ABC INC Trial Balance December 31, 2008 DR CR Cash Accounts Reccivable Prepaid Insurance Equipment Accumulated Depreciation - Equipment Uncarned Revenuc Notes Payable Retained Earnings Common Stock Fee Revenue Salaries Expense Supplics Expense Interest Expense S 28,400 12,500 7,200 25,000 S 800 6,000 7,950 5,000 29,000 39,000 13,200 950 500 87,750 28. At December 31,there were $400 of supplies on hand. The adjusting entry on December 31, 2008 is a: a. debit to Supplies and a credit to Cash b. debit to Supplies and a credit to Supplies Expense c. debit to Supplies Expense and a credit to Cash d. debit to Supplies Expense and a credi to Supplies e. None of the above 29. Refer to the previous question. The amount of the entry is: 30. The Equipment was purchased on September 1, 2007. It has a useful life of ten years and an estimated salvage value of S1,000. ABC uses the straight-line method of depreciation. The adjusting entry at December 31, 2008 would include a a. credit to Accumulated Depreciation -Equipment for $800. b. credit to Accumulated Depreciation -Equipment for $2,400 c. debit to Depreciation Expense -Equipment for S800 d. credit to Equipment for $2,400 e. none of the above 31. Refer to the previous question. The adjusted balance in Accumulated Depreciation--Equipment on December 31, 2008 32. Refer to question #31. At what amount will the Equipment be reported on the financial statements for the year ended 33. On May 1, 2008, ABC Inc. paid for $7,200 for a one year insurance policy. The adjusting entry on December 3, 2008 after the adjusting entry is: December 31,2008? a. debit to Insurance b. debit to Insurance Expense and a credit to Prepaid Insurance c. debit to Prepaid Insurance and a credit to Cash d. debit to Prepaid Insurance and a credit to Insurance Expense e. none of the above Expense and a credit to Cash 34. Refer to the previous question. The amount of the entry is: 35. On December 1, 2008, ABC received $6,000 in advance for services to be performed over the next 12 months. The adjusting entry on December 31, 2008 is a: a. debit to Cash and a credit to Unearned Revenue b. debit to Fec Revenue and a credit to Unearned Revenue c. debit to Unearned Revenue and a credit to Cash d. debit to Unearned Revenue and a credit to Fee Revenue e. None of the above 36. Refer to the previous question. The amount of the adjusting entry is