Please answer the following 5 multiple choice questions: Thank you!

Which of the following would be an expense in the month of December?

Question 1 options:

a) An insurance policy for $1,000 which was purchased and paid for in December. The policy provides insurance coverage for the following calendar year. b) A $450 utility bill for utilities used in December. The bill will not be paid until January. c) Supplies wilth a cost of $200 on hand at December 31. d) Inventory purchased in December which wil be sold to customers in January.

Which of the following would be recorded as revenues in December?

Question 2 options: a) December 31 accounts receivable of $10,000. b) Cash of $500 received from a customer in December, for services to be provided in January. c) Cash of $8,000 collected from customers in December for services provided last November. d) Services of $2,000 were provided in December. Customer bills will not be mailed out until early January.

What are unearned revenues?

Question 3 options: a) Revenue on the income statement: We have provided a service, but we have not yet collected the cash. b) Revenue on the income statement: We have provided a service in the current month, but we had already collected the cash in advance in a previous month. c) A liability on the balance sheet: We have received cash, but we will provide the service later. d) An expense on the income statement: We received cash, but we will provide the service later.

Question 4 (1 point) Question 4 Unsaved What kind of account is Accounts Receivable?

Question 4 options: a) Current liability on balance sheet. b) Revenue on income statement. c) Current asset on balance sheet. d) Both revenue on income statement and current asset on balance sheet

Cost of Goods Sold is

Question 5 options: a) an expense recorded when inventory is sold. b) an expense associated with both buying and selling inventory. c) a contra-revenue account which reduces net sales on the income statement. d) an operating expense on the income statement.