During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues.On that date, Bravo properly recognized Unearned Revenue.The adjusting entry to record on July 31 includes:

Question 7 options:

a credit to Revenue for $2,000

a debit to Cash for $2,000

a debit to Unearned Revenue for $400

a credit to Unearned Revenue for $400

On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account.At the end of January, Bravo had $600 of these supplies still on hand.The proper adjusting journal entry at January 31 would:

Question 8 options:

include a debit to Accounts Payable for $400

include a debit to Supplies Expense for $600

include a credit to Supplies for $400

include a debit to Supplies for $1,000

During 2018, Towson Company had credit sales of $40,000 and cash sales of $17,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.Towson incurred operating expenses of $57,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end.In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018.The cost of this policy was $9,000.What is Towson's 2018 accrual basis net income or loss?Enter a loss as a negative number.

A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable $50,000,Accounts receivable $60,000, Capital stock $100,000, Cash $55,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $4,700, Inventory $32,000, Note payable $18,000, Prepaid expenses $5,800, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.The note payable balance is due innine months.How much is Charlie's current ratio? (Round your answer to two decimal places.)