At December 1, 2020, Sheridan Company's accounts receivable balance was $1950. During December, Sheridan had credit sales of $7060 and collected accounts receivable of $6020. At December 31, 2020, the accounts receivable balance is O $910 debit. $2990 debit. O $2990 credit. O $910 credit Sunland City College sold season tickets for the 2020 football season for $330000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30 will include a debit to Cash and a credit to Ticket Revenue for $82500. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $123750. will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $110000. O is not required. No adjusting entries will be made until the end of the season in November. Sunland Service Shop started the year with total assets of $322000 and total liabilities of $248000. During the year, the business recorded $651000 in revenues, $424000 in expenses, and owner drawings of $60800. The net income reported by Sunland Service Shop for the year was O $166200. O $227000. O $240200. O $248000. As of June 30, 2020, Pharoah Company has assets of $103000 and owner's equity of $38000. What are the liabilities for Pharoah Company as of June 30, 2020? $65000 O $141000 $103000 O $38000 The following information is for Pharoah Real Estate: Cash Prepaid Insurance Pharoah Real Estate Balance Sheet December 31, 2020 $ 25500 Accounts Payable 30000 Salaries and Wages Payable 50700 Mortgage Payable 71200 Total Liabilities 86100 $ 60000 15200 86100 161300 119000 Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $100400 Owner's Capital 372700 (20200) 80200 71300 Total Liabilities and Owner's Equity $534000 $534000 The total dollar amount of assets to be classified as investments is $86100. O $71200. O $157300. O $0. Pharoah's Electronic Repair Shop started the year with total assets of $306000 and total liabilities of $212000. During the year, the business recorded $509000 in electronic repair revenues, $312000 in expenses, and Pharoah withdrew $49300. Pharoah's Owner's Capital balance at the end of the year was $532700. O $241700. O $197000. O $291000. Concord Company purchased a truck from Ivanhoe's Semi Corp. by issuing a 6-month, 12% note payable for $106500 on November 1. On December 31, the accrued expense adjusting entry is 6390 Interest Expense Interest Payable 6390 2130 O No entry is required. O Interest Expense Interest Payable 2130 12780 Interest Expense Interest Payable 12780 The income statement for the year 2020 of Buffalo Co. contains the following information: $68900 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $46700 12600 10500 5500 2500 2200 80000 $ (11100) The entry to close Income Summary to Owner's Capital includes O a credit to Income Summary for $11100. O a credit to Owner's Capital for $11100. O a debit to Revenue for $68900. O credits to Expenses totalling $80000. Sheridan Company purchased equipment for $14400 on January 1, 2020. The company expects to use the equipment for 4 years. It has no salvage value. Monthly depreciation expense on the asset is $3600. $0. $300. O $14400. The following information is for Martinez Real Estate: Cash Prepaid Insurance Martinez Real Estate Balance Sheet December 31, 2020 $ 25500 Accounts Payable 29400 Salaries and Wages Payable 50000 Mortgage Payable 70500 Total Liabilities 84500 $ 61200 14700 86100 162000 120600 Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $101900 Owner's Capital 370800 (20400) 81500 70800 $532800 Total Liabilities and Owner's Equity $532800 The total dollar amount of assets to be classified as current assets is $175400. $189400. $104900. $259900. During 2020, its first year of operations, Swifty's Bakery had revenues of $60500 and expenses of $34700. The business had owner's drawings of $19200. What is the amount of owner's equity at December 31, 2020, if the beginning balance was $-0-? $25800 credit O $19200 debit $6600 credit O $0 At December 1, 2020, Sheridan Company's accounts receivable balance was $1950. During December, Sheridan had credit sales of $7060 and collected accounts receivable of $6020. At December 31, 2020, the accounts receivable balance is O $910 debit. $2990 debit. O $2990 credit. O $910 credit Sunland City College sold season tickets for the 2020 football season for $330000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30 will include a debit to Cash and a credit to Ticket Revenue for $82500. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $123750. will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $110000. O is not required. No adjusting entries will be made until the end of the season in November. Sunland Service Shop started the year with total assets of $322000 and total liabilities of $248000. During the year, the business recorded $651000 in revenues, $424000 in expenses, and owner drawings of $60800. The net income reported by Sunland Service Shop for the year was O $166200. O $227000. O $240200. O $248000. As of June 30, 2020, Pharoah Company has assets of $103000 and owner's equity of $38000. What are the liabilities for Pharoah Company as of June 30, 2020? $65000 O $141000 $103000 O $38000 The following information is for Pharoah Real Estate: Cash Prepaid Insurance Pharoah Real Estate Balance Sheet December 31, 2020 $ 25500 Accounts Payable 30000 Salaries and Wages Payable 50700 Mortgage Payable 71200 Total Liabilities 86100 $ 60000 15200 86100 161300 119000 Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $100400 Owner's Capital 372700 (20200) 80200 71300 Total Liabilities and Owner's Equity $534000 $534000 The total dollar amount of assets to be classified as investments is $86100. O $71200. O $157300. O $0. Pharoah's Electronic Repair Shop started the year with total assets of $306000 and total liabilities of $212000. During the year, the business recorded $509000 in electronic repair revenues, $312000 in expenses, and Pharoah withdrew $49300. Pharoah's Owner's Capital balance at the end of the year was $532700. O $241700. O $197000. O $291000. Concord Company purchased a truck from Ivanhoe's Semi Corp. by issuing a 6-month, 12% note payable for $106500 on November 1. On December 31, the accrued expense adjusting entry is 6390 Interest Expense Interest Payable 6390 2130 O No entry is required. O Interest Expense Interest Payable 2130 12780 Interest Expense Interest Payable 12780 The income statement for the year 2020 of Buffalo Co. contains the following information: $68900 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $46700 12600 10500 5500 2500 2200 80000 $ (11100) The entry to close Income Summary to Owner's Capital includes O a credit to Income Summary for $11100. O a credit to Owner's Capital for $11100. O a debit to Revenue for $68900. O credits to Expenses totalling $80000. Sheridan Company purchased equipment for $14400 on January 1, 2020. The company expects to use the equipment for 4 years. It has no salvage value. Monthly depreciation expense on the asset is $3600. $0. $300. O $14400. The following information is for Martinez Real Estate: Cash Prepaid Insurance Martinez Real Estate Balance Sheet December 31, 2020 $ 25500 Accounts Payable 29400 Salaries and Wages Payable 50000 Mortgage Payable 70500 Total Liabilities 84500 $ 61200 14700 86100 162000 120600 Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Depreciation Trademark Total Assets $101900 Owner's Capital 370800 (20400) 81500 70800 $532800 Total Liabilities and Owner's Equity $532800 The total dollar amount of assets to be classified as current assets is $175400. $189400. $104900. $259900. During 2020, its first year of operations, Swifty's Bakery had revenues of $60500 and expenses of $34700. The business had owner's drawings of $19200. What is the amount of owner's equity at December 31, 2020, if the beginning balance was $-0-? $25800 credit O $19200 debit $6600 credit O $0