Oto 1 Not yet answered Married out of 2.00 V Flag question Cost of goods available for sale is equal to which of the following Select one: Os Beginning inventory + net purchases - ending inventory O b. Net purchases - ending inventory O c. Beginning inventory + net purchases d. Beginning inventory - ending Inventory O Question 2 Under the periodic inventory system, what is the correct entry to record the cost of the sale of 2 electric guitars sold to a customer at $500 per guitar? (The guitars were originally purchased on credit at $200 each.) Not yet answered Marked out of 2.00 Y has Question Select one: Debit purchases $400; credit inventory $400 b. Debit cost of sales $1000 credit inventory $1000 O c. Debit purchases $1000; credit sales $1000 d. Not one of the options tion 3 Not yet answered Canada Co paid salaries of $300 000 during the year and owes 54 400 for three days work carried out before the 31 December 2020 which will not be paid until 3 January 2021. After the adjusting entry for the year ended 31 December 2020 Marked out of 200 Question Select one: Ostories in the income statement are $300 000 and accrued salaries in the balance sheet are $4 400, b. salaries in the income statement are $304 400 and accrued salaries in the balance sheet are zero, c. salaries in the income statement are $295 600 and accrued salaries in the balance sheet are $4400 di salarios in the income statement are $304 400 and accrued salaries in the balance sheet are $4400 Question 4 Not yet answered Marked out of 200 PF question On 1 July 2019 Canada Traders paid $800, representing a two-year insurance premium. The $600 was initially recorded in the Insurance expense account. After adjustment at 31 December 2020, the close of the annual accounting period: Select one: o insurance expense in the income statement is $450 and prepaid insurance in the balance sheet is $0. b. insurance expense in the income statement is $150 and prepaid insurance in the balance sheet is $450. c. Insurance expense in the income statement is $600 and prepaid insurance in the balance sheet is so d. insurance expense in the income statement is $300 and prepaid insurance in the balance sheet is $150 Question 5 Not yet answered Marked out of 200 On the first day of the year Canada Ltd purchased a truck for $24 000 which is to be depreciated over its useful life of 4 years. At the end of the first year Select one: a depreciation in the income statement is $6 000 and the carrying value of the truck in the balance sheet is $18 000. b. depreciation in the income statement is $6 000 and the carrying value of the truck in the balance sheet is $24 000 c.depreciation in the income statement is $0 and the carrying value of the truck in the balance sheet is $24 000. d. depreciation in the income statement is $6 000 and the carrying value of the truck in the balance sheet is $30 000. P Flag question With a periodic inventory system if Inventory at start is $24 000, purchases $123 000 and inventory at end as por physical stocktake is $20 000, what is the estimated cost of sales? Question 6 Not yet answered Marked out of 2.00 FFG question Select one: $147 000 b. $167 000 O C. $122 000 d. $127 000 Question 7 Not yet answered Marked out of 2.00 Under the perpetual inventory system what is the correct entry to record the cost of the sale of 2 reclining chairs sold to a customer at $1 000 per chair? The items were originally purchased on credit at $500 per chair Frau Select one: O a Debit cost of sales $1000 credit inventory $1000 Ob Debit cost of sales $2.000; credit inventory $2.000 c. Debit cost of sales $2 000, credit sales $2.000 O d. Not one of the options Question 8 Not yet answered Marked out of 200 The office supplies inventory account of Tan Traders shows a balance of S1600 on 31 December 2020. The adjusting entry to record office supplies of $550 issued to start in the 12 months up to 31 December 2020 is which of the following? Select one: O a Debit office supplies inventory $550; credit office supplies expense $550 b) Debit office supplies inventory $1050, credit office supplies expense $1050 c. Debit office supplies expense 5660 credit office supplies inventory $550 d. Debit office supplies expense $1000 credit office supplies inventory $1800 question # Canada company has earned income that has not been received in cash at the end of the accounting period an adjustment should be made which will: Question 9 Not yet answered Marked out of 2.00 F Flag question Select one O debit an asset account and credit an expense account. O b. debit an asset account and credit an income account. C. debit an income account and credit an asset account d. debit an expense account and credit cash. Question 10 Not yet answered On July 1 2020, Canada Ltd rented out part of its property and collected $27 000 in advance for a nine-month period. The receipt was credited to a liability account. At 31 December 2020, Canada Ltd's year-end, which of the following adjusting journal entries should be made? Marked out of 2.00 Quen Select one: a. DR Rent receivable $18 000; CR Rent income $18 000 O b.DR Cash $18.000; CR Rent income $18 000 O C. DR Rent income 59 000; CR Unwarned ront income 59 000 d. DR Unearned rent income $18000; CR Rent income $18000