Question 1

What would be the appropriate entry if our company paid $2,400 cash in advance for an insurance policy covering us for the next 24-months?

Group of answer choices

1)Debit to Accounts Receivable, credit to Cash

2)Debit to Insurance Expense, credit to Cash

3)Debit to Insurance Expense, credit to Prepaid Insurance

4)Debit to Prepaid Insurance, credit to Cash

Question 2

On July 1, our company paid $7,500 cash to a firm that would perform management services for us over the next two-year period. Our company follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1, our company should record:

Group of answer choices

1)A credit to a prepaid expense and a debit to Cash for $7,500

2)A debit to a prepaid expense and a credit to Cash for $7,500

3)A debit to Cash for $7,500 and a credit to an expense for $7,500

4)A debit to an expense and credit to a prepaid expense for $7,500

Question 3

Jamm Rentals purchased office supplies inventory (asset) on account/credit. The journal entry made by Jamm to record this transaction will include a:

Group of answer choices

1)Credit to Cash

2)Credit to Accounts Payable

3)Debit to Accounts Payable

4)Credit to Supplies Inventory

Question 4

Alicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction?

Group of answer choices

1)Debit Cash, $500; credit Office supplies inventory, $500

2)Debit Office supplies expense, $500; credit Cash, $500

3)Debit Accounts payable, $500; credit Cash, $500

4)Debit Office supplies inventory, $500; credit Accounts payable, $500

Question 5

During the month of September, Rubio Services had cash receipts of $7,500 and cash disbursements of $8,600. The September 30 cash balance was $1,800. What was the September 1 beginning cash balance?

Group of answer choices

1)$700

2)$2,900

3)$1,100

4)$4,300

Question 6

Unearned revenue is reported in the financial statements as:

Group of answer choices

1)A liability on the balance sheet

2)An unearned revenue on the income statement

3)A revenue on the balance sheet

4)An asset on the balance sheet

Question 7

Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $800. Fragmental collected the entire $6,400 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:

Group of answer choices

1)A debit to Unearned Rent and a credit to Rent Revenue for $2,400

2)A debit to Rent Revenue and a credit to Unearned Rent for $2,400

3)A debit to Unearned Rent and a credit to Rent Revenue for $4,000

4)A debit to Rent Revenue and a credit to Cash for $2,400

Question 8

On January 1, Eastern College received $1,200,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees (liability account). The term spans four months beginning on January 1 through April 30 and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize for the month of January?

Group of answer choices

1)$900,000

2)$1,200,000

3)$300,000

4)$600,000

Question 9

This question is based upon the previous information as follows:

On January 1, Eastern College received $1,200,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees (liability account). The term spans four months beginning on January 1 through April 30 and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what is the journal entry prepared to record the revenue at January 31?

Group of answer choices

1)Credit Unearned Tuition and Fees and debit the Earned Tuition and Fees account

2)Debit Unearned Tuition and Fees and credit the Earned Tuition and Fees account

Question 10

A company made no adjusting entry for earned yet unpaid employee wages of $28,000 on December 31. This oversight would:

Group of answer choices

1)Understate assets by $28,000

2)Have no effect on net income

3)Overstate assets by $28,000

4)Overstate net income by $28,000

DONNOT need Explaination. just answer it please.