1.1 Your examination of Beeson Company's records provides the following information for the December 31, year-end adjustmentsAnnual straight-line depreciation for the company's equipment is based on a cost of $41,000, an estimated life of 8 years, and an estimated residual value of $1,000 . Prepare the year -end adjusting entry:

a) Debit: Depreciation expense 41,000

Credit: Cash 41,000

b.) Debit: Depreciation expense 40,000; Credit: Accumulated depreciation 40,000

C.) Debit: Accumulated depreciation 5,000; Credit: Depreciation expense 5,000

D.) Debit: Depreciation expense 5,000Credit: Accumulated depreciation 5,000

1.4) If Uphoff Company receives a $300 payment from a customer whose account it had previously written off, the company would make the which of the following journal entries to reestablish the accounts receivable? Uphoff Company uses the allowance method to record bad debts:

A) DebitAccounts receivable 300; Credit: Allowance for doubtful accounts 300

B) Debit: Bad debt expense 300; Credit: Accounts receivable 300

C) DebitAllowance for doubtful accounts 300Credit: Accounts receivable 300

D) DebitAccounts receivable 300; Credit : Bad debt expense 300

LongInc. had the following end of period account balances:

Revenues $500,000

Operating Expenses $200,000

Other Expenses $25,000

Cost of Goods Sold $250,000

Calculate Long Inc's gross profit .

a. $50,000

b. $25,000

c. $250,000

d. $300,000

1.13) On October 1Trent Company signs a $6,100 note with no stated interest rate, due on December 1, with a present value of $6,000The entry to record the receipt of the non-interest-bearing note would include a:

a. Credit: sales revenue 6,100 .

b. Credit notes receivable 6,100

c. Debit discount on notes receivable 100

d. Credit: discount on notes receivable 100