Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

14) Cloud Solutions had the following accounts and balances as of December 31: Account Credit Debit $ 20,000 2,000 500 $ 4,000 7,000 Cash Accounts

image text in transcribed
image text in transcribed
14) Cloud Solutions had the following accounts and balances as of December 31: Account Credit Debit $ 20,000 2,000 500 $ 4,000 7,000 Cash Accounts Receivable Salaries Expense Accounts Payable Lodging Revenue Utilities Expense Prepaid Insurance Supplies Common Stock Totals 500 1,400 1,500 S 25,900 14,900 $ 25,900 Using the information in the table, calculate the total assets reported on the balance sheet for the period. A) $23,400. B) $22,500. C) $24,900. D) $25,900. E) $25,400. 15) Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: 15) 1. Jackson invested $25,000 cash in the business in exchange for common stock 2. Jackson contributed $100,000 of equipment to the business. 3. The company paid $2,000 cash to rent office space for the month of March. 4. The company received $16,000 cash for repair services provided during March 5. The company paid $6,200 for salaries for the month of March. 6. The company provided $3,000 of services to customers on account. 7. The company paid cash of $500 for utilities for the month of March. 8. The company received $3,100 cash in advance from a customer for repair services to be provided in April. 9. The company paid $5,000 in cash dividends. Based on this information, net income for March would be: A) $13,400. B) $5,300. C) $13,500. D) $10,300. E) $8,400. 16) 16) The balance column in a ledger account is: A) A column for showing the balance of the account after each entry is posted. B) An account used to record the transfers of assets from a business to its stockholders. C) A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction. D) An account entered on the balance sheet. E) Another name for the dividends account. 17) - 17) Identify the statement below that is correct: A) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. B) The left side of a T-account is the debit side. C) The left side of a T-account is the credit side. D) Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. E) The total amount debited need not equal the total amount credited for a particular transaction. 18) 18) For the year ended December 31, a company has revenues of $317,000 and expenses of $196,000. The company paid $50,000 in dividends during the year. The balance in the Retained earnings account before closing is $81,000. Which of the following entries would be used to close the dividends account? A) Debit Income Summary $50,000; credit Retained earnings $50,000. B) Debit Income Summary $81,000, credit Dividends $81,000. C) Debit Retained earnings $50,000; credit Dividends $50,000. D) Debit Dividends $50,000; credit Retained earnings $50,000. E) Debit Retained earnings $81,000; credit Income Summary S81,000. 19) 19) On December 1, Orenthal Marketing Company received $3,600 from a customer for a 2-month marketing plan to be completed January 31 of the following year. The cash receipt was recorded as unearned fees. The adjusting entry for the year ended December 31 would include: A) a credit to Earned Fees for $3,600. B) a debit to Earned Fees for $1,800. C) a credit to Unearned Fees for $1,800. D) a debit to Unearned Fees for $1,800. E) a debit to Earned Fees for $3,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Concepts And Applications

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain

10th Edition

0324376154, 978-0324376159

More Books

Students also viewed these Accounting questions

Question

Do you think the banquet is a ritual? Why or why not?

Answered: 1 week ago

Question

How can speakers enhance their credibility?

Answered: 1 week ago