7. On May 31, the Cash account of Bottles R Us had a normal balance of $6,600. During May, the account was debited for a total of $13,800 and credited for a total of $13,100. What was the balance in the Cash account at the beginning of May?

a. A $0 balance

b. A $7,300 debit balance

c. A $7,300 credit balance

d. A $5,900 debit balance

e. A $5,900 credit balance

8. The following transactions occurred during July: Received $1,090 cash for services provided to a customer during July.

Received $5,800 cash investment from Bob Johnson, the stockholder of the business.

Received $940 from a customer in partial payment of his account receivable which arose from sales in June.

Borrowed $7,900 from the bank by signing a promissory note.

Received $1,440 cash from a customer for services to be rendered next year.

Provided services to a customer on credit $565. What was the amount of revenue for July?

a. $1,090

b. $1,655

c. $3,095

d. $4,035

e. $17,170

9. A companys December 31 work sheet for the current period appears below. Based on the information provided, what is the net income for the current period? Unadjusted Trial Balance Adjustments Debit Credit Debit Credit Cash $985 Prepaid Insurance $3,610 $160 Supplies $190 $80 Equipment $10,330 Accounts Payable $1,150 Unearned fees $4,510 $385 Common Stock $9,230 Dividends $1,660 Fees earned $5,860 $385 $310 Rent expense $1,510 Salaries expense $2,110 $325 Utilities expense $355 Insurance expense $160 Supplies expense $80 Depreciation expense - equipment $200 Accumulated depreciation - equipment $200 Salaries payable $325 Accounts receivable $310 Totals $20,750 $20,750 $1,460 $1,460

a. $1,460

b. $1,815

c. $1,885

d. $1,590

e. $1,406