I need help with some accounting problems. Please see attachment!

Question1 Which of the following is true of accrual basis accounting and cash basis accounting? A. Cash basis accounting records all transactions. B. Accrual accounting records revenue only when it is earned. C. Accrual accounting is not allowed under GAAP. D. All of the above are true. Question2 Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now Get Fit Now collects the $540 in advance and will provide the training later. After four training sessions, what should Get Fit Now Get Fit Now report on its income statement assuming it uses the accrual basis accounting method? A. Service revenue of $360 B. Service revenue of $540 C. Unearned service revenue of $360 D. Cash of $180 Question3 The revenue recognition principle requires A. time to be divided into annual periods to measure revenue properly. B. revenue to be recorded only after the business has earned it. C. revenue to be recorded only after the cash is received. D. expenses to be matched with revenue of the period. Question4 South Shore Magazine sells subscriptions for $60 for 12 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when South Shore Magazine should record revenue for this situation. b. the amount of revenue South Shore Magazine should record for eight issues. a. South Shore Magazine should record revenue when it collects cash from or it mails magazines to or it receives the order form from the subscribers. Question5 Suppose on January 1 Antonio's Tavern prepaid rent of $6,000 for the full year. At June 30, how much rent expense should be recorded for the period January 1 through June 30? At June 3030, Antonio's Tavern should record $__________ of rent expense. Question6 Which of the following is an example of a deferral (or prepaid) adjusting entry? A. Recording the usage of office supplies during the period. B. Recording salaries expense for employees not yet paid. C. Recording revenue that has been earned but not yet received. D. Recording interest expense incurred on a notes payable not due until next year. Question7 Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) Date Accounts and Explanatio n Debit Credit 0 0 0 0 0 Question8 The adjusted trial balance shows A. assets and liabilities only. B. account balances after adjustments. C. revenues and expenses only. D. amounts that may be out of balance. Question9 First Class Maid Company has journalized the adjusting entries for the period ending December 31, 2016, and posted the adjustments to the following T-accounts. (Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance. First Class Maids Company Adjusted Trial Balance 31-Dec-16 Balance Debit Account Credit Title Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Unearned Revenue Maltos, Capital Maltos, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense\"Equipment Insurance Expense Total Question10 In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations. (Click to view the adjusting entries.) a. Office supplies on hand, $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been earned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for adjusting entries d. and e. (Leave unused cells blank.) Adjustment Not Recorded (a) (b) (c) Balance Sheet Asset Liabilities s Overstated 0 0 0 0 Income Statement Revenue Expense s Understated 0 0 0 0 Equity Overstated 0 0 Question11 Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) a. The company received its electric bill on December 20 for $250 but will not pay it until January 5. (Use the Utilities Payable account.) b. Taylor purchased a three-month boat insurance policy on November 1 for $2,400. Taylor recorded a debit to Prepaid Insurance. c. As of December 31, Taylor had earned $2,500 of charter revenue that has not been recorded or received. d. Taylor's fishing boat was purchased on January 1 at a cost of $76,500. Taylor expects to use the boat for ten years and that it will have a residual value of $6,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Taylor received $8,500 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor has completed the charter. Requirements 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries only at the end of the year. 2. If Taylor had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstated or understated. Date (a) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit And so on Question12 A worksheet A. is a financial statement that reports net income during the period. B. is a ledger listing the account balances and changes in those accounts. C. is an internal document that helps summarize data for the preparation of financial statements. D. is a journal used to record transactions. Question13 The worksheet of Moore's Landscaping Services follows but is incomplete. (Click the icon to view the worksheet.) Moore's Landscaping Services Worksheet 31-Dec-16 Unadjusted Trial Balance Debit Credit $27,500 6,600 Account Names Cash Accounts Receivable Office Supplies 520 Prepaid Rent 2,900 Equipment 55,000 Accumulated Depreciation\"Equipment Trucks 60,000 Accumulated Depreciation\"Trucks Accounts Payable $4,100 Utilities Payable 750 Salaries Payable Interest Payable Unearned Revenue 5,000 Notes Payable 30,000 Moore, Capital 76,670 Moore, 12,000 Withdrawals Service Revenue 90,000 Rent Expense 11,600 Adjustments Debit (h) Adju Tria Deb Credit $2,500 (e) 3,500 (a) 1,450 (b) (a) $380 1,450 (c) 900 (d) 1,000 (f) (g) 5,000 150 (e, h) 6,000 Salaries Expense 25,600 Supplies Expense Utilities Expense 4,800 Depreciation Expense\"Equipment Depreciation Expense\"Trucks Interest Expense Total $206,52 $206,52 0 0 (f) (b) 5,000 380 (c) (d) (g) $14,880 900 1,000 