Please answer the following questions and show work using separate excel spreadsheets.

1.Which of the following statements is most applicable to the business entity concept? Question 1 options: a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in Trang's accounting records to record this acquisition is Question 2 options: a. $50,000 b. $65,000 c. $10,000 d. $45,000 Save Question 3 (4 points) If Chesapeake Company's total liabilities decreased by $25,000 during a period of time and owner's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is Question 3 options: a. $65,000 increase b. $5,000 decrease c. $5,000 increase d. $65,000 decrease Save Question 4 (4 points) Brielle Financial Services paid $9,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to Question 4 options: a. increase one asset, decrease another asset b. increase an asset, increase a liability c. decrease an asset, decrease a liability d. increase an asset, increase owner's equity Save Question 5 (4 points) When revenue is earned it Question 5 options: a. increases assets, increases owner's equity. b. increases assets, decreases owner's equity c. increases one asset, decreases another asset d. decreases assets, increases liabilities Save Question 6 (4 points) An account is said to have a debit balance if Question 6 options: a. the amount of the debits exceeds the amount of the credits b. there are more entries on the debit side than on the credit side c. its normal balance is debit without regard to the amounts or number of entries on the debit side d. the last entry of the accounting period was posted on the debit side Save Question 7 (4 points) According to the rules of debits and credits : Question 7 options: a. decrease Prepaid Rent with a credit and the normal balance is a credit b. increase Unearned Revenue with a credit and the normal balance is a debit c. increase Supplies Expense with a debit and the normal balance is a debit d. decrease Cash with a debit and the normal balance is a credit Save Question 8 (4 points) When the accountant at Nottingham Auto makes a payment on an Account payable she will Question 8 options: a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Supplies Expense d. debit Accounts Payable; credit Cash Save Question 9 (4 points) Which of the following entries records the investment of cash by Jakob, owner of a proprietorship? Question 9 options: a. debit Jakob, Capital; credit Accounts Receivable b. debit Cash; credit Jakob, Capital c. debit Jakob, Drawing; credit Cash d. debit Cash; credit Jakob, Drawing Save Question 10 (4 points) Which of the following entries records the receipt of a utility bill from Baltimore Water Works ? Question 10 options: a. debit Utilities Expense; credit Accounts Payable b. debit Utilities Payable; credit Accounts Receivable c. debit Accounts Payable; credit Cash d. debit Accounts Payable; credit Utilities Payable Save Question 11 (4 points) The primary difference between deferred and accrued expenses is that deferred expenses have Question 11 options: a. been incurred and accrued expenses have not b. not been incurred and accrued expenses have been incurred c. been recorded and accrued expenses have not been incurred d. not been recorded and accrued expenses have been incurred Save Question 12 (4 points) The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is Question 12 options: a. debit Rent Expense, $5,000; credit Prepaid Rent, $5,000 b. debit Prepaid Rent, $10,000; credit Rent Expense, $5,000 c. debit Rent Expense, $10,000; credit Prepaid Rent, $5,000 d. debit Prepaid Rent, $5,000; credit Rent Expense, $5,000 Save Question 13 (4 points) Maryland Medical LLC has a balance in the office supplies account on June 1 of $5,200, purchased supplies during June for $2,500, and the supplies on hand at June 30 were $2,000. The adjusting entry will be in the amount of Question 13 options: Save a. $4,500 b. $2,500 c. $9,700 d. $5,700 Question 14 (4 points) Which of the following statements is true if the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Question 14 options: a. Total assets at the end of the year will be understated. b. Owner's equity at the end of the year will be understated. c. Net income for the year will be overstated. d. Insurance Expense will be overstated. Save Question 15 (4 points) Sadie Literary Services pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is Question 15 options: a. debit Salaries Payable, $16,000; credit Cash, $16,000 b. debit Salary Expense, $16,000; credit Drawing, $16,000 c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000 d. debit Drawing, $16,000; credit Cash, $16,000 Save Question 16 (4 points) Select one of the following accounts that will be closed to the Capital account at the end of the fiscal year? Question 16 options: a. Rent Expense b. Fees Earned c. Income Summary d. Depreciation Expense Save Question 17 (4 points) The