Question 25
Which of the following is not a revenue account?
A. |
Sales |
|
B. |
Insurance expense |
|
C. |
Interest revenue |
|
D. |
Gain on sale |
The answer is B - Insurance expense.
Every account except the "insurance expense" account is a revenue account.
"Insurance expense" account is an expense account.
Question 25 Which of the following is not a revenue account? A. Sales B. Insurance expense...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
Technology Inc. December 31, 2017 Account Title Debit Credit Sales revenue 780,000 Interest revenue 12,750 Rent expense 9,200 Cost of Goods Sold 491,000 Interest expense 18,250 Miscellaneous Expense 12,000 Salaries expense 90,000 Marketing /Selling expense 27,000 Depreciation expense 30,000 Insurance Expense 26,500 Bad Debt Expense 8,600 Gain on Sale of Investment 37,000 Loss on Sale of Equipment 5,250 Unrealized Gain on Securities Held for Resale 1,686 Loss on Foreign Currency Translation (3,500) Loss from Operations of Discontinuing business component 35,000...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
12-16 12. What type of account is interest income? b. c. d. revenue expense Owner's equity 13. True-False (A-3) Cash is never used in preparing adjusting 14. Paida utilities bull immediately on receipt. What effect does this entry have on liabilities? increase decrease ne effect more information is needed 75. Gross profit equals the difference between: a. net sales and cost of goods sold. b. net sales and cost of goods sold plus operating expenses. c. net income and operating...
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,250 Depreciation expense-office copier $ 420 790 Sales discounts 15,200 1, 240 Sales returns and allowances 3,900 225,000 TV advertising expense 3,000 32,100 Interest revenue 660 10,500 Cost of goods sold 88,800 22,400 Sales commission expense 13,600 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and...
Under which of the following is sales tax collected from guests recorded? a. revenue b. expense c. current liability d. current asset
c Inventory 680 Gain on sale 400 Sales revenue 1,080 HD accounts receivable 1,080 Sales revenue Gain on sale e n zo bolno sono 680 400 On June 1, Royal Corp. began operating a service company with an initial cash investment by shareholders of $3,206,000. The company provided $7,600,000 of services in June and received full payment in July, Royal also incurred expenses of $3,032,000 in June that were paid in August. During June, Royal paid its shareholders cash dividends...
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000 Interest Revenue 15000 Interest Expense 8000 Salary Expense 10000 The following balances are excerpted from the Company's balance sheet 12/31/2020 12/31/2019 Prepaid Insurance 1800 ? Prepaid Rent 2500 ? Interest Receivable ? 3800 Interest Payable ? 2800 9000 ? Salaries Payable Insurance premium paid? Rental payments? Interest Received? Interest Paid ? Salaries Paid? 22000 17000 14000 7200 11000
Which of the following is not a temporary account? A A/P B Wages Expense C Drawing D Consulting Revenue
Which of the following is an example of a revenue or gain that is taxable before being recognized in financial income? Select one: a. Municipal Bond Interest b. Unearned Rental Revenue O c. Accelerated Depreciation for tax purposes O d. Life insurance premiums on key executives O e. Bad Debt Expense recognized using the allowance method.