150 $14,880 Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. Moore's Landscaping Services Worksheet 31-Dec-16 Unadjusted Trial Balance Debit Credit $27,500 6,600 Account Names Cash Accounts Receivable Office Supplies 520 Prepaid Rent 2,900 Equipment 55,000 Accumulated Depreciation\"Equipment Trucks 60,000 Accumulated Depreciation\"Trucks Accounts Payable $4,100 Utilities Payable 750 Salaries Payable Interest Payable Unearned Revenue 5,000 Notes Payable 30,000 Moore, Capital 76,670 Moore, 12,000 Withdrawals Service Revenue 90,000 Rent Expense 11,600 Salaries Expense 25,600 Supplies Expense Utilities Expense 4,800 Depreciation Expense\"Equipment Depreciation Expense\"Trucks Adjustments Debit (h) (e) Adju Tria Deb Credit $2,500 (b) (a) $380 1,450 (c) 900 (d) 1,000 (f) (g) 5,000 150 (e, h) 6,000 3,500 (a) (f) (b) 1,450 5,000 380 (c) (d) 900 1,000 Interest Expense Total $206,52 0 $206,52 0 (g) $14,880 150 $14,880 Question14 On August 1, 20162016, Blue Design paid $66,000 for store rent covering the 12-month period ending July 31, 2017. Requirements 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. 2. Record the December 31, 2016 adjusting entry. Requirement 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Aug. 1 Accounts and Explanatio n 0 0 0 0 0 Debit Credit And so on Question15 Friendly Faces Pack'n Mail completed the following transactions during 2016: (Click the icon to view the transactions.) Nov. 1 Paid $7,500 store rent covering the five-month period ending March 31, 2017. Nov. 1 Paid $4,800 insurance covering the six-month period ending April 30, 2017. Dec. 1 Collected $6,000 cash in advance from customers. The service revenue will be earned $1,000 monthly over the six-month period ending May 31, 2017. Dec. 1 Collected $3,900 cash in advance from customers. The service revenue will be earned $1,300 monthly over the three-month period ending February 28, 2017. Read the requirements 1 Journalize the transactions assuming that Friendly Faces debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related adjusting entries at December 31, 2016. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) 4. Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for unearned revenues. 5. Compare the account balances in Requirements 3 and 4. They should be equal. Nov. 1: Paid $7,500 store rent covering the five-month period ending March 31, 2017 Date Accounts Debit Credit and Explanatio n Nov. 1 0 0 0 0 0 Nov. 1 Paid $4,800 insurance covering the six-month period ending April 30, 2017. Dec. 1 Collected $6,000 cash in advance from customers. The service revenue will be earned $1,000 monthly over the six-month period ending May 31, 2017. Dec. 1 Collected $3,900 cash in advance from customers. The service revenue will be earned $1,300 monthly over the three-month period ending February 28, 2017. Question1 Which of the following is true of accrual basis accounting and cash basis accounting? A. Cash basis accounting records all transactions. B. Accrual accounting records revenue only when it is earned. C. Accrual accounting is not allowed under GAAP. D. All of the above are true. Question2 Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now Get Fit Now collects the $540 in advance and will provide the training later. After four training sessions, what should Get Fit Now Get Fit Now report on its income statement assuming it uses the accrual basis accounting method? A. Service revenue of $360 B. Service revenue of $540 C. Unearned service revenue of $360 D. Cash of $180 Question3 The revenue recognition principle requires A. time to be divided into annual periods to measure revenue properly. B. revenue to be recorded only after the business has earned it. C. revenue to be recorded only after the cash is received. D. expenses to be matched with revenue of the period. Question4 South Shore Magazine sells subscriptions for $60 for 12 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when South Shore Magazine should record revenue for this situation. b. the amount of revenue South Shore Magazine should record for eight issues. a. South Shore Magazine should record revenue when it collects cash from or it mails magazines to or it receives the order form from the subscribers. Question5 Suppose on January 1 Antonio's Tavern prepaid rent of $6,000 for the full year. At June 30, how much rent expense should be recorded for the period January 1 through June 30? At June 3030, Antonio's Tavern should record $__________ of rent expense. Question6 Which of the following is an example of a deferral (or prepaid) adjusting entry? A. Recording the usage of office supplies during the period. B. Recording salaries expense for employees not yet paid. C. Recording revenue that has been earned but not yet received. D. Recording interest expense incurred on a notes payable not due until next year. Question7 Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) Date Accounts and Explanatio n Debit Credit 0 0 0 0 0 Question8 The adjusted trial balance shows A. assets and liabilities only. B. account balances after adjustments. C. revenues and expenses only. D. amounts that may be out of balance. Question9 First Class Maid Company has journalized the adjusting entries for the period ending December 31, 2016, and posted the adjustments to the following T-accounts. (Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance. First Class Maids Company Adjusted Trial Balance 31-Dec-16 Balance Debit Account Credit Title Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Unearned Revenue Maltos, Capital Maltos, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense\"Equipment Insurance Expense Total Question10 