Question 11 pts Which of the following are in accordance with generally accepted accounting principles?

Which of the following are in accordance with generally accepted accounting principles?

cash basis accounting

accrual basis accounting

both cash and accrual basis accounting

neither the cash or accrual basis accounting

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Question 21 ptsThe balance in the office supplies account on June 1 was $4,300, supplies purchased during June were $1,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is

The balance in the office supplies account on June 1 was $4,300, supplies purchased during June were $1,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is

2000

2300

3800

1500

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Question 31 ptsMelman Company purchased equipment for $5,000 on Novmber 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

Melman Company purchased equipment for $5,000 on Novmber 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960.

Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80.

Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160.

Debit Accumulated Depreciation, $960; credit Depreciation Expense $960.

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Question 41 ptsAdjusting entries do not include what account?

Adjusting entries do not include what account?

accounts receivable

supplies

service revenue

cash

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Question 51 ptsSkip to question text.

Action Real Estate received a check for $12,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $12,000. Financial statements will be prepared on July 31. Action Real Estate should make the following adjusting entry on July 31:

Debit Rental Revenue, $2,000; Credit Unearned Rent, $2,000.

Debit Unearned Rent, $12,000; Credit Rental Revenue, $12,000.

Debit Cash, $12,000; Credit Rental Revenue, $12,000.

Debit Unearned Rent, $2,000; Credit Rental Revenue, $2,000.

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Question 61 ptsThe balance in the Prepaid Rent account before adjustment at the end of the year is $8,000, which represents two months