense                         XX
        Salaries Payable                                     XX

Therefore, Salaries Expense would be debited.

Answer to Question 3.

Correct Answer: Salaries Payable.

On December 31, the adjusting entry to record the salaries expense accrued will be recorded. The Journal entry to record the salaries expenses accrued will be as follows:

Salaries Expense                         XX
        Salaries Payable                                     XX

Therefore, Salaries Payable would be debited.

Answer to Question 4.

Correct Answer: Salaries Payable.

The adjusting entry to record employees salaries accrued will be recorded by debiting Salaries Expense and crediting Salaries Payable.

In adjusting entry, Salaries Payable will be credited.