q7.

Current Attempt in Progress From the list provided at the right, select the word or phrase that is defined or indicated. 1. Revenue and expense accounts. 2. An optional step in the accounting cycle, performed on the first day of the next year. 3. A revenue collected in advance. 4. A revenue recognized, but not collected. 5. Asset, liability, and equity accounts. 6. An expense paid, but not incurred. 7. An expense incurred, but not paid.Current Attempt in Progress Presented below is certain information pertaining to Oriole Company. Assets, January 1 $25 1,800 Assets, December 31 23 1,600 Liabilities, January 1 141,300 Common stock, December 31 84,000 Retained earnings, December 31 42,900 Common stock sold during the year 10,900 Dividends declared during the year 13,300 Compute the net income for the year. Net income $ Fill in the appropriate blanks for each of the independent situations below. Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Gross prot Operating expenses Income before taxes Company A Company B $353,000 l 255,200 114,600 l 137,600 49,800 l Company C $541,000 83,500 l 5 9, 300 427,200 l 49, 500 l 1. An insurance premium of $8,400 was paid on March 1, 2020, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2020. 2. On June 1, 2020, cash of $47,520 was received from subscribers (customers) for a 36-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Subscription Revenue. 3. The Supplies account showed a balance of $7,500 at the beginning of 2020. Supplies costing $15,200 were purchased during 2020 and debited to the asset account. Supplies of $1,500 were on hand at December 31, 2020. Using the information given above, prepare the necessary adjusting entries at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3