Question
1) Information related to the Berkley Company for the calendar year 2015 follows: Liabilities, December 31, 2015 $400 Assets, December 31, 2015 700 Dividends distributed
1) Information related to the Berkley Company for the calendar year 2015 follows:
Liabilities, December 31, 2015 | $400 |
Assets, December 31, 2015 | 700 |
Dividends distributed during 2015 | 90 |
Liabilities, December 31, 2014 | 250 |
Assets, December 31, 2014 | 350 |
Assuming no capital stock was issued during 2015, the net income earned by the Berkley Company during 2015 was
$110
$200
$260
$290
2) Which of the following is true regarding the general journal?
It helps prevent errors.
It keeps up to date records of all customers and suppliers.
It helps divide up accounting tasks.
It helps control the spending of the organization.
3) The Oliver Construction Company received $18,000 for six months rental income in advance on November 1, 2015, and credited the Rental Revenue account. The required adjusting entry on December 31, 2015, would include a
credit to Rental Revenue for $6,000
credit to Rental Receivable for $12,000
debit to Rental Revenue for $6,000
debit to Rental Revenue for $12,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started