Question
CAN SOMEONE HELP ME WITH THESE PLEASE ITS URGENT When completing a bank reconciliation, outstanding checks should be: added to the balance per bank statement.
CAN SOMEONE HELP ME WITH THESE PLEASE ITS URGENT
When completing a bank reconciliation, outstanding checks should be:
added to the balance per bank statement. | ||
deducted from the balance per bank statement. | ||
added to the balance per books. | ||
deducted from the balance per books. |
2.
A writeoff of an account under the direct write-off method would cause total current assets to be:
smaller | ||
larger | ||
unknown. | ||
unchanged.
|
3.
At the end of its first year of operations, after adjustments were properly recorded, White, Inc. had the following adjusted account balances:
Prepaid Rent 2,000 Accumulated Depreciation-Trucks 6,000
Insurance Expense 4,000 Interest Expense 4,000
Supplies Expense 8,000 Accounts Receivable 39,000
Accounts Payable 11,000 Unearned Revenue 1,000
Service Revenue 160,000 Prepaid Insurance 2,000
Trucks 66,000 Wages Expense 92,000
Wages Payable 5,000 Depreciation Expense 6,000
Dividends 3,000 Common Stock 45,000
Interest Revenue 2,000 Cash 4,000
Each of these accounts has the normal debit or credit balance.
In preparing the closing entries, the DEBIT to the Income Summary account and credit to Retained Earnings to transfer net income to Retained Earnings will be:
$ 160,000 | ||
$ 162,000 | ||
$ 46,000 | ||
$ 48,000 | ||
None of the above |
4.
-
Office equipment was purchased on January 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. Given January 2004 net income of $2,750 before adjustments, compute net income or loss from January operations after the necessary adjusting entry is made for depreciation.
$2,700 net income.
$2,150 net income.
$1,800 net income.
$1,250 net income.
None of the above.
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