Account Title Cash Trial Balance Adjustments Adjusted Trial Balance 35,000 Accounts Receivable 21,500 35,000 21,500 Office Supplies 1,300 Prepaid Rent 900 Office Equipment 40,000 Accum. Depr., Ofc. Equip 2,000 Accounts Payable 12,000 J. McCarley, Capital 35,000 Service Revenue Salaries Expense Utilities Expense 79,000 28,000 b.) 500 1,300 a.) 600 700 c.) 700 200 40,000 d.) 1,500 2,000 12,000 35,000 79,000 79,000 28,500 28,500 1,300 1,300 Income Statement Balance Sheet 35,000 21,500 700 200 40,000 3,500 12,000 35,000 128,000 128,000 Office Supplies Expense Salaries Payable Rent Expense Depr. Exp., Office Equip. a.) 600 600 600 b.) 500 500 c.) 700 700 700 d.) 1,500 $3,300 1,500 $3,300 1,500 1,500 $130,000 $130,000 32,600 79,000 97,400 51,000 46,400 46,400 Net Income $79,000 $79,000 97,400 97,400 QUESTION 20 Using the completed worksheet, which of the following entries adequately records the first adjusting entry A. debit: Prepaid Rent 500, credit: Rent Expense 500 B. debit: Rent Expense 500, credit: Prepaid Rent 500 C. debit: Prepaid Rent 2,000, credit: Rent Expense 2,000 D. debit: Rent Expense 2,000, credit: Prepaid Rent 2,000 QUESTION 21 Using the completed worksheet, the entry to close the Service Revenue account is A. debit: Income Summary 2,700; credit: Salaries Expense 2,100, Rent Expense 500, Supplies Expense 100 B. debit: Service Revenue 5,900, credit: Income Summary 5,900 C. debit: M.C. Hamilton, Capital 300; credit: M.C. Hamilton, Withdrawals 300 D. debit: Income Summary 3,200; crediot: M.C. Hamilton, Capital 3,200 QUESTION 22 Using the completed work sheet, the entry to close the withdrawals account is A. debit: Income Summary 2,700, credit: Salaries Expense 2,100, Rent Expense 500, Supplies Expense 100 B. debit: Service Revenue 5,900credit: Income Summary 5,900 C. debit: M.C. Hamiton, Capital 300, credit: M.C. Hamilton, Withdrawals 300 D. debit: Income Summary 3,200, credit: M.C. Hamilton, Capital 3,200 QUESTION 23 The entry to close the expense accounts is A. debit: Income Summary 2,700, credit: Salaries Expense 2,100, Rent Expense 500, Supplies Expense 100 B. debit: Service Revenue 5,900, credit: Income Summary 5,900 C. debit: M.C. Hamilton, Capital 300; credit: M.C. Hamilton, Withdrawals 300 D. debit: Income Summary 3,200, credit: M.C. Hamilton, Capital 3,200 QUESTION 24 Using the completed worksheet, the entry to close the Income Summary account is A. debit: Income Summary 2,700, credit: Salaries Expense 2,100, Rent Expense 500, Supplies Expense 100 B. debit: Service Revenue 5,900, credit: Income Summary 5,900 C. debit: M.C. Hamilton, Capital 300, credit: M. C. Hamilton Withdrawals 300 D. debit: Income Summary 3,200, credit: M.C. Hamilton, Capital 3,200