Family Farms Company owns an tractor which was purchased for $91000. The Accumulated Depreciation on the tractor is $61,500. The book value of the tractor is Multiple Choice ! o O SIS2500 o 591 o O soo o QH12A On August 1, 2019, a firm purchased a 1 year insurance policy for $4,800 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is Multiple Choice O $2.000 O $2,000 $4,800 o $1600 3 On October 1, 2019, Spy Magazine received $60,600 in cash for subscriptions covering one year, recording the entry as a debt to Cash and a credit to Uneamed Subscriptions. The correct adjusting entry at December 31, 2019, is 1 Multiple Choice (8 00156 O Debt Uneamed Subscriptions $15.950, credit c on income 55150 0 Debit Subscriptions income $15,50 Credit Unearned Sub 16.50 0 O Debt U rned bacon i credit tons Income 55.050 0 i tions come 160.600 Deba Uneamed Subscoton 560100. cred On the financial statements prepared at the end of an accounting period, the merchandise inventory is shown as 4. Multiple Choice an addition to capital on the statement of owner's equity an asset on the balance sheet O revenue on the income statement C i ty on the balance sheet Help Seve El Submit The Supplies account has an unadjusted balance of $3,176. A year-end inventory shows $1742 worth of supplies left at the end of the year. The correct adjusting entry is: Multiple Choice debit Supplies Expense $1434 Credit Supplies 51454 O debt Supplies Expense $142 credit Prepaid Supplies $142 o debit Supplies Expense $3176 Credit Supplies $3176 debt Supplies $1434. credit Supplies Expense $1434 Samuel Arden Company pays weekly wages of $20,000 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is: Multiple Choice o O debt Wages Expense $12.000 credit Wages Pay $12.000 o O debit Wages Expense 88.000 credit Cash $1,000 o O debt Wages Expense 58.000, credit Drawing 58.000 o debt Wages Expense $8,000 credit Wages Payable 8.000 On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1500 from a customer with an overdue balance. The accrued vierest recorded for this note for the year ended December 31, 2019, is If a company uses the periodic Inventory system, purchases of merchandise de Multigle Choice 0 credited to Merchandise Inventory 0 credited to Sales O debited to Purchases 0 debted to Merchandise Inventory On January 1 2019.a fem purchased machinery for $19.500 Depreciation expense for the year ending December 31, 2012, given the str and a salvage value of $3,500, aine method, a 5 year use . Maple Choice 52, o o o of Os,900 O nsoo Identify the statement below that is true regarding the Allowance for Doubtful Accounts account 10 Multiple Choice points 8 00: 49 0 The account has a normal debit balance and reported on the income teme O The account has a normal debit balance and is reported on the balance sheet 0 O The account has a normal credit balance and is reported on the balance sheet 0 The account has a normal credit balance and is reported on the income stateme