QUESTION 1

If Mackenzie Co. office supplies account balance on May 1 was $200, the company purchased $1,200 supplies during the month, and a physical count of supplies at the end of May indicated 800 unused, what is the amount of adjusting entry for office supplies on May 31?

Instructions: Mention numbers only. DO NOT mention (,) or ($)

1 points QUESTION 2

A company purchased new furniture at a cost of $20,000 on September 30. The furniture is estimated to have a useful life of 10 years and a salvage value of $5,000. The company used a straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended Dec 31? Instructions: Mention numbers only. DO NOT mention (,) or ($)

1 points QUESTION 3

Match each of the debit/credit side of the general journal with the correct entry. Sarah, the owner of Casa Furniture, started the business by investing $100,000 cash. Debit Credit A. Account Receivable $100,000 B. Equipment $100,000 C. Cash $100,000 D. Saras Capital $100,000 1 points QUESTION 4

The following transactions occurred during April: 1. Received $20,000 cash for services provided to a customer during April. 2. Received $15,000 cash investment from James, the owner of the business at the beginning of the month. 3. Received 4,000 cash from a customer for services to be performed next year. 4. Provided services to a customer and received $1,200 in cash during April. What was the amount (balance) of REVENUE for April? (Instruction: please do not include symbols (,) and currencies ($) in your answer or spaces)

1 points QUESTION 5

Write the ending balance for the following T-account including the balance side (for example: Debit 100 or Credit 100):

Accounts Payable 100 800 150 100 1 points QUESTION 6

Identify the normal balances (A) Debit or (B) Credit for the following: (example: building is an asset so the answer is A ) Training Fees Expense

Withdrawals

Owner, Capital

Unearned Revenue

A. Credit B. Debit 2 points QUESTION 7

Match each of the debit/credit side of the general journal with the correct entry. BDO Consulting received a $120 telephone bill and immediately paid it by cash. Debit Credit A. Cash $120 B. Telephone expense for $120 C. Accounts payable $120

1 points QUESTION 8

Match each of the debit/credit side of the general journal with the correct entry. Jasmis paid $1200 cash for utilities for the current month. Debit Credit A. Utilities Payable $1,200 B. Cash $ 1,200 C. Utilities Expense $1,200 D. Utilities Receivables $1,200 1 points QUESTION 9

Write the ending balance for the following T-account including the balance side (for example: Debit 100 or Credit 100):

Cash 2500 140 30 20

1 points QUESTION 10

For each of the following, identify the type of the account:

Prepaid Rent Unearned Revenue

Fees Earned

Registration expense

A. Asset B. Expense C. Liability D. Revenue 2 points QUESTION 11

Wilson company paid $ 6,400 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. Identify the adjusting entry required on Dec 31? (Debit: ACCOUNT NAME AND AMOUNT / Credit: ACCOUNT NAME AND AMOUNT) Instructions: Mention numbers only. DO NOT mention (,) or ($)

1 points QUESTION 12

David Consulting Servicess Office Supplies account at the beginning of June and ending of June were $2,000 and $700, respectively. Identify the adjusting entry required on Dec 31? (Debit: ACCOUNT NAME AND AMOUNT / Credit: ACCOUNT NAME AND AMOUNT) Instructions: Mention numbers only. DO NOT mention (,) or ($)

1 points QUESTION 13

On December 31, ABC Group records show the following accounts. Cash 2,100 Inventory 3,500 Prepaid Insurance 1,500 Service Revenue 11,300 Accounts Receivable 5,200 Utilities Expense 800 Wages Expense 3,200 Accounts Payable 600

What is the net income recorded by ABC Group? Instructions: Mention numbers only. DO NOT mention (,) or ($)