QUESTION 21

1. On 1/4/20 ABC Inc. declares dividends of $10,000. The date of record is 1/10/20 and the date of payment is 1/20/20. What journal entry should be made on 1/10/20?

   	a.	No entry should be made
   	b.	DR: Retained Earnings; CR: Dividends Payable
   	c.	DR: Dividends Payable; CR: Retained Earnings
   	d.	DR: Dividends Payable; CR: Cash

2.5 points

QUESTION 22

1. On 1/4/20 ABC Inc. declares dividends of $10,000. The date of record is 1/10/20 and the date of payment is 1/20/20. What journal entry should be made on 1/20/20?

   	a.	DR: Dividends Payable; CR: Retained Earnings
   	b.	DR: Dividends Payable; CR: Cash
   	c.	DR: Retained Earnings; CR: Dividends Payable
   	d.	No entry should be made

2.5 points

QUESTION 23

1. On December 1st, MNO Co. borrows $1,000, from ABC Bank at 6% interest for 60 days. What will MNO Co. debit in the entry to accrue interest expense?

   	a.	Interest Payable $5
   	b.	Interest Payable $10
   	c.	Interest Expense $5
   	d.	Interest Expense $10

2.5 points

QUESTION 24

1. Sales are $250,000, Cost of Goods Sold is $160,000, Operating Expenses are $50,000. What is gross profit?

   	a.	$90,000
   	b.	$250,000
   	c.	$40,000
   	d.	$200,000

2.5 points

QUESTION 25

1. The cost of a building is equal to $10,000, its salvage value is $2,000, and its useful life is 4 years. What is year 2 depreciation expense using the straight-line method?

   	a.	$0
   	b.	$2,500
   	c.	$2,000
   	d.	$10,000

Please help me answer the questions, I will upvote.