6 Carolina Mills purchased $270,000 in supplies this year The supplies account increased by $29,000 during the year to an ending balance of $60,000 What was supplies expense for Carolina Mills during the year a $241,000 b $299,000 c $357,000 d $183,000 7 Yummy Foods purchased a two year fire and extended coverage insurance policy on August 1, 2016, and charged the $4,080 premium to Insurance expense At its December 31, 2016, year end, Yummy Foods would record which of the following adjusting entries a Prepaid insurance 3,230 Insurance expense 3,230 b Insurance expense 850 Prepaid insurance 3,230 Insurance payable 4,080 c Insurance expense 850 Prepaid insurance 850 d Prepaid insurance 850 Insurance expense 850 8 The employees of Neat Clothes work Monday through Friday Every other Friday the company issues payroll checks totaling $39,000 The current pay period ends on Friday, July 3 Neat Clothes is now preparing quarterly financial statements for the three months ended June 30 What is the adjusting entry to record accrued salaries at the end of June a Prepaid salaries 11,700 Salaries payable 11,700 b Salaries expense 27,300 Salaries payable 27,300 c Salaries expense 7,800 Salaries payable 7,800 d Salaries expense 27,300 Prepaid salaries 11,700 Salaries payable 39,000 9 Mama's Pizza Shoppe borrowed $7,400 at 12 interest on May 1, 2016, with principal and interest due on October 31, 2017 The company's fiscal year ends June 30, 2016 What adjusting entry is necessary on June 30, 2016 a No entry b Interest expense 148 Interest payable 148 c Interest expense 296 Interest payable 296 d Prepaid interest 148 Interest payable 148 10 On September 15, 2016, Oliver's Mortuary received a $2,400, nine month note bearing interest at an annual rate of 6 from the estate of Jay Hendrix for services rendered Oliver's has a December 31 year end What adjusting entry will the company record on December 31, 2016 a Interest receivable 144 Interest revenue 42 Cash 102 b Interest receivable 42 Notes receivable 42 c Interest receivable 42 Interest revenue 42 d Interest receivable 102 Interest revenue 102

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6. Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $29,000 during the year to an ending balance of $60,000. What

Carolina Mills purchased $270,000 in supplies this year. The supplies account increased by $29,000 during the year to an ending balance of $60,000. What was supplies expense for Carolina Mills during the year?

a. $241,000.

b. $299,000.

c. $357,000.

d. $183,000.

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2016, and charged the $4,080 premium to Insurance expense. At its December 31, 2016, year-end, Yummy Foods would record which of the following adjusting entries?

Prepaid insurance	3,230
Insurance expense		3,230

Insurance expense	850
Prepaid insurance	3,230
Insurance payable		4,080

Insurance expense	850
Prepaid insurance		850

Prepaid insurance	850
Insurance expense		850

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $39,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June?

Prepaid salaries	11,700
Salaries payable		11,700

Salaries expense	27,300
Salaries payable		27,300

Salaries expense	7,800
Salaries payable		7,800

Salaries expense	27,300
Prepaid salaries	11,700
Salaries payable		39,000

Mama's Pizza Shoppe borrowed $7,400 at 12% interest on May 1, 2016, with principal and interest due on October 31, 2017. The company's fiscal year ends June 30, 2016. What adjusting entry is necessary on June 30, 2016?

a. No entry.

Interest expense	148
Interest payable		148

Interest expense	296
Interest payable		296

Prepaid interest	148
Interest payable		148

10.

On September 15, 2016, Oliver's Mortuary received a $2,400, nine-month note bearing interest at an annual rate of 6% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2016?