HELP WITH THESE QUESTIONS:

1.The accounting equation for Bear Enterprises is as follows:

Assets	=	Liabilities	+	Stockholders' Equity
$240,000	=	$120,000	+	$120,000

If the company now prepays rent of $18,000 for the next six months, the accounting equation will change to:

Select one:

A.

Assets		Liabilities		Stockholders' Equity
$258,000	=	$138,000	+	$120,000

B.

Assets		Liabilities		Stockholders' Equity
$240,000	=	$138,000	+	$102,000

C.

Assets		Liabilities		Stockholders' Equity
$240,000	=	$120,000	+	$120,000

D.

Assets		Liabilities		Stockholders' Equity
$276,000	=	$138,000	+	$138,000

2.

The post-closing trial balance shows amounts for:

Select one:

A. All accounts that were closed during the closing procedures

B. Balance sheet accounts only

C. All general ledger accounts

D. Income statement accounts only

3.Chet Company paid $52,800 for a four-year insurance policy on September 1 and recorded the $52,800 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Chet make on December 31, the end of the accounting period (no previous adjustment has been made)?

Select one:

A.

Prepaid Insurance

48,400

Insurance Expense

48,400

B.

Insurance Expense

4,400

Prepaid Insurance

4,400

C.

Prepaid Insurance

4,400

Insurance Expense

4,400

D.

Insurance Expense

13,200

Prepaid Insurance

13,200

4.

A financial statement either presents information covering a period of time (for example, a month, a quarter, or a year) or it presents information as of a particular date (for example, as of December 31, 2016). Which of the following financial statements presents information as of a particular date?

Select one:

A. Balance sheet

B. Income statement

C. Statement of retained earnings

D. Both the balance sheet and the income statement

E. None of the above

5.Which one of the following will never appear on a post-closing trial balance?

Select one:

A. Unearned revenue

B. Rent expense

C. Common stock

D. Retained earnings

6.If a company paid off $200,000 of its accounts payable, the effect of this transaction as reflected in the accounting equation are:

Select one:

A. Total assets and total liabilities decrease

B. Total assets decrease and total liabilities increase

C. Total assets, total liabilities and stockholders' equity are all unchanged

D. Total assets and total liabilities increase