1. Corona began 2018 with supplies of $6,600. During the year, Corona purchased additional supplies for $1,300. if an inventory of supplies taken on December 31, 2018 indicates that $5,000 of supplies were on hand, what ADJUSTING THE ACCOUNTS-24 points k M. adjusting entry should Corona make on December 31, 2018? A) Debit supplies expense and credit supplies, $5,000 CB) Debit supplies expense and credit supplies, $6,300 C) Debit supplies expense and credit supplies, $2,900 D) None of these. 2. As of December 31, 2018, Corona performed $4,500 services on account but has not yet billed their customers. What adjusting entry should Corona at December 31, 2018? A) Debit accounts receivable and credit revenue, $4.500 B) Debit accounts receivable and credit accounts payable, $4,500. ) Debit accounts payable and credit accounts receivable, $4,500. D) No entry is required on December 31, 2018. 3. Corona purchased equipment for $66,000. If depreciation for the year is $11,000 then Corona's adjusting entry would include a A) Debit to accumulated depreciation for $11.000 B) Credit to accumulated depreciation for $11,000 ) Credit to depreciation expense for $11,000 D) Credit to equipment for $11,000 4. Corona's weekly (5-day) payroll of $3,500 is paid on Fridays. If December 31 falls on a Wednesday, what adjusting entry should Corona make on December 31? A) Debit salaries expense and credit salaries payable, $1,400 B) Debit salaries expense and credit salaries payable, $2,100 C) Debit unpaid salaries and credit salaries payable, $2,100 D) Debit salaries payable and credit salaries expense, $2,100 5. During 2018, Corona received an advanced payment of $9,000. What adjusting entry should Corona make if 30% of the advance fee was earned by the end of 2018? A) Debit unearned revenue and credit service revenue, $6,300 B) Debit service revenue and credit unearned revenue, $2,700 C) Debit unearned revenue and credit revenue, $2,700 D) Debit cash $2,700 and unearned revenue, $2,700 6. On December 31, 2018, Corona received a utility bill for $500. Corona did not pay the bill until January 2019. What adjusting entry should Corona make on December 31, 2018? A) Debit utility expense and credit utility payable, $500. B) No entry is required on December 31, 2016. C) Debit utility expense and credit cash, $500. D) Debit utility payable and credit utility expense, $500 Corona Consulting