1.) On October 31, a company's Cash account had a normal balance of $7,300. During October, the account was debited for a total of $4,450 and credited for a total of $5,540. What was the balance in the Cash account at the beginning of October?

A.) $8,390 debit balance

B.) $2,850 debit balance

C.) $0 balance

D.) $9,990 credit balance

E.) $1,090 credit balance

2. What is total debits on this trial balance?

Common stock	$130,800	Accounts payable	$27,250
Cash	$127,140	Accounts receivable	$24,400
Supplies	$1,650	Office equipment	$25,400
Prepaid rent	$3,500	Unearned revenue	$4,488
Service revenue	$21,800	Utilities expense	$458
Beginning retained earnings	$32,700	Shaving equipment	$34,490

A.) $127,140

B.) $317,590

C.) $213,008

D.) $156,690

E.) $217,038

3. What would be the account balance in Accounts Receivable after the following transactions, assuming a zero beginning balance?

Performed services and left a bill.	$5,600
Performed services and collected immediately.	$4,200
Performed services and billed customer.	$2,550
Performed services on account.	$8,100
Received partial payment on account.	$1,850

A.) $18,600

B.) $3,050

C.) $22,300

D.) $6,250

E.) $14,400

4. Compute net income for May based on the following transactions:

May 1	paid $3,150 for May's rent.
May 14	paid $2,150 for two weeks wages.
May 15	performed $6,150 in consulting service on account.
May 17	billed a customer $2,450 for services performed May 16.
May 20	received $6,150 in payment for May 15 transaction.
May 22	performed services and immediately collected $2,950.
May 31	paid $1,450 for advertising in the local paper to take place in June.

A.) $15,150

B.) $6,250

C.) $11,550

D.) $18,300

E.) $8,600

5. Given the trial balance amounts below, compute net income.

Common stock	$174,000	Accounts payable	$36,250
Cash	$169,140	Accounts receivable	$32,200
Supplies	$2,250	Office equipment	$33,800
Prepaid rent	$4,700	Unearned revenue	$5,832
Service revenue	$29,000	Utilities expense	$602
Beginning retained earnings	$43,500	Shaving equipment	$45,890

A.) $30,648

B.) $25,418

C.) $35,418

D.) $28,398

E.) $71,898

6.) On September 30, the Cash account of Value Company had a normal balance of $5,300. During September, the account was debited for a total of $12,950 and credited for a total of $12,100. What was the balance in the Cash account at the beginning of September?

A.) $4,450 credit balance

B.) $0 balance

C.) $6,150 credit balance

D.) $6,150 debit balance

E.) $4,450 debit balance

7.) What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance?

Performed services and left a bill.	$5,400
Performed services and collected immediately.	$4,100
Performed services and billed customer.	$2,500
Performed services on account.	$7,800
Received partial payment on account.	$1,800

A.) $13,900

B.) $18,000

C.) $21,600

D.) $11,900

E.) $19,800

1.) The following information is available for the Travis Travel Agency. After the closing entries have been journalized and posted, what will be the balance in the Retained Earnings account?

Total revenues	$132,000
Total expenses	67,000
Retained earnings	87,000
Dividends	18,500

A.) $87,000

B.) $68,500

C.) $304,500

D.) $133,500

E.) $152,000