Murphy Company sublet a portion of its warehouse for five years at an annual rental of $75,000, beginning on May 1, 2017. The tonant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rent Revenue. Murphy reports on a calendar-year basis. The adjustment on December 31, 2017 for Murphy should be a. No entry b. Unearned Rent Revenue 25,000 Rent Revenue 25,000 O. Rent Revenue 25,000 Unearned Rent Revenue 25,000 d. Unearned Rent Revenue 50,000 Revenue Revenue 50,000 D 13 During the first year of Wikinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28.800 were purchased. Actual year-end supplies amounted to $6,500. The adjusting entry for store supplies will a. Increase net income by $22,200 b. Increase expenses by $22.200. 0. decrease supplies by $8,600, d. debit Accounts Payable for $6,600, Big Mouth Frog Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a a debit of $85.000 b. debit of $130,000 c. credit of $85.000 d credit of $130,000 Which one of the following statements is true FOB destination means the buyer has legal tide to the goods while they are in transit FOB shipping point means the seller hassle to the goods while they are in transit FOB destination means the selber has legal title to the goods until they reach the buyer's place of 4. FOB shipping pon means the per quires legal tide to the goods when they reach bus place of business 14