14. What is the correct number sequence of steps, from first step to last step, to complete the eight steps in the accounting cycle for Louis Ruiz Consulting Services:1.Prepare four closing entries;2.Journalize the transactions;3.Post the transactions 4.Prepare financial statements; ;5.Prepare adjusted trial balance;6.Prepare trial balance;7.Post adjusting entries;8.Prepare adjusting entries

		A. 2-3-6-8-7-5-4-1
		B. 2-4-6-8-7-5-3-1
		C. 2-4-6-7-5-8-3-1
		D. 2-4-3-1-8-7-5-6
		E. None of the above

15. What is the amount of total interest to be paid on a $4,000, 3%, 3 month note payable?

		A. $10
		B. 20
		c. 30
		D. 50
		E. None of the above

16. What is the adjusting journal entry to record the accrual of $100 of unpaid interest on a note payable?

		A. Dr. Interest Expense 100 Cr. Interest Payable 100
		B. Dr. Interest Payable 100 Cr. Interest Expense 100
		C. Dr. Cash 100 Cr. Interest Payable 100
		D. Dr. Cash 100 Cr. Interest Expense 100
		E. None of the above

17. In balance sheet of Louis Ruiz Consulting Services, the balance for accounts receivable is $3000 at December 31, 2020 and $6000 at December 31, 2021. What is the balance in accounts receivable at the beginning of business January 1, 2022?

		A. 0
		B. 3000
		C. 6000
		D. 9000
		E. None of the above

18. What is the journal entry to record the employer's payroll taxes expense and its related liabilities if the company has the following employer's payroll taxes expense and its related liabilities Payroll Tax Expense 220; FICA-OASDI Taxes Payable 150; FICA-Medicare Taxes Payable 30; Federal Unemployment Taxes Payable 10; State Unemployment Taxes Payable 30?

		A. Dr. Cash 220; Cr. FICA-OASDI Taxes Payable 150; Cr. FICA-Medicare Taxes Payable 30; Cr. Federal Unemployment Taxes Payable 10; Cr. State Unemployment Taxes Payable 30,
		B. Dr. FICA-OASDI Taxes Payable 150; Dr. FICA-Medicare Taxes Payable 30; Dr. Federal Unemployment Taxes Payable 10; Dr. State Unemployment Taxes Payable 30, Cr. Payroll Tax Expense 220
		C. Dr. Payroll Tax Expense 220; Cr. FICA-OASDI Taxes Payable 150; Cr. FICA-Medicare Taxes Payable 30; Cr. Federal Unemployment Taxes Payable 10; Cr. State Unemployment Taxes Payable 30
		B. Dr. FICA-OASDI Taxes Payable 150; Dr. FICA-Medicare Taxes Payable 30; Dr. Federal Unemployment Taxes Payable 10; Dr. State Unemployment Taxes Payable 30, Cr. Cash 220
		D. None of the above

19. What is the correct definition of current liabilities?

		A. Current liabilities must be paid with cash or with goods and services within one year or within the entity's operating cycle, if the cycle is shorter than a year
		B. Current liabilities must be paid with cash or with goods and services within one year or within the entity's operating cycle, if the cycle is longer than a year
		C. Current liabilities must be paid with cash or with goods and services within more than one year or within the entity's operating cycle, if the cycle is longer than a year.
		D. Current liabilities must be paid with cash or with goods and services within more than one year or within the entity's operating cycle, if the cycle is shorter than a year.

20. The monthly depreciation expense on Louis Ruiz Consulting Services computer is $250. What is the adjusting entry to record the depreciation expense?

		A. Dr. Computer 250; Cr. Cash 250.
		B. Dr. Cash 250; Cr. Computer 250.
		C. Dr. Accumulated Depreciation Computer 250; Cr. Depreciation Expense, Computer 250
		D. Dr. Depreciation Expense, Computer 250 Cr. Accumulated Depreciation, Computer 250
		E. None of the above