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6) Below is the company's Cash T-account, Cash Bee 1,200 5.200 3,300 3.100 End. The $3,100 amount could represent which of the following? A) Purchase
6) Below is the company's Cash T-account, Cash Bee 1,200 5.200 3,300 3.100 End. The $3,100 amount could represent which of the following? A) Purchase of supplies on account B) Ending balance of cash. C) Payment for salaries or various expenses. D) Collection from customers. 7) A company received an order from a customer in June for services to be provided. Those services were provided in July, and the customer paid the full amount in August. According to the revenue recognition principle, in which month should the company record revenue? A) June B) July C) August. D) Evenly over the three months. 8) On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co, record on December 31, 20212 A) Debit Rent Expense and credit Cash for $18,000. B) Debit Rent Expense and credit Prepaid Rent for $18,000. C) Debit Prepaid Rent and credit Rent Expense for $6,000. D) Debit Rent Expense and credit Prepaid Rent for $6,000. 9) PrimeFlix sells one-year online subscriptions for viewing classic movies. Customers are required to pay for the subscription at the beginning of the subscription period. On April 1, 2021, total sales of one-year subscriptions are $12,000. What adjusting entry does PrimeFlix need to record on December 31, 2021? A) Debit Deferred Revenue and credit Service Revenue for $9,000. B) Debit Deferred Revenue and credit Service Revenue for $12,000. C) Debit Service Revenue and credit Deferred Revenue for $9,000. D) Debit Service Revenue and credit Deferred Revenue for $12,000. 10) The Deferred/Unearned Revenue account is shown in which statement? A) Income statement. B) Statement of cash flows C) Balance sheet. D) Statement of stockholders' equity. Versic ENTER
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