Question 11

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?

Group of answer choices

unearned revenue, $2,000

service revenue, $2,000

unearned revenue, $3,000

service revenue, $3,000

Question 121 pts

On December 31, we had accrued taxes of $6,000. What account would we debit when we record the adjusting entry for accrued taxes on December 31?

Group of answer choices

cash

income taxes expense

income taxes payable

accounts payable

Question 13

We purchased a vehicle for $45,000. It has an estimated useful life of 5 years and no residual value. What is the dollar amount we would record in our adjusting entry each month for depreciation of the vehicle if we use the straight-line method of depreciation?

Group of answer choices

$9,000

$900

$750

$500

Question 14

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	$2,000
Equipment	$3,250
Accounts payable		$2,500
Common stock		$1,500
Retained earnings		?
Dividends	$250
Service revenue		$4,500
Salaries expense	$1,100
Advertising expense	$900

[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for revenues from the table below:

		Debit	Credit
A	Service revenue	$3,000
	Income summary		$3,000
B	Income summary	$4,500
	Service revenue		$4,500
C	Income summary	$3,000
	Service revenue		$3,000
D	Service revenue	$4,500
	Income summary		$4,500

[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for expenses from the table below:

		Debit	Credit
A	Salaries expense	$1,100
	Advertising expense	$900
	Income summary		$2,000
B	Income summary	$2,000
	Salaries expense		$1,100
	Advertising expense		$900
C	Expenses	$2,000
	Income summary		$2,000
D	Income summary	$2,000
	Expenses		$2,000

[ Select ] ["A", "B", "C", "D"] Select the correct entry to close income summary from the table below:

		Debit	Credit
A	Retained earnings	$2,500
	Income summary		$2,500
B	Income summary	$2,500
	Retained earnings		$2,500
C	Income summary	$4,500
	Revenue		$4,500
D	Net income	$4,000
	Retained earnings		$4,000

[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for dividends from the table below:

		Debit	Credit
A	Dividends	$250
	Income summary		$250
B	Dividends	$250
	Retained earnings		$250
C	Income summary	$250
	Dividends		$250
D	Retained earnings	$250
	Dividends		$250

Question 15

Which of the following accounts appears on the income statement of a merchandiser?

Group of answer choices

dividends

cost of goods sold

supplies inventory

retained earnings