1)Knowing that Chloe company prepares its financial statement yearly, and supplies used is equal to $470, what would the adjusting entry for supplies includes at December 31, 2018 *

Credit Supplies $1,630

Credit Supplies $470

Debit Supplies $1,630

Debit Supplies $470

2)Knowing that Chloe company prepares its financial statement yearly, and the 5-month insurance policy was purchased on September 30, 2018, what would the adjusting entry for insurance on December 31, 2018 *

Debit prepaid insurance $2,000, credit insurance expense $2,000

Debit insurance expense $1,200, credit prepaid insurance $1,200

Debit insurance expense $1,600, credit prepaid insurance $1,600

Debit prepaid insurance $1,200, credit insurance expense $1,200

3)Knowing that Chloe company prepares its financial statement yearly, and the 6-month rent contract was paid on August 1, 2018, the adjusted balance for prepaid rent on December 31, 2018 would be *

$2,500

$3,500

$1,000

$5,000

4)Knowing that Chloe company prepares its financial statement yearly, and the 6-month rent contract was paid on August 1, 2018, the adjusted balance for rent expense on December 31, 2018 would be *

$2,500

$3,500

$6,000

$5,000

5)Knowing that Chloe company prepares its financial statement yearly, and the $20,000 equipment was purchased on June 1, 2017 with a useful life of 4 years, $800 salvage value, the adjusting entry for depreciation on December 31, 2018 would be *

Debit equipment $8,000, credit depreciation expense $8,000

Debit depreciation expense $4,800, credit accumulated depreciation $4,800

Debit depreciation expense $2,800, credit accumulated depreciation $2,800

Debit equipment $8,800, credit depreciation expense $8,800

6)Knowing that Chloe company prepares its financial statement yearly, and the $20,000 equipment was purchased on June 1, 2017 with a useful life of 4 years and $800 salvage value, the adjusted balance for accumulated depreciation on December 31, 2018 would be *

$8,800

$4,800

$2,800

$7,600

7)Chloe Company has performed $600 of Cleaning services for a client but has not billed the client as of December 31, 2018. What adjusting entry must the company prepare? *

Debit Cash and credit Unearned Revenue $600

Debit Unearned Revenue and credit Service Revenue $60

Debit Accounts Receivable and credit Service Revenue $600

None of the above

8)Chloe Company signed a six-month note payable in the amount of $4,000 on September 1, 2018. The note requires interest at an annual rate of 9%. The amount of interest to be accrued on December 31, 2018 is: *

$240

$120

$720

$180

9)On December 31, 2018, wages accrued were $5,000. The adjusted balance for salaries & wages expense on December 31, 2018 would be: *

$3700

$21,033

$22,333

$0

No need for explanation

Chloe Company a cleaning firm, has the following account balance before adjustments on December 31, 2018 Chloe Company Trial Balance (partial) December 31, 2018 Debit $12,340 Account Credit Cash 2,100 2,000 6,000 20,000 Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation - Equip Accounts Payable Notes Payable Salaries & wages Expense Insurance Expense $2,800 6,430 4,000 17,333 3,800