HUJUSully we Albums 3 25 120 O K C Company collected $8,400 in May of 2010 for 4 months of service which would take place from October of 2010 through January of 2011 The revenue reported from this transaction during 2010 would be a 0 b $6,300 C $8,400 d $2,010 Ans b,50 5,BTAP, Difficulty Medium, TOT 4 min , MACSB Analytic, AICPA BB None, AICPA FN Reporting, AICPA PC Problem solving 121 Turner Company collected $6,500 in May of 2010 for 5 months of service which would take place from October of 2010 through February of 2011 The revenue reported from this transaction during 2010 would be a $0 b $3,900 6 $6,500 d $2,600 Ans b, SOS, BT AP, Difficulty Medium, TOT 4 min, AACSB Analytic, AICPA BB None, AICPA FN Reporting, AICPA PC Problem solving 122 Niagara Corporation purchased a one year Insurance policy in January 2010 for $66,000 The insurance policy is in effect from March 2010 through February 2011 If the company neglects to make the proper year end adjustment for the expired insurance a Net Income and assets will be understated by $55,000 b Net income and assets will be overstated by $55,000 c Net income and assets will be understated by $11,000 d Net income and assets will be overstated by $11,000 Ans b, SO 5, BT AP, Diculty Medium, TOT 4 min, AACSB Analytic, AICPA BB None, AICPA FN Reporting, AICPA PC Problem solving 123 James Corporation purchased a one year insurance policy in Janualy 2010 for $48,000 The insurance policy is in effect from May 2010 through April 2011 if the company neglects to make the proper year end adjustment for the expired insurance a Net income and assets will be understated by $32,000 b Net income and assets will be overstated by $32,000 c Net income and assets will be understated by $16,000 d Net income and assets will be overstated by $16,000

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HUJUSully we Albums 3   25 120 O K C  Company collected $8,400 in May of 2010 for 4 months of service which would take place from October of 2010 through January of 2011  The revenue reported from this transaction during 2010 would be   a  0  b  $6,300  C  $8,400  d  $2,010  Ans  b,50 5,BTAP, Difficulty  Medium, TOT 4 min , MACSB  Analytic, AICPA BB  None, AICPA FN  Reporting, AICPA PC  Problem solving 121  Turner Company collected $6,500 in May of 2010 for 5 months of service which would take place from October of 2010 through February of 2011  The revenue reported from this transaction during 2010 would be a  $0  b  $3,900  6 $6,500  d  $2,600 Ans  b, SOS, BT AP, Difficulty  Medium, TOT 4 min, AACSB  Analytic, AICPA BB  None, AICPA FN Reporting, AICPA PC  Problem solving 122  Niagara Corporation purchased a one year Insurance policy in January 2010 for $66,000  The insurance policy is in effect from March 2010 through February 2011  If the company neglects to make the proper year end adjustment for the expired insurance a  Net Income and assets will be understated by $55,000  b  Net income and assets will be overstated by $55,000  c  Net income and assets will be understated by $11,000  d  Net income and assets will be overstated by $11,000 Ans  b, SO 5, BT  AP, Diculty  Medium, TOT 4 min, AACSB  Analytic, AICPA BB  None, AICPA FN  Reporting, AICPA PC  Problem solving 123 James Corporation purchased a one year insurance policy in Janualy 2010 for $48,000  The insurance policy is in effect from May 2010 through April 2011  if the company neglects to make the proper year end adjustment for the expired insurance a  Net income and assets will be understated by $32,000  b  Net income and assets will be overstated by $32,000  c  Net income and assets will be understated by $16,000  d  Net income and assets will be overstated by $16,000

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HUJUSully we Albums 3 - 25 120 O.K.C. Company collected $8,400 in May of 2010 for 4 months of service which would take place from

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