A: Multiple Choice (10 marks) 1) During a fiscal period, a business suffered a loss of $12 000, began the period with a capital balance of $20 000, and ended with a capital balance of ($2 000). The drawings for the fiscal period were: a) $10 000 b) $9.000 c) $5 000 d) $34.000 2) Using the Straight Line method, how much is the Depreciation Expense per year of a Printer Press if the Historical Cost is $15,000 with a salvage value of $5,000, and a total useful life of 5 years: a) $5 000 b) $3000 c) $2.000 d) None of the above 3) The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period and, as a result the: a) Supplies account is overstated (too high) b) Total expenses were understated (too low) c) Net income was overstated (too high) d) All of the above 4) Which of the following accounts is not closed out at the end of the accounting period? a) Salaries b) Accounts Receivable c) Bank Charges Expense d) Automobile Repairs 5) A two year insurance policy purchased for $880 on July 1, 2022. What is the net value of the policy on January 1st, 2023 (2 marks). a) $220 b) $440 c) $660 d) $280 6) A 5 year lease (rent) was paid in full at a cost of $100 000 on January 1st, 2022. What is the amount of the adjusting entry needed for a 3-month accounting period ending March 31st, 2022. (2 marks) a) $100 000 b) $20 000 c) $5.000 d) $1 666.67 7) An asset was purchased on January 1st, 2022 for $5,500 and is to be depreciated at 20% 1 year. What would the Book Value of the asset be on December 31st, 2024. (2 marks) a) $3,520 b) $3,300 per c) $2,816 d) $2,200 Part 1B: True or False (5 marks) 1) The Capital Cost Allowance Chart shows the minimum % you can depreciate a fixed asset. 2) The first two entries in the Income Summary account are the same as the subtotals of the income statement section of the worksheet. 3) The second closing entry transfers the balances in the expense accounts to the Income Summary account.. 4) The Income Summary account is not closed out if a loss occurs. 5) A contra-asset account such as Accumulated Depreciation will likely have a Debit balance