QUESTION 2 Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $41,600 cash and equipment valued at $19,600 in exchange for common stock 2. Purchased $230 of office supplies on credit 3. Paid $3,800 cash for the receptionist's salary 4. Sold a custom frame service and collected $6,100 cash on the sale. 5. Completed framing services and billed the client $360. What was the balance of the cash account after these transactions were posted? Question Completion Status: O E. Credit to unearned revenue for $65.000 QUESTION 7 Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: A Jackson invested $26,000 cash in the business in exchange for common stock B. Jackson contributed $101,000 of equipment to the business 3. The company paid 53,100 cash to rent office space for the month of March 4. The company received $17,000 cash for repair services provided during March 5. The company paid $7.300 for salaries for the month of March 6. The company provided $3,100 of services to customers on account. 7. The company paid cash of $600 for utilities for the month of March 8. The company received $3,200 cash in advance from a customer for repair services to be provided in April The company paid $5,100 in cash dividends Click Save and Submit to save and submit. Click Save All Arto so alla Save Al Answer 15 tv MacBook Air 00 go F3 068 F4 F6 da F7 DI FB FB 910 & * % 5 4 6 7 8 9 0 Question Completion Status: 8. The company received $3,200 cash in advance from a customer for repair services to Dep April The company paid $5,100 in cash dividends QUESTION 8 A Financial statements can be prepared directly from a(n): A Report from a balance sheet B. Interim Balance sheet C. Only using the equity accounts D. An adjusted trial balance E. Classified Balance Sheet QUESTION 9 A company purchased new furniture at a cost of $26.000 on January 1. The furniture is estimated to have a Click Save and Submit to save and submit. Click Save All Answers to see all answers 15 tv MacBook Air : so DOO DOO F4 F6 F6 F7 DW FB FO # % & Term (1) Introductory - Cengage Digital Learning Connect - Class: Accounting 2001 Remaining Time: 51 minutes, 52 seconds. Question Completion Status: On use equny accounts D. An adjusted trial balance E. Classified Balance Sheet QUESTION 9 A company purchased new furniture at a cost of $26,000 on January 1. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. What is the book value (or net amount) of the furniture on December 31 of the first year? QUESTION 10 High Step Shoes had annual revenues of $215,000, expenses of $113,700, and paid dividends of $25,000 during the current year. The retained earnings account before closing had a balance of $317.000. The Net Income for the year is: QUESTION 11 Click Save and submit to see and submit. Click Save All Ansors to swallons Sve Al A Gtv ie MacBook Air 80 F2 888 F4 DD F5 F7 DI FB F & *** % 5 7 8 a
