Question 11 1 pts

Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal?

unearned revenue, $2,000

service revenue, $2,000

unearned revenue, $3,000

service revenue, $3,000

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Question 12 1 pts

The balance in our office supplies account on January 1 was $10,000. On January 31, our supplies on hand totaled $2,000. What account and amount would we credit when we record the adjusting entry for office supplies on January 31?

office supplies expense, $2,000

office supplies, $2,000

office supplies, $8,000

office supplies expense, $8,000

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Question 13 1 pts

Annual depreciation on equipment amounted to $27,950 for the current year. What account would we debit when we record this adjusting entry in the general journal?

depreciation expense

equipment

cash

accumulated depreciation, equipment

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Question 14 4 pts

Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions.

	Debit	Credit
Cash	$1,000
Accounts receivable	$3,000
Equipment	$5,000
Accounts payable		$3,500
Common stock		$2,000
Retained earnings		?
Dividends	$500
Service revenue		$8,500
Salaries expense	$2,500
Advertising expense	$2,000

Select the correct closing entry for revenues from the table below:

		Debit	Credit
A	Service revenue	$6,000
	Income summary		$6,000
B	Income summary	$8,500
	Service revenue		$8,500
C	Income summary	$6,000
	Service revenue		$6,000
D	Service revenue	$8,500
	Income summary		$8,500

Select the correct closing entry for expenses from the table below:

		Debit	Credit
A	Salaries expense	$2,500
	Advertising expense	$2,000
	Income summary		$4,500
B	Income summary	$4,500
	Salaries expense		$2,500
	Advertising expense		$2,000
C	Expenses	$4,500
	Income summary		$4,500
D	Income summary	$4,500
	Expenses		$4,500

Select the correct entry to close income summary from the table below:

		Debit	Credit
A	Retained earnings	$4,000
	Income summary		$4,000
B	Income summary	$4,000
	Retained earnings		$4,000
C	Income summary	$8,500
	Revenue		$8,500
D	Net income	$6,000
	Retained earnings		$6,000

Select the correct closing entry for dividends from the table below:

		Debit	Credit
A	Dividends	$500
	Income summary		$500
B	Dividends	$500
	Retained earnings		$500
C	Income summary	$500
	Dividends		$500
D	Retained earnings	$500
	Dividends		$500

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Question 15 1 pts

What is gross profit for a merchandiser calculated as?

net sales minus cost of goods sold

gross sales minus cost of goods sold

net sales minus merchandise inventory

gross sales minus merchandise inventory

Please answer all midterm exam thank you