post-closing trial balance includes Question 17 options: a. Shamina Venkat, Drawing b. Supplies Expense c. Fees Earned d. Unearned Rent Save Question 18 (4 points) The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for Vatsala Bakery LLC: Accumulated Depreciation $ 2,000 Fees Earned 15,000 Depreciation Expense 1,000 Insurance Expense 500 Prepaid Insurance 4,500 Supplies 1,200 Supplies Expenses 3,500 Net income for the period for Vatsala is Question 18 options: a. $2,300 b. $10,000 c. $4,300 d. $5,000 Save Question 19 (4 points) Alaska Snow Removal is reporting Net Income of $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, for Alaska is Question 19 options: a. $87,300 b. $90,000 c. $88,700 d. $86,000 Save Question 20 (4 points) What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500? Question 20 options: a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500 b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500 c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000 Save Question 21 (4 points) On November 1 of the current year, the assets and liabilities of Ram Mysore, are as follows: Cash, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts Payable, $6,530. What is the amount of owner's equity (Ram Mysore's capital) as of November 1 of the current year? Question 21 options: a. $37,720 b. $44,430 c. $21,500 d. $50,780 Save Question 22 (4 points) Sue Krebs is the sole owner and operator of Immigrant Relocator Services. As of the end of its accounting period, December 31, 2005, Immigrant Relocator Services has assets of $925,000 and liabilities of $285,000. During 2006, Sue Krebs invested an additional $50,000 and withdrew $30,000 from the business. What is the amount of net income during 2006 for Immigrant Relocator Services , assuming that as of December 31, 2006, assets were $980,000, and liabilities were $255,000? Question 22 options: a. $ 95,000 b. $ 65,000 c. $165,000 d. $725,000 Save Question 23 (4 points) If beginning capital was $65,000, ending capital is $43,000, and the owner's withdrawals were $16,000, the amount of net income or net loss was Question 23 options: a. net income of $37,000 b. net income of $8,000 c. net loss of $22,000 d. net loss of $6,000 Save Question 24 (4 points) Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service. Question 24 options: a. Prepaid Rent, debit; Rent Revenue, credit. b. Cash, debit; Unearned Rent, credit. c. Cash, debit; Prepaid Rent, credit. d. Cash, debit; Rent Expense credit. Save Question 25 (4 points) Healthy Living, a diet magazine, collected $480,000 in subscription revenue on May 31st. Healthy Living earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. By the end of December, what is the amount of Subscription Revenue that has been earned? Question 25 options: a. $204,750 b. $351,000 c. $480,000 d. $280,000 Save 1.Which of the following statements is most applicable to the business entity concept? Question 1 options: a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported orded, analyzed, and reported Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now oferi Question 2 options: a. $50,000 b. $65,000 c. $10,000 d. $45,000 actual cost = cash + notes payable = 10000+40000= 50000 $45,000 and is now ofering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $4 h and a note payable of $40,000 due in 30 days. The amount used in Trang's accounting records to record this acquisition is s acquisition is If Chesapeake Company's total liabilities decreased by $25,000 during a period of time and owner's equity increased by $3 Question 3 options: a. $65,000 increase b. $5,000 decrease c. $5,000 increase d. $65,000 decrease increase = 30000-25000=5000 er's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in tota he period's change in total assets is Brielle Financial Services paid $9,000 to a creditor in payment of an amount owed. The efect of the transaction on the acc Question 4 options: a. increase one asset, decrease another asset b. increase an asset, increase a liability c. decrease an asset, decrease a liability d. increase an asset, increase owner's equity the transaction on the accounting equation was to When revenue is earned it a. increases assets, increases owner's equity. b. increases assets, decreases owner's equity c. increases one asset, decreases another asset d. decreases assets, increases liabilities An account is said to have a debit balance if a. the amount of the debits exceeds the amount of the credits b. there are more entries on the debit side than on the credit side c. its normal balance is debit without regard to the amounts or number of entries on the debit side d. the last entry of the accounting period was posted on the debit side .According to the rules of debits and credits : a. decrease Prepaid Rent with a credit and the normal balance is a credit b. increase Unearned Revenue with a credit and