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Multiple Choice 10 point passible (graded, fasults hidden) If the Supplies account had a beginning balance of $1,000 and the actual count for the remaining supplies was $200 at the end of the period, what adjuatment would be needed Debit Suppties 5200 Credit Supplies 5200 Debit Supplies 5800 Credit 5upplies $900 1.0 paint passible \{graded, results hidden\} Given this information, what is the amount of liabilities? $16,000 $7,000 $12,000 51,000 1.0 point pessible (graded, tewits bidden) Madalyni Inc, entered into an agreement with a customer on july 1 to provide accounting services starting immediately, Madalynn inci chasges 3750 a month for these services, and the customer agrees to pay Madalynn inc, on the 1st of each month for the past month's work, starting August 1. What adjusting journal entry is required by Madalynn inc, on july 31? Dr, Accounts Receivable 750, Cr, Service Revensie 750 Dr. Accounts Recelvable 750, Cr, Cash 750 Dr. Cash 750; Cr. Service Revenue 750 Dr. Cash 750; Cr. Accounts Receivabie 750 Multiple Choice 1.0 point possible (graded, results hidden) Which of the following accounts belongs on the Balance Sheet? Accounts Receivable Service Revenue Dividends Cost of Goods Sold Multiple Choice 1.0 point possible (graded, results hidden) Which of the following accounts belongs on the Income Statement? Dividends Inventory Service Revenue Notes Payable 1.0 point pess bie [graded, cesults hidden] A company had revenues of $50,000; expenses of $43,000 and dividends of $3,000. During the closing process, what was the net impact of all the closing entries an fietaned Earnings? Increased by $50,000 Decreased by $8.000 Decreased by $1,000 Decreased by $43,000 Multiple Choice 1.0 point possible (graded, results hidden) After closing entries are recorded and posted, the Unadjusted Trial Balance is prepared the Post-Closing Trial Balance is prepared adjusting entries are prepared the financial statements are prepared Cash Accounts Payable Retained Earnings Salaries Expense Multiple Choice 1.0 point possible (graded, results hidden) Closing the income Summary account includes closing Dividends into Retained Earnings closing Income Summary into Retained Earnings closing Revenues into Income Summary closing Expenses into Income Summary Multiple Choice 1.0 point possibin (graded, results hidden) At the end of the period, a company had salaries expense of $5,000. To close this account, which of the following statements is true? Dividends is debited for $5,000. Salaries Expense is debited for $5,000 Retained Earnings is credited for $5,000. Salaries Expense is credited for $5,000