Exam 1 Saved Help Save & Exit Submit 31 On October 1, Vista View Company rented warehouse space to a tenant for $1.400 per month and received $7000 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Uneamed Rent account. The company's annual accounting period ends on December 31 The Unearned Rent account balance at the end of December, after adjustment, should be: 8 01:29:45 Multiple Choice O $7,000 O $1,400 O $5,500 $2,800 O $4.200 28 A company had revenues of $63,000 and expenses of $47750 for the accounting period Dividends of $6,950 were paid in cash during the same period. Which of the following entries could not be a closing entry? 01.29.52 Multiple Choice Debit Retained eamings $6,950, credit Dividends $6.950 Debit Revenues $63.000. credit Income Summary $63.000. Debit Income Summary $15, 250, credit Retained earings $15.250 Debit Income Summary $47750. credt Expenses $47750 Debit Income Summary $63,000 credit Revenues $63.000 27 The credit purchase of a new oven for $5,300 was posted to Kitchen Equipment as a $5,300 debit and to Accounts Payable as a $5.300 debit. What effect would this error have on the trial balance? 0129.00 Multiple Choice The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,300. The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,300 The total of the Debit column of the trial balance will exceed the total of the Credit columna by $10,600. The total of the Credit column of the trial balance will exceed the total of the Debit column by $10.600 The total of the Debit column of the trial balance will equal the total of the credit calumn Midterm Exam 4 The Superior Company acquired a building for $500,000. The building was appraised at a value of $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would require Superior to record the building on its records at $500,000? 20130:46 Multiple Choice Monetary unit assumption Going concern assumption O Measurement Cost principle Business entity assumption Revenue recognition principle 3. Which of the following combinations results does not result in the same amount of net income reported on the income statement? 8 012055 Multiple Choice Total revenues of $80,000 and total expenses of $60,000 Total revenues of $170,000 and total expenses of $150,000 Total revenues of $60,000 and total expenses of $40.000 Total revenues of $70,000 and total expenses of $60,000, Total revenues of $40,000 and total expenses of $20.000 O