Estimated useful life in years 5 What is the depreciation to be charged on the asset at the end of the first year in a) Straight-line method (in $ dollars) and b) Double declining method (in percentage)? a. $4,800 & 20% b. $4,800 & 40% c. $5,200 & 20% d. $5,200 & 40% Your Answer: 4. Carefully consider the following revenue received by a business establishment. An Airline company collects ticket revenue six months in advance; A newspaper publisher collects subscription revenue one year in advance; A hotel collects rent revenue three months in advance. From the company's accounting point of view, all these incomes should be considered as a. Prepared Expenditure b. Money Lending c. Revenue from Sales and Services d. Unearned Revenue Your answer: 5. May 25, 2019 cash register reading for Mohammed & Co. LLC shows sales of $15,000 and sales taxes of $750 (sales tax rate of 5%). The CORRECT journal entry for this transaction is: a. Cash A/c Dr. $15,750 To Sales Revenue $15,000 To Sales Tax Payable $750 b. Cash A/c Dr. $15,000 Sales Tax Payable $750 To Sales Revenue $15,750 c. Sales Revenue A/c Dr $15,750 To Sales Tax Payable $750 To Cash $15,000 Your