Please help me with 10 accounting problems from accounting 510.

1. At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: $2,300. $49,700. $49,300. $54,300. $54,700. 2. An accountant has debited an account for $3,600 and credited a liability account for $2,200. Which of the following would be an incorrect way to complete the recording of this transaction? Credit another liability account for $1,400. Credit another asset account for $1,400. Credit an expense account for $1,400. Credit the owner's capital account for $1,400. Debit another asset account for $1,400. 3. At the beginning of the current year, Taunton Company's total assets were $263,000 and its total liabilities were $182,500. During the year, the company reported total revenues of $108,000, total expenses of $83,500 and owner withdrawals of $6,500. There were no other changes in owner's capital during the year and total assets at the end of the year were $275,000. Taunton Company's debt ratio at the end of the current year is: 69.4%. 64.2%. 35.8%. 55.8%. Cannot be determined from the information provided. 4. During the month of February, Hoffer Company had cash receipts of $8,100 and cash disbursements of $9,200. The February 28 cash balance was $2,400. What was the January 31 beginning cash balance? $1,100. $4,600. $0. $1,300. $3,500. 5. Andrea Conaway opened Wonderland Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: 1. 2. 3. 4. 5. 6. 7. 8. 9. Conaway invested $16,500 cash in the business. Conaway contributed $23,000 of photography equipment to the business. The company paid $2,700 cash for an insurance policy covering the next 24 months. The company received $6,900 cash for services provided during January. The company purchased $6,800 of office equipment on credit. The company provided $3,050 of services to customers on account. The company paid cash of $1,800 for monthly rent. The company paid $3,400 on the office equipment purchased in transaction #5 above. Paid $305 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be: $48,350. $15,195. $22,300. $18,550. $16,500. 6. On March 31, Phoenix, Inc. paid Melanie Publishing Company $17,280 for a 3-year subscription for five different magazines. The subscriptions started immediately. What is the adjusting entry that should be recorded by Melanie Publishing Company on December 31 of the first year if the credit to record the collection was made to Unearned Fees? Debit Unearned Fees, $17,280; credit Fees Earned, $17,280. Debit Unearned Fees, $5,760; credit Fees Earned, $5,760. Debit Unearned Fees, $12,960; credit Fees Earned, $12,960. Debit Unearned Fees, $1,440; credit Fees Earned, $1,440. Debit Unearned Fees, $4,320; credit Fees Earned, $4,320. 7. On January 1 a company purchased a five-year insurance policy for $2,100 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Debit Prepaid Insurance, $2,100; credit Cash, $2,100. Debit Prepaid Insurance, $1,680; credit Insurance Expense, $1,680. Debit Prepaid Insurance, $420; credit Insurance Expense, $420. Debit Insurance Expense, $420; credit Prepaid Insurance, $420. Debit Insurance Expense, $1,680; credit Prepaid Insurance, $1,680. 8. Prior to recording adjusting entries, the Office Supplies account had a $347 debit balance. A physical count of the supplies showed $117 of unused supplies available. The required adjusting entry is: Debit Office Supplies $117 and credit Office Supplies Expense $117. Debit Office Supplies Expense $117 and credit Office Supplies $117. Debit Office Supplies Expense $230 and credit Office Supplies $230. Debit Office Supplies $230 and credit Office Supplies Expense $230. Debit Office Supplies $117 and credit Supplies Expense $230. 9. On March 31, Phoenix, Inc. paid Melanie Publishing Company $18,720 for a 3-year subscription for five different magazines. The subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Phoenix Company after adjustments on December 31 each year assuming Phoenix using a calendar reporting period? $18,720; $14,040; $7,800; $1,560. $4,680; $6,240; $6,240; $1,560. $6,240; $6,240; $6,240. $14,040; $7,800; $1,560; $0. The answer cannot be determined based on the information given. 