the normal balance is a debit c. increase Supplies Expense with a debit and the normal balance is a debit d. decrease Cash with a debit and the normal balance is a credit When the accountant at Nottingham Auto makes a payment on an Account payable she will a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Supplies Expense d. debit Accounts Payable; credit Cash Which of the following entries records the investment of cash by Jakob, owner of a proprietorship? a. debit Jakob, Capital; credit Accounts Receivable b. debit Cash; credit Jakob, Capital c. debit Jakob, Drawing; credit Cash d. debit Cash; credit Jakob, Drawing Which of the following entries records the receipt of a utility bill from Baltimore Water Works ? a. debit Utilities Expense; credit Accounts Payable b. debit Utilities Payable; credit Accounts Receivable c. debit Accounts Payable; credit Cash d. debit Accounts Payable; credit Utilities Payable The primary diference between deferred and accrued expenses is that deferred expenses have a. been incurred and accrued expenses have not b. not been incurred and accrued expenses have been incurred c. been recorded and accrued expenses have not been incurred d. not been recorded and accrued expenses have been incurred The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents three mont a. debit Rent Expense, $5,000; credit Prepaid Rent, $5,000 b. debit Prepaid Rent, $10,000; credit Rent Expense, $5,000 c. debit Rent Expense, $10,000; credit Prepaid Rent, $5,000 d. debit Prepaid Rent, $5,000; credit Rent Expense, $5,000 15000/3=$5000 ch represents three months' rent paid on December 1. The adjusting entry required on December 31 is Maryland Medical LLC has a balance in the office supplies account on June 1 of $5,200, purchased supplies during June fo a. $4,500 b. $2,500 c. $9,700 d. $5,700 less beginning balance = 5200 purchase = 2500 ending balance = 2000 $5,700 ed supplies during June for $2,500, and the supplies on hand at June 30 were $2,000. The adjusting entry will be in the amount of be in the amount of Which of the following statements is true if the usual adjusting entry to Prepaid Insurance to record expired insurance was a. b. c. d. Total assets at the end of the year will be understated. Owner's equity at the end of the year will be understated. Net income for the year will be overstated. Insurance Expense will be overstated. rd expired insurance was omitted. Sadie Literary Services pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entr a. debit Salaries Payable, $16,000; credit Cash, $16,000 b. debit Salary Expense, $16,000; credit Drawing, $16,000 c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000 d. debit Drawing, $16,000; credit Cash, $16,000 (20000/5)*4 = $16000 at day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is Select one of the following accounts that will be closed to the Capital account at the end of the fiscal year? a. Rent Expense b. Fees Earned c. Income Summary d. Depreciation Expense The post-closing trial balance includes a. Shamina Venkat, Drawing b. Supplies Expense c. Fees Earned d. Unearned Rent The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for Vatsala Bakery LLC: Accumulated Depreciation Fees Earned Depreciation Expense Insurance Expense Prepaid Insurance Supplies Supplies Expenses $2,000 15,000 1,000 500 4,500 1,200 3,500 Net income for the period for Vatsala is a. $2,300 b. $10,000 c. $4,300 d. $5,000 15000-1000-500-3500=10,000 or Vatsala Bakery LLC: Alaska Snow Removal is reporting Net Income of $90,000. However, adjusting entries have not been made at the end of th a. $87,300 b. $90,000 c. $88,700 d. $86,000 net income = 90000-2700-1300 =86,000 een made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, for Alaska e, as corrected, for Alaska is What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance bef a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500 b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500 c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000 insurance expense= 15500-4500=11000 ance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500? On November 1 of the current year, the assets and liabilities of Ram Mysore, are as follows: Cash, $10,000; Accounts Rece a. $37,720 b. $44,430 c. $21,500 d. $50,780 owners equity = assets -liabilities= (10000+8200+1050+25999)-6500=37,720 h, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts Payable, $6,530. What is the amount of owner's eq the amount of owner's equity (Ram Mysore's capital) as of November 1 of the current year? Sue Krebs is the sole owner and operator of Immigrant Relocator Services. As of the end of its accounting period, December 3 a. $95,000 b. $65,000 c. $165,000 d. $725,000 net income = 31-Dec 2005 2006 Assets 925,000 980,000 Liabilitie s 285,000 255,000 Equity 640,000 725,000 (925,00 (980,00 00285,000 255,000 ) ) Assets = Liabilitie s+ Equity Equity - Dec 31, 2006 725,000 Less: Investm ent (50,000 during ) the year Add: Amount Withdra wl 30,000 Balance 705,000 Less: Equity Dec-31, 2005 (640,00 0) Net Profit earned during 2006 65,000 counting period, December 31, 2005, Immigrant Relocator Services has assets of $925,000 and liabilities of $285,000. During 2006, Sue Kr 285,000. During 2006, Sue Krebs invested an additional $50,000 and withdrew $30,000 from the business. What is the amount of net inco What is the amount of net income during 2006 for Immigrant Relocator Services , assuming that as of December 31, 2006, assets were $980 er 31, 2006, assets were $980,000, and liabilities were $255,000? . a. b. c. d. If beginning capital was $65,000, ending capital is $43,000, and the owner's withdrawals were $16,000, the amo net income of $37,000 net income of $8,000 net loss of $22,000 net loss of $6,000 net loss= 65000-43000-16000=6000 als were $16,000, the amount of net income or net loss was a. b. c. d. Which of the following entries records the receipt of cash for two months' rent? The cash was received in advan Prepaid Rent, debit; Rent Revenue, credit. Cash, debit; Unearned Rent, credit. Cash, debit; Prepaid Rent, credit. Cash, debit; Rent Expense credit. ash was received in advance of providing the service. 25 Healthy Living, a diet magazine, collected $480,000 in subscription revenue on May 31st. Healthy Living earns a minimu Question options: a. $204,750 b. $351,000 c. $480,000 d. $280,000 subsscription revenue= 480000/12*7 = 280000 thy Living earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the maga ceive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of ses the accrual method of accounting. By the end of December, what is the amount of Subscription Revenue that has been earned? hat has been earned? 1.Which of the following statements is most applicable to the business entity concept? Question 1 options: a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported orded, analyzed, and reported Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now oferi Question 2 options: a. $50,000 b. $65,000 c. $10,000 d. $45,000 actual cost = cash + notes payable = 10000+40000= 50000 $45,000 and is now ofering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $4 h and a note payable of $40,000 due in 30 days. The amount used in Trang's accounting records to record this acquisition is s acquisition is If Chesapeake Company's total liabilities decreased by $25,000 during a period of time and owner's equity increased by $3 Question 3 options: a. $65,000 increase b. $5,000 decrease c. $5,000 increase d. $65,000 decrease increase = 30000-25000=5000 er's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in tota he period's change in total assets is Brielle Financial Services paid $9,000 to a creditor in payment of an amount owed. The efect of the transaction on the acc Question 4 options: a. increase one asset, decrease another asset b. increase an asset, increase a liability c. decrease an asset, decrease a liability d. increase an asset, increase owner's equity the transaction on the accounting equation was to When revenue is earned it a. increases assets, increases owner's equity. b. increases assets, decreases owner's equity c. increases one asset, decreases another asset d. decreases assets, increases liabilities An account is said to have a debit balance if a. the amount of the debits exceeds the amount of the credits b. there are more entries on the debit side than on the credit side c. its normal balance is debit without regard to the amounts or number of entries on the debit side d. the last entry of the accounting period was posted on the debit side .According to the rules of debits and credits : a. decrease Prepaid Rent with a credit and the normal balance is a credit b. increase Unearned Revenue with a credit and the normal balance is a debit c. increase Supplies Expense with a debit and the normal balance is a debit d. decrease Cash with a debit and the normal balance is a credit When the accountant at Nottingham Auto makes a payment on an Account payable she will a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Supplies Expense d. debit Accounts Payable; credit Cash Which of the following entries records the investment of cash by Jakob, owner of a proprietorship? a. debit Jakob, Capital; credit Accounts Receivable b. debit Cash; credit Jakob, Capital c. debit Jakob, Drawing; credit Cash d. debit Cash; credit Jakob, Drawing Which of the following entries records the receipt of a utility bill from Baltimore Water Works ? a. debit Utilities Expense; credit Accounts Payable b. debit Utilities Payable; credit Accounts Receivable c. debit Accounts Payable; credit Cash d. debit Accounts Payable; credit Utilities Payable The primary diference between deferred and accrued expenses is that deferred expenses have a. been incurred and accrued