I

Chase Company rents space to a tenant for $2,600 per month. The tenant currently owes rent for November and December. The tenant has agreed to pay the November, December, and January rents in full on January 15 and has agreed not to fall behind again. The adjusting entry needed on December 31 is:

Multiple Choice

• Debit Unearned Rent, $2,600; credit Rent Earned, $2,600.

• Debit Rent Receivable, $5,200; credit Rent Earned, $5,200.

• Debit Unearned Rent, $5,200; credit Rent Earned, $5,200.

• Debit Rent Receivable, $2,600; credit Rent Earned, $2,600.

• Debit Rent Receivable, $7,800; credit Rent Earned, $7,800.

Item10

Item 10

The balances in Labeille Accounting Services' office supplies account on February 1 and February 28 were $1,800 and $250, respectively. If the office supplies expense for the month is $1,900, what amount of office supplies was purchased during February?

Multiple Choice

• $2,050

• $250

• $350

• $3,450

• $1,800

Item11

Item11

A company purchased $9,200 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $460 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:

Multiple Choice

• $8,478.

• $8,924.

• $9,200.

• $8,740.

• $8,524.

Item12

Garza Company had sales of $140,200, sales discounts of $2,100, and sales returns of $3,365. Garza Company's net sales equals:

Multiple Choice

• $5,465.

• $134,735.

• $140,200.

• $138,100.

• $145,665.