IBIU - ab x x Al- AD Find - 1 No Spac... Heading 1 Heading 2 Title 1 Normal Replace Select- Font Dict 1. ..2. . Paragraph ..5.. ..6.. . 3.. ..4-. Styles . 7 5 . Editing Voic E Debit Uneared Legal Fees and credit Accounts Receivable 29. On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 317 A. $1,350.00 B. $450.00 C. 51,012.30 D. $337.50 E. 53750 34. In the process of completing a worksheet, you determine that the income Statement debit calme totals 583,000, while the Income Statement credit column totale 565,000. To set income (or et loss) for the period into the worksheet would require an entry to A. the Adjustments debit com and the Adjustments credit column B. the Unadjusted Trial Balance debit column and the Adjustments credit comme C. it is not practical to enter Net Income (or Net Loss) on the worksheet D. the Balance Sheet & Statement of Owner's Equity debit calm and the Income Statement credit column E the Income Statement debit column and the Balance Sheet & Statement of Owner's Equity credit coluna 30. A company purchased a new truck at a cost of 542,000 on July 1. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the truck during the first year anded December 31 A $3,250 B. $3.500 C. $4,000 D36.500 E $7,000 35. The special account used only in the closing process to temporarily hold the amounts of resmen and expenses before the set difference is added to ar subtracted from the one's capital account is the A. Income Summary account B. Closing account C Balance column account D. Contra account E Nominal account the c enter 31. Another name for temporary accounts 15: A Real account B. Contra accounts C Accrued accounts D. Balance column CCOLLES E Nominal accounts 36. Aw, the proprietor of Awn Services withdrew $8,700 to the business as The entry to close the withdrawals account at the end of the years A Debit . Aw. Withdrawals 53,700; credit Cash 38,700 B. Debit A , Capital 55 700, credit 1. Aun Withdrawals 58,700 C. Debit 1. Aun Withdrawals 33,700, credit Awn, Capital 55,700 D. Debit . Aun Capital 58.700, credit Salary Expense 58,700 E. Debit aceae Summary 58.700: credit T. A . Capital 58.700 2 The following information is available for the Team Travel Agency will be the balance in the Tay Travis, Capital account these closing what 32. Closing entries are required. af management has decided to cete operating the business Bonly if the company adheres to the accrual method of accounting Cif a company's bookkeeper coreets to prepare Trering entries Dif the temporary accounts are to reflect correct amounts for each E in order to satisfy the Internal Revenue Service 09 Coun period Totalte Total expenses. Jay Travis, Capital... Tay Travis. Withdrawal $125.000 50,000 90,000 13.000 .. di D'Focus - 3: ere to search OCH