100% Normal text Times New 7.5 + BIUA 1 2 5 INSTRUCTIONS: ANSWER THE QUESTIONS MANUALLY ON A SEPARATE SHEET OF PAPER. EMAIL YOUR ANSWERS AND YOUR CALCULATION IF ANY. ANSWERS MUST BE RECEIVED BEFORE THE START OF YOUR NEXT CLASS. 1) The asset account, Office Supplies had a beginning balance of $4700. During the accounting period, office supplies were purchased, on account, for $4100. A physical count, on the last day of the accounting period, shows $1000 of office supplies on hand. What is the amount of Supplies Expense for the accounting period? 2) The asset account, Office Supplies, had a beginning balance of $4700. During the accounting period, office supplies were purchased, on account, for $4500. Supplies Expense for the accounting period is $5100. What is the ending balance of Office Supplies? 3) During the accounting period, office supplies were purchased on account for $3000. A physical count, on the last day of the accounting period, shows $400 of office supplies on hand. Supplies Expense for the accounting period is $1700. What was the beginning balance of Office Supplies? 4) BMCC prepaid $8400 on October 1, 2018 for a one-year insurance premium. Coverage begins October 1. On January 1, 2019 (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.) A) 89100 B) $6300 C) $8400 D) $7000 MAI 20 ce en & 5 5) BMCC started business in January 2018. The school rented an office for $1800 per month starting from January 1, 2018. On that day, BMCC prepaid the rent through June 30. The college makes adjusting entries at the end of each month. What is the balance in the Prepaid Rent account as of April 30, 2018? A) $300 B) $3600 C) $1800 D) $900 6) On July 1, BMCC prepaid rent for an equipment storage building. BMCC paid $20,000 to rent the building from July 1 through the end of the year. Prepare the journal entry needed on July 1 when the payment is made. (Ignore explanation). Assume the deferred expense is initially recorded as an asset 7) On July 1, BMCC paid rent of $15,000 for an equipment storage building from July 1 until December 31. Prepare the adjusting journal entry on July 31. (Ignore explanation). Assume the deferred expense is initially recorded as an asset. 8) On April 1BMCC purchased office supplies for $1,500. At the end of April, BMCC's employees took a count of the remaining supplies and found that there was $500 of supplies left. Provide the adjusting entry needed at the end of April. (Ignore explanation). Assume the office supplies were initially recorded as an asset. Assume there were no office supplies on hand prior to the purchase on April 1. 9) On January 1, Unearned Revenue of BMCC had a beginning balance of $1,300. During January, the school earned $1,000 of the deferred revenue. The school also collected $3,000 from a new customer for services to be performed the following month. At the end of January, the Unearned Revenue account should have a balance of 9) MAR 100% Normal text Times New 12 + BIUA 2 3 4 10) The following Office Supplies account information is available for Nabors Company, Beginning balance $3000 Office Supplies 9000 expensed 2000 Ending balance From the above information, calculate the amount of office supplies purchased. 10) 11) BMCC, a magazine company, collected $240,000 in subscription revenue on June 30. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the July issue. The company uses the accrual method of accounting. What is the amount of Subscription Revenue that has been earned by the end of December? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.) 11)_ A) $240,000 B) $120,000 C) $100,000 D) $140,000 12) BMCC, a magazine company, collected S516,000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Uneamed Revenue account as of December 312 12) A) $301.000 B) S387,000 C) $215,000 D) S516,000 13) BMCC, a magazine company, collected $500,000 in subscription revenue in May. Each subscriber will recive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. Prepare the journal entry for collection of cash in May. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue. 14) BMCC, a magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting. Prepare the adjusting entry needed on June 30. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue