On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?

A. A $0 balance

B. A $4,300 credit balance

C. A $5,700 debit balance

D. A $5,700 credit balance

E. A $4,300 debit balance

The following transactions occurred during July:

Received $900 cash for services provided to a customer during July.

Received $2,200 cash investment from Barbara Hanson, the owner of the business.

Received $750 from a customer in partial payment of his account receivable, which arose from sales in June.

Provided services to a customer on credit, $375. Signed a promissory note for a $6,000 bank loan.

Received $1,250 cash from a customer for services to be rendered next year.

What was the amount of revenue for July?

A. $900

B. $1,275

C. $2,525

D. $3,275

E. $11,100

Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $24,000 on December 31. This oversight would:

A. Understate assets by $24,000

B. Understate net income by $24,000

C. Have no effect on net income

D. Overstate assets by $24,000

E. Overstate net income by $24,000

Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:

A. Debit Office Supplies $105 and credit Office Supplies Expense $105.

B. Debit Office Supplies Expense $105 and credit Office Supplies $105.

C. Debit Office Supplies Expense $254 and credit Office Supplies $254.

D. Debit Office Supplies $254 and credit Office Supplies Expense $254.

E. Debit Office Supplies $105 and credit Supplies Expense $254.

ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014, at a monthly rate of $800. This other company paid the entire $6,400 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year-end on December 31, 2014, would include:

A. A debit to Rent Earned for $2,400.

B. A credit to Unearned Rent for $2,400.

C. A debit to Cash for $6,400.

D. A credit to Rent Earned for $2,400.

E. A debit to Unearned Rent for $4,000.