9 A $330 credit to Supplies was credited to Revenue by mistake. By what amounts are the accounts under-or overstated as a result of this error? 8 01:54:37 Multiple Choice Supplies, understated $330; Revenue, overstated $330. Supplies, understated $660; Revenue, overstated $330. Supplies, overstated $330; Revenue, overstated $330. Supplies, overstated $330; Revenue, understated $330. Supplies, overstated $660; Revenue, understated $330. 10 On May 31, the Cash account of Tesla 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? 01:54:30 Multiple Choice A $0 balance. o A $7,300 debit balance. A $7,300 credit balance. A $5,900 debit balance. A $5,900 credit balance. 11 At the beginning of the current year, Snell Company's total assets were $250,600 and its total liabilities were $172,900. During the year, the company reported total revenues of $93,000 and total expenses of $81,000. There were no other changes in total equity during the year, and total assets at the end of the year were $262,600. The company's debt ratio at the end of the current year is: X 01:54:26 Multiple Choice O 68.0%. O 65.8%. O 35.0% o 53.0%. 146.0%. O 12 A bookkeeper has debited an asset account for $6,900 and credited a liability account for $3,700. Which of the following would be an incorrect way to complete the recording of this transaction: 8 01:54:21 Multiple Choice Credit another asset account for $3,200. Credit another liability account for $3,200. Credit a revenue account for $3,200. Debit another asset account for $3,200. All of the following are correct ways to complete the recording of this transaction. 13 Ted Catering received $940 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. 8 01:54:15 Multiple Choice Debit Credit Account Title Unearned Revenue Catering Revenue 940 940 Account Title Credit Debit 940 Cash Accounts Receivable 940 Account Title Credit Debit 940 Cash Unearned Revenue 940 O Credit Account Title Cash Catering Revenue Debit 940 940 Credit Account Title Accounts Receivable Catering Revenue Debit 940 940 14 On January 1 of the current year, Jimmy's Sandwich Company reported total equity of $131,000. During the current year, total revenues were $112,000, while total expenses were $121,500. No other changes in equity occurred during the year. The change in total equity during the year was: & 01:54:11 Multiple Choice A decrease of $9,500. An increase of $25,500. An increase of $46,500. O A decrease of $46,500. An increase of $81,000. 15 At the end of its first month of operations, a company reported Revenue of $37,600. It also reported Wages Expense, $6,200; Rent Expense, $5,200; and Utilities Expense, $1,100. Calculate net income reported on the income statement at month-end. 8 01:54:06 Multiple Choice $5,200 $30,300 $7,300 $25,100 $19,900 The following transactions occurred during July: 16 1. Received $1,080 cash for services provided to a customer during July. 2. Collected $5,600 cash for services previously completed in June. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $555. 5. Borrowed $7,800 from the bank by signing a promissory note. 6. Received $1,430 cash from a customer for services to be performed next year. 2 01:54:02 What was the amount of revenue for July? Multiple Choice O $1,080. O $1,635 O $3,065. $3,995 O O $16,840. A company paid $26,000 in dividends during the current year. The entry needed to close the dividends account is: 17 Multiple Choice 8 01:53:57 Debit Dividends and credit Retained Earnings for $26,000. Debit Retained Earnings and credit Dividends for $26,000. Debit Dividends and credit Cash for $26,000 Debit Income Summary and credit Cash for $26,000. Debit Income Summary and credit Dividends for $26,000