Business Advisor, a consulting company, uses reversing entries. On March 31, 2018, the bookkeeper journalized and posted the following adjusting entry to accrue Uslities Expense: lities Expense Utilities Payable 1,000 1,000 mich of the following entries is the correct reversing entry to be prepared on April 1, 2018? 1,000 1,000 1,000 1,000 A. Utilities Expense Accounts Receivable B. Cash Utilities Expense c. Utilities Expense Income Summary D. Utilities Payable Utilities Expense 1.000 1.000 1.000 Click to select your answer. 002 The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $5,000 3,000 2,000 15,500 13,000 12,000 8,500 What amount should be shown for Common Stock on the trial balance? O A. $27,000 O B. $26,000 O C. $13,500 OD. $50,000 Click to select your answer. javascript:doExercise(18): aries are $5.000 per week for five working days and are paid weekly at the end of the day on Fridays. The end of the month falls on a Thursday. The accountant for Sunset, Inc., made the appropriate accrual adjustment and posted ger. The balance of Salaries Payable, as shown on the adjusted trial balance will be a - Assume that there was no beginning balance in the Salanes Payable account) A credit balance of $4.000 B crede balance of $1.000 C. debit balance of $1,000 D. debit balance of $4,000 Click to select your answer 1 2 3 4 5 6 F R T Y U 0 P In regards to a company using a computerized accounting system, which of the following statements is incorrect? O A. The accountant must manually prepare the closing entries. OB. The software identifies the temporary accounts. O C. Closing entries are completed in a matter of seconds. OD. The Retained Earings balance is up-to-date. Click to select your answer. The net income of Hendley, Inc. for the year is $30,000. The dividends declared during the year were $36,000. Which of the following statements is true? O A. Retained Earnings account decreases by $30,000 OB. Retained Earnings account increases by $36,000. OC. Retained Earnings account decreases by $6,000. OD. Retained Earnings will remain the same. Click to select your answer. On September 1, 2018, Salem Landscaping collected $24,000 in advance from customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending Requirements 1. Journalize the entry on September 1 by using the alternative treatment of deferred revenues 2. Record the December 31, 2018 adjusting entry Requirement 1. Journalize the entry on September 1 by using the alternative treatment of deferred revenues. (Record debits first, then credits. Select the explanation on the last line of the journal Date Accounts and Explanation Debit Credit Sept. 1 Requirement 2. Record the December 31, 2018 adjusting entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question esc 49 Which of the following will be categorized as an investing activity on the statement of cash flows? O A. Purchase of land with a mortgage O B. Cash paid for purchase of new machinery O C. Cash received from issuance of shares of common stock OD. Cash paid for purchase of office supplies On August 1, 2018. Floral Design paid 545,000 for store rent covering the nine-month period ending April 30, 2018 Requirements 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses 2. Record the December 31, 2018 adjusting entry Requirement 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. (Record debit first, the credits Select the explanation on the last Date Accounts and Explanation of the Debit Credit Aug. 1 Requirement 2. Record the December 31 adjusting entry (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields nue to the next question vascript dolxercise(53): esc