In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations. (Click to view the adjusting entries.) a. Office supplies on hand, $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been earned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for adjusting entries d. and e. (Leave unused cells blank.) Adjustment Not Recorded (a) (b) (c) Balance Sheet Asset Liabilities s Overstated 0 0 0 0 Income Statement Revenue Expense s Understated 0 0 0 0 Equity Overstated 0 0 Question11 Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) a. The company received its electric bill on December 20 for $250 but will not pay it until January 5. (Use the Utilities Payable account.) b. Taylor purchased a three-month boat insurance policy on November 1 for $2,400. Taylor recorded a debit to Prepaid Insurance. c. As of December 31, Taylor had earned $2,500 of charter revenue that has not been recorded or received. d. Taylor's fishing boat was purchased on January 1 at a cost of $76,500. Taylor expects to use the boat for ten years and that it will have a residual value of $6,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Taylor received $8,500 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Taylor has completed the charter. Requirements 1. Journalize the adjusting entries needed on December 31 for Taylor Fishing Charters. Assume Taylor records adjusting entries only at the end of the year. 2. If Taylor had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstated or understated. Date (a) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit And so on Question12 A worksheet A. is a financial statement that reports net income during the period. B. is a ledger listing the account balances and changes in those accounts. C. is an internal document that helps summarize data for the preparation of financial statements. D. is a journal used to record transactions. Question13 The worksheet of Moore's Landscaping Services follows but is incomplete. (Click the icon to view the worksheet.) Moore's Landscaping Services Worksheet 31-Dec-16 Unadjusted Trial Balance Debit Credit $27,500 6,600 Account Names Cash Accounts Receivable Office Supplies 520 Prepaid Rent 2,900 Equipment 55,000 Accumulated Depreciation\"Equipment Trucks 60,000 Accumulated Depreciation\"Trucks Accounts Payable $4,100 Utilities Payable 750 Salaries Payable Interest Payable Unearned Revenue 5,000 Notes Payable 30,000 Moore, Capital 76,670 Moore, 12,000 Withdrawals Service Revenue 90,000 Rent Expense 11,600 Adjustments Debit (h) Adju Tria Deb Credit $2,500 (e) 3,500 (a) 1,450 (b) (a) $380 1,450 (c) 900 (d) 1,000 (f) (g) 5,000 150 (e, h) 6,000 Salaries Expense 25,600 Supplies Expense Utilities Expense 4,800 Depreciation Expense\"Equipment Depreciation Expense\"Trucks Interest Expense Total $206,52 $206,52 0 0 (f) (b) 5,000 380 (c) (d) (g) $14,880 900 1,000 150 $14,880 Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. Moore's Landscaping Services Worksheet 31-Dec-16 Unadjusted Trial Balance Debit Credit $27,500 6,600 Account Names Cash Accounts Receivable Office Supplies 520 Prepaid Rent 2,900 Equipment 55,000 Accumulated Depreciation\"Equipment Trucks 60,000 Accumulated Depreciation\"Trucks Accounts Payable $4,100 Utilities Payable 750 Salaries Payable Interest Payable Unearned Revenue 5,000 Notes Payable 30,000 Moore, Capital 76,670 Moore, 12,000 Withdrawals Service Revenue 90,000 Rent Expense 11,600 Salaries Expense 25,600 Supplies Expense Utilities Expense 4,800 Depreciation Expense\"Equipment Depreciation Expense\"Trucks Adjustments Debit (h) (e) Adju Tria Deb Credit $2,500 (b) (a) $380 1,450 (c) 900 (d) 1,000 (f) (g) 5,000 150 (e, h) 6,000 3,500 (a) (f) (b) 1,450 5,000 380 (c) (d) 900 1,000 Interest Expense Total $206,52 0 $206,52 0 (g) $14,880 150 $14,880 Question14 On August 1, 20162016, Blue Design paid $66,000 for store rent covering the 12-month period ending July 31, 2017. Requirements 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. 2. Record the December 31, 2016 adjusting entry. Requirement 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Aug. 1 Accounts and Explanatio n 0 0 0 0 0 Debit Credit And so on Question15 Friendly Faces Pack'n Mail completed the following transactions during 2016: (Click the icon to view the transactions.) Nov. 1 Paid $7,500 store rent covering the five-month period ending March 31, 2017. Nov. 1 Paid $4,800 insurance covering the six-month period ending April 30, 2017. Dec. 1 Collected $6,000 cash in advance from customers. The service revenue will be earned $1,000 monthly over the six-month period ending May 31, 2017. Dec. 1 Collected $3,900 cash in advance from customers. The service revenue will be earned $1,300 monthly over the three-month period ending February 28, 2017. Read the requirements 1 Journalize the transactions assuming that Friendly Faces debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related adjusting entries at December 31, 2016. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) 4. Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for unearned revenues. 5. Compare the account balances in Requirements 3 and 4. They should be equal. Nov. 1: Paid $7,500 store rent covering the five-month period ending March 31, 2017 Date Accounts Debit Credit and Explanatio n Nov. 1 0 0 0 0 0 Nov. 1 Paid $4,800 insurance covering the six-month period ending April 30, 2017. Dec. 1 Collected $6,000 cash in advance from customers. The service revenue will be earned $1,000 monthly over the six-month period ending May 31, 2017. Dec. 1 Collected $3,900 cash in advance from customers. The service revenue will be earned $1,300 monthly over the three-month period ending February 28, 2017