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On April 1, Santa Fe, Inc. paid Griffith Publishing Company $1,620 for 36-month subscriptions to several different magazines Santa Fe debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Santa Fe, Inc. after adjustments on December 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustment has been made? Multiple Choice O $1.620 $405 S540 On January 1, a company purchased a five-year insurance policy for $3,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $3,800: credit Cash, 53.800 O Debit Prepaid Insurance, 53.040: credit Insurance Expense. 3,040 Debit Prepaid Insurance, $760, credit Insurance Expense 5760 Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,150. Fragmental collected the entire $9,200 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: Multiple Choice A debit to Rent Revenue and a credit to Cash for $3.450 O A debit to Rent Revenue and credit to Unearned Rent for $3,450 O A debit to Cash and a credit to Rent Revenue for $9.200 A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,246 of supplies on hand. The general ledger balance before any adjustment is $2,060. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice O Debit Supplies Expense 51,246 and credit Supplies $1.246, Debit Prepaid Supplies $814 and credit Supplies Expense $814, Debit Supplies Expense $2,060 and credit Supplies $2.060 The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues Total expenses Retained earnings Dividends $170,000 81,600 108,800 20,400 Multiple Choice $88,400 Tiptoe Shoes had annual revenues of $203,000, expenses of $112,700, and dividends of $25,200 during the current year. The metained earnings account before closing had a balance of $315,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained earnings $315,000 credit Income Summary $315,000 Debit Retained earnings $65,100; credit Income Summary $65,100 Debit Income Summary $65,100, credit Retained earnings $65,100 For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during the year. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends account? Multiple Choice Debit Income Summary $56,000 credit Retained earnings $56,000. Debit Retained earnings $56.000; credit Dividends $56,000 Debit Retained earnings 596,000: credit Income Summary 596,000. 11 After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $39,000. The entry to close the income summary account will be Multiple Choice Debit Dividends $39,000 credit Income Summary $39,000, O Debit Income Summary $39.000; credit Dividends $39,000 Debit Income Summary $39.000, credit Retained earnings $39.000