expenses have not b. not been incurred and accrued expenses have been incurred c. been recorded and accrued expenses have not been incurred d. not been recorded and accrued expenses have been incurred The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents three mont a. debit Rent Expense, $5,000; credit Prepaid Rent, $5,000 b. debit Prepaid Rent, $10,000; credit Rent Expense, $5,000 c. debit Rent Expense, $10,000; credit Prepaid Rent, $5,000 d. debit Prepaid Rent, $5,000; credit Rent Expense, $5,000 ch represents three months' rent paid on December 1. The adjusting entry required on December 31 is Maryland Medical LLC has a balance in the office supplies account on June 1 of $5,200, purchased supplies during June fo a. $4,500 b. $2,500 c. $9,700 d. $5,700 ed supplies during June for $2,500, and the supplies on hand at June 30 were $2,000. The adjusting entry will be in the amount of be in the amount of Which of the following statements is true if the usual adjusting entry to Prepaid Insurance to record expired insurance was a. b. c. d. Total assets at the end of the year will be understated. Owner's equity at the end of the year will be understated. Net income for the year will be overstated. Insurance Expense will be overstated. rd expired insurance was omitted. Sadie Literary Services pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entr a. debit Salaries Payable, $16,000; credit Cash, $16,000 b. debit Salary Expense, $16,000; credit Drawing, $16,000 c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000 d. debit Drawing, $16,000; credit Cash, $16,000 at day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is Select one of the following accounts that will be closed to the Capital account at the end of the fiscal year? a. Rent Expense b. Fees Earned c. Income Summary d. Depreciation Expense The post-closing trial balance includes a. Shamina Venkat, Drawing b. Supplies Expense c. Fees Earned d. Unearned Rent The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for Vatsala Bakery LLC: Accumulate $2,000 Fees Earne 15,000 Depreciati 1,000 Insurance 500 Prepaid In 4,500 Supplies 1,200 Supplies E 3,500 Net income for the period for Vatsala is a. $2,300 b. $10,000 c. $4,300 d. $5,000 Vatsala Bakery LLC: Alaska Snow Removal is reporting Net Income of $90,000. However, adjusting entries have not been made at the end of th a. $87,300 b. $90,000 c. $88,700 d. $86,000 een made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, for Alaska e, as corrected, for Alaska is What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance bef a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500 b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500 c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000 ance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500? On November 1 of the current year, the assets and liabilities of Ram Mysore, are as follows: Cash, $10,000; Accounts Rece a. $37,720 b. $44,430 c. $21,500 d. $50,780 h, $10,000; Accounts Receivable, $8,200; Supplies, $1,050; Land, $25,000; Accounts Payable, $6,530. What is the amount of owner's eq the amount of owner's equity (Ram Mysore's capital) as of November 1 of the current year? Sue Krebs is the sole owner and operator of Immigrant Relocator Services. As of the end of its accounting period, Decemb a. $95,000 b. $65,000 c. $165,000 d. $725,000 counting period, December 31, 2005, Immigrant Relocator Services has assets of $925,000 and liabilities of $285,000. During 2006, Su 285,000. During 2006, Sue Krebs invested an additional $50,000 and withdrew $30,000 from the business. What is the amount of net What is the amount of net income during 2006 for Immigrant Relocator Services , assuming that as of December 31, 2006, assets were $ er 31, 2006, assets were $980,000, and liabilities were $255,000? . a. b. c. d. If beginning capital was $65,000, ending capital is $43,000, and the owner's withdrawals were $16,000, the amo net income of $37,000 net income of $8,000 net loss of $22,000 net loss of $6,000 als were $16,000, the amount of net income or net loss was a. b. c. d. Which of the following entries records the receipt of cash for two months' rent? The cash was received in advan Prepaid Rent, debit; Rent Revenue, credit. Cash, debit; Unearned Rent, credit. Cash, debit; Prepaid Rent, credit. Cash, debit; Rent Expense credit. ash was received in advance of providing the service. 25 Healthy Living, a diet magazine, collected $480,000 in subscription revenue on May 31st. Healthy Living earns a minimu Question options: a. $204,750 b. $351,000 c. $480,000 d. $280,000 thy Living earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the maga ceive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of ses the accrual method of accounting. By the end of December, what is the amount of Subscription Revenue that has been earned? hat has been earned