December 31

20X8 20X7

Cash $7,995 $ 6,490

Rent Receivable 570 230

Dues Receivable 2,800 2,500

Interest Receivable 310 520

Prepaid Rent 150 250

Supplies 780 260

Prepaid General Expenses 350 510

Available-for-Sale Investments 6,800 8,000

Furniture and Fixtures 7,000 3,600

Accumulated Depreciation on Furniture and Fixtures (1,120) (750)

Total $25,635 $21,610

Accounts Payable (supplies only) $ 1,300 $ 5,200

Rent Payable 890 440

Interest Payable 170 230

Deferred Rent 600 640

Dues Received in Advance 305 100

Unearned Interest 770 300

Accrued General Expenses 250 400

Notes Payable 5,850 4,300

Members Equity 15,500 10,000

Total $25,635 $21,610

Supplemental Information:

Rent revenue in 20X8 $6,300

Cash paid for rent in 20X8 $4,150

Dues revenue in 20X8 $8,750

Cash received for interest in 20X8 $1,940

Purchase of investments in 20X8 $4,000

Loss on sale of investments in 20X8 $ 950

Supplies expense for 20X8 $1,820

All purchases of supplies were on account.

Furniture and fixtures with an original cost of $2,000 and accumulated depreciation of $1,200

were sold for $1,400 in 20X8.

Borrowings of $3,000 were made on notes payable in 20X8.

Cash paid for interest was $1,260 in 20X8.

There were no dividends or other distributions to members.

The only change this year in Members Equity is for the closing of the excess of

accrual basis revenues over accrual basis expenses.

What were furniture and fixture purchases in 20X8?

A. $3,400 B. $4,200 C. $4,800 D. $5,400 E. None of the above.

What was depreciation expense in 20X8?

A. $1,770 B. $1,570 C. $ 670 D. $ 370 E. None of the above.

What were cash payments made on notes in 20X8?

A. $1,450 B. $1,550 C. $3,000 D. $4,300 E. None of the above.

What was interest expense in 20X8?

A. $1,410 B. $1,320 C. $1,200 D. $ 770 E. None of the above

What were general expenses in 20X8?

A. $1,520 B. $1,770 C. $2,120 D. $2,370 E. None of the above.

What were cash payments for general expenses in 20X8?

A. $1,530 B. $1,320 C. $1,180 D. $1,160 E. None of the above.