10. A company recorded 2 days of accrued salaries of $1,600 for its employees on January 31. On February 9, it paid its employees $7,400 for these accrued salaries and for other salaries earned through February 9. The January 31 and February 9 journal entries are: 1/31 Salaries Expense 1,600 Salaries Payable 1,600 2/9 Salaries Payable 7,400 Salaries Expense 1,600 Cash 9,000 1/31 2/9 Salaries Expense Salaries Payable Salaries Payable Salaries Expense Cash 1,600 1,600 5,800 1,600 7,400 1/31 2/9 1/31 2/9 1/31 2/9 Salaries Expense Cash Salaries Expense Cash 1,600 Salaries Expense Salaries Payable Salaries Expense Cash 1,600 Salaries Expense Salaries Payable Salaries Expense Salaries Payable Cash 1,600 1,600 7,400 7,400 1,600 7,400 7,400 1,600 5,800 1,600 7,400 1. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $14,000 of unpaid and unrecorded salaries. The next payday is January 3, during which $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Debit Salaries expense $14,000; credit Salaries payable $14,000. Debit Salaries expense $20,000; debit Salaries payable $14,000; credit Cash $34,000. Debit Salaries payable $20,000; credit Cash $20,000. Debit Salaries payable $14,000, credit Salaries expense $14,000. Debit Salaries expense $20,000; credit Salaries payable $20,000. 2. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $16,500 of unpaid and unrecorded salaries. The next payday is January 3, during which $39,000 will be paid. Prepare the journal on January 3 to record payment assuming the correct adjusting and reversing entries were made on December 31 and January 1. Debit Salaries expense $16,500; debit Salaries payable $22,500; credit Cash $39,000. Debit Salaries expense $39,000; credit Cash $39,000. Debit Salaries payable $39,000; credit Cash $39,000. Debit Salaries expense $22,500, debit Salaries payable $16,500; credit Cash $39,000. Debit Salaries expense $22,500; credit Cash $22,500. 3. The Unadjusted Trial Balance columns of a work sheet total $85,400. The Adjustments columns contain entries for the following: 1. Office supplies used during the period, $1,900. 2. Expiration of prepaid rent, $1,400. 3. Accrued salaries expense, $1,200. 4. Depreciation expense, $1,500. 5. Accrued service fees receivable, $1,100. The Adjusted Trial Balance columns total is: $78,300. $85,400. $89,200. $89,400. $92,500. 4. ABC Corporation's total quick assets were $4,888,000 its current assets were $12,700,000 and its current liabilities were $7,500,000. Its acid-test ratio equals (Round your answer to 2 decimal places): 0.65. 2.35. 1.53. 1.69. 0.59. 5. Benson Company had cash sales of $100,275, credit sales of $89,450, sales returns and allowances of $3,700, and sales discounts of $5,475. Benson's net sales for this period equal: $186,025. $189,725. $184,250. $100,275. $180,550. 6. Brig Company had $810,000 in sales, sales discounts of $12,200, sales returns and allowances of $18,200, cost of goods sold of $388,000, and $276,000 in operating expenses. Net income equals: $779,600. $403,800. $391,600. $115,600. $409,800. 7. A company had the following purchases during the current year: January: February: May: September: November: 16 units at $126 26 units at $136 21 units at $146 18 units at $156 16 units at $166 On December 31, there were 56 units remaining in ending inventory. These 56 units consisted of 8 from January, 10 from February, 12 from May, 10 from September, and 16 from November. Using the specific identification method, what is the cost of the ending inventory? $8,336. $8,170. $7,088. $8,502. $6,976. 8. On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,400 Net sales: $44,000 Net purchases: $45,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: $5,400. $27,600. $23,200. $37,400. $4,400. 9. A company that has operated with a 30% average gross profit ratio for a number of years had $111,000 in sales during the first quarter of this year. If it began the quarter with $19,100 of inventory at cost and purchased $73,100 of inventory during the quarter, its estimated ending inventory by the gross profit method is: $30,300. $33,300. $19,100. $23,310. $14,500. 10. A company normally sells its product for $25 per unit. However, the selling price has fallen to $20 per unit. This company's current inventory consists of 250 units purchased at $21 per unit. Replacement cost has now fallen to $18 per unit. Calculate the value of this company's inventory at the lower of cost or market. $4,600. $5,000. $4,500. $5,250. $4,450