1. During the month of February, Hoffer Company had cash receipts of $9,900 and cash disbursements of $11,400. The February 28 cash balance was $2,600. What was the January 31 beginning cash balance?

Options: $1,100 , $1,500, $4,100, $0, $5,600

2. On April 1, 2014, a company paid $2,610 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2014?

Options: $2,610.00, $1957.50, $652.50, $72.50

3. Bellow is accounting information for Cascade Company for 2013:

Revenue	$ 422,000
Cash	123,000
Common stock	206,000
Expenses	303,000
Equipment	246,000
Accounts receivable	35,600
Notes payable	50,600
Notes receivable	63,200

What was net income for the year?

4. If a company records prepayment of expenses in an asset account, the adjusting entry would:

A.

Result in a debit to an expense and a credit to an asset account.

B. Cause an adjustment to prior expense to be overstated and assets to be understated.

C. Cause an accrued liability account to exist.

D. Result in a debit to a liability and a credit to an asset account.

E. Decrease cash.

5. Which of the following identifies the proper order of the accounting cycle?

a.		Analyze, journalize, unadjusted trial balance
b.		Analyze, post, unadjusted trial balance
c.		Journalize, post, unadjusted trial balance
d.		Unadjusted trial balance, adjusted trial balance, close
e.		Adjusted trial balance, adjustments, financial statements