PRINCIPLES OF ACCOUNTIN TRIAL FINAL EXAM 34 MAY 20 11 On the Nevarded Tal Me of B L 2018 A RENT October keted by 134 by 54,000 by 000 ting Reaccount is debited by 50.000, Used Consulting Be by $1,000 by $6,000 Consulting Revenue account is debited by $4.000, Unearned Culting even account None of these 3) On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "OFFICE SUPPLIES INVENTORY account has a balance of $17,000. The pylukal count at the end of the year revealed tha office supplies inventary on hand is amounting to $5,000, what is the austing entry account on December 31, 2010, if any? this a) Office Supplies Expense account is debited by $12,000, Office Supplies Inventory accounted by $12,000 Office Ses inventory account is debited by $12,000; Off Supplies Expense account credited by $12,000 the Nevada Company's Unated Trial Balance as of December 31, 2013, At shows the amount of the borrowings hon the bak ons "NTENT OPEN" on 1 angle internet What is Interest Expense account is debited by $4,000 Accrued Expe Ad Expense at delted by $6000, Internt Expense None of these an of hunk Lam dad by $1,5 On April 1, 2015, Belle Campany punched a machinery fr $100 The sinds machinery is 3 years. The reddu vale at the end w $2,000 2006 $14,000 of the 7) On Apr 1, 2015, la Company purchachery for $13,000. The estimated his of the achery 5 years. The residual value at for $300,000 cash on December 31, 2019 $12,000, LOS 54000, LOSS 4000 GAN terial Double-Dedring On January 1, 2015, Jamaica Company purchased a machinery for $300,000. The estimated We of the machinery is 5 years. The residual value at the end of the useful f Balance method of depreciation is used. What is the depreciation expen 30307 the year Office Supplies Inventory account is debited by $5,000; Office Supplies Dxpense account is credited by $5,000 d) Office Supplies Expense account is debited by $5,000, Office Supplies Inventory account is credit by $5,000 None of these On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "SALARIES EXPENSE account has a balance of $345,000. As of December 31, 2019, the salaries earned by employees but not yet recorded amounted to $21,000. What is the final balance of the "ALARIES DOPENSE account on the Adjusted Trial Balance as of December 31, 20197 al $824,000 $21,000 $345,000 $366,000 524,000 $40,000 564,000 $40,000 None of these On January 3, 2019, Jamaica Company purchased a machinery the machinery 5 years. The residual value at the end Balance method of droreciation is used. What is the r sold for $40,000 cash on December 31, 2020 a) $20,000, LOSS $4,000, LOSS $4,000, GAIN 4 $30,000, GAIN None of these. for $100,000. The estate of useful he is material Double Deding loss on disposal (sale, this machine l None of these PRINCIPLES OF ACCOUNTING TRIAL FINAL EXAM 24 MAY 2022 1) On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "PREPAID RENT" account has a balance of $23,000. This amount represents the payment for 8 months' rent on October 1, 2019. What is the adjusting entry related to this account on December 31, 2019, if any? a) Prepaid Rent account is debited by 58,625; Rent Expense account is credited by $8,625. b) Rem Expense account is debited by $8,625; Prepaid Rent account is credited by $8,025. c) Rent Expense account is debited by $14,375, Prepaid Rent account is credited by $14,575. d) Prepaid Rem account is debited by $14,375; Rent Expense account is credited by $14,375. e) None of these 2) On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "UNEARNED CONSULTING REVENUE" account has a balance of $15,000. As of December 31, 2019, three fifth of the Unearned Consulting Revenue is still unearned. What is the adjusting entry related to this account on December 31, 2019, if any? a) Unearned Consulting Revenue account is debited by 56,000; Consulting Revenue account is credited by $6,000 b) Unearned Consulting Revenue account is debited by $9,000; Consulting Revenue account is credited by $9,000. c) Consulting Revenue account is debited by $9,000; Unearned Consulting Revenue account is credited by $9,000. d) Consulting Revenue account is debited by $6,000; Unearned Consulting Revenue account is credited by $6,000 e) None of these. 3) On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "OFFICE SUPPLIES INVENTORY account has a balance of $17,000. The pyhsical count at the end of the year revealed tha office supplies Inventory on hand is amounting to $5,000. What is the adjusting entry related to this account on December 31, 2019, if any? a) Office Supplies Expense account is debited by $12,000; Office Supplies Inventory account is credited by $12,000. b) Office Supplies Inventory account is debited by $12,000; Office Supplies Expense account is credited by $12,000. c) Office Supplies Inventory account is debited by $5,000; Office Supplies Expense account is credited by $5,000. d) Office Supplies Expense account is debited by $5,000; Office Supplies Inventory account is credited by $5,000. e) None of these. 4) On the Nevada Company's Unadjusted Trial Balance as of December 31, 2019 the "SALARIES EXPENSE account has a balance of $345,000. As of December 31, 2019, the salaries earned by employees but not yet recorded amounted to $21,000. What is the final balance of the "SALARIES EXPENSE account on the Adjusted Trial Balance as of December 31, 2019? a) $324,000. b) $21,000. c) $345,000. d) $366,000. e) None of these