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Need answer to all the multiple choices please. he month, 1. At March 1, 2010, Jupiter Corp, had supplies on hand of $500. During t
Need answer to all the multiple choices please.
he month, 1. At March 1, 2010, Jupiter Corp, had supplies on hand of $500. During t Jupiter purchased supplies of $1,200 and used supplies of $1,500. The March 31 adjusting journal entry should include a A) debit to the supplies account for $1,500. B) credit to the supplies account for $500 C) debit to the supplies account for $1,200. D) credit to the supplies account for $1,500. 2. The balance in the Prepaid Rent account before adjustment at the end of the year is S15,000, which represents three months' rent paid on Decemberl. The adjusting entry required on December 31 is to A) debit Rent Expense, $5,000; credit Prepaid Rent, $5,000. B) debit Rent Expense, $10,000; credit Prepaid Rent $10,000. C) debit Prepaid Rent, $5,000; credit Rent Expense, $5,000. D) debit Prepaid Rent, $10,000, credit Rent Expense, $10,000. 3Julian Junkets has the following inventory information. July Beginning Inventory 10 units at $90 60 units at $84 40 units 30 units at $87 28 units 5 Purchases s Sale 14 Sale 21 Purchases 30 Sale Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? A. 5,796 B. 2,778 C. 2,748 D. 2,754 Julian Junkets has the following inventory information. July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 10 units at $90 60 units at $84 40 units 30 units at $87 28 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? A. 5,796 B. 2,772 C. 2,754 D. 2,748 . Unearned revenue is classified as A) an asset account. B) a revenue account. C) a contra-revenue account. D) a liability Step by Step Solution
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