financial accounting

Question 11 (1 point)

Of the following statements, how many are true:

The normal balance of the "dividends" account is a debit

The normal balance of the "accrued income" account is a debit

The normal balance of the "accumulated depreciation - car" account is a debit balance

The normal balance of the "prepaid insurance" account is in debit

Options for question 11:

a)1

b)3

c)4

d)2

Question 12 (1 point)

A company has the following goods on hand:

March 1 (beginning inventory): 300 units at $9 per unit

March 4 (purchase): 200 units at $10 each

On March 5, it sold 400 units at $17 each.

The weighted average unit cost to be used to calculate the cost of goods sold on March 5, in a perpetual inventory system, is as follows

Options from question 12:

a)9.6 $

b)9.4 $

c)17 $

d)9 $

Question 13 (1 point)

ABC Company's accounting records show purchases of $9,000 in 2022. A physical count of inventory as of December 31, 2022, showed ending inventory of $4,000. The beginning inventory for 2022 was $5,000. The cost of goods sold in 2022 is :

Options from question 13:

a)10 000 $

b)9 000 $

c)4 000 $

d)5 000 $

Question 14 (1 point)

XYZ Company received $12,000 in cash on August 1, 20X7 for one year of prepaid rent and recorded the transaction as a credit to the income statement "rental income." The adjusting entry at December 31, 20X7 is as follows

Options from question 14:

a)debit "rental income" $7,000 and credit "deferred rental income," $7,000.

b)debit "deferred rental income" $5,000 and credit "rental income" $5,000.

c)debit "cash" $7,000 and credit "deferred rental income" $7,000.

d)debit "rental income" $5,000 and credit "deferred rental income" $5,000.

Question 15 (1 point)

On November 01, 2023, IGREG renews its insurance policy for a period of 2 years. The total cost of the insurance policy is $42,000 paid in full when the new contract is signed. On November 01, 2023, IGREG recorded the insurance policy in the "Prepaid insurance" account. On December 31, 2023, in IGREG's journal, it should :

Options from question 15:

a)Debit "Prepaid Insurance" for $3,500 and credit "Insurance" for $3,500

b)Debit "Insurance" for $3,500 and credit "Cash" for $3,500

c)Debit "Insurance" for $3,500 and credit "Prepaid Insurance" for $3,500

d)Debit "Prepaid Insurance" for $5,250 and credit "Insurance" for $5,250