QUESTION 26 Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Penscola State College. Which of the following situation matches the "Going concern assumption"? The Apartment Exchange reports its financial statements in US dollars Michael's personal assets are not recorded on the Apartment Exchange's balance sheet Michael expects the Apartment Exchange to remain in operations for the foreseeable future The Apartment Exchange records furniture at its cost of $9.000, not its market value of $13,000 QUESTION 26 Which of the following is NOT a closing entry? Retained Earnings 5,000 Dividends 5,000 17,500 17.500 3.000 Service Revenue Income Summary Income Summary Rent Expense Salaries Payable Income Summary 3,009 1.200 1.200 QUESTION 27 Adams, Inc. recorded the following journal entry on March 2, 2018 Cash 9,000 Uneamed Revenue 9,000 From the journal entry above, identify the transaction on March 2, 2018 Adams received 59,000 for services to be performed in a later period. Adams purchased goods worth $9,000 and signed a one-year note for the same amount. Adams paid $9,000 for services to be received at a later date. Adams sold goods for $9,000 cash. QUESTION 30 Justice, Inc. purchased a machine for $15,000 two years ago. The machine had no residual value and had an estimated useful life of 10 years. If the company uses the straight-line depreciation method, calculate the current book value of the machine $16,500 $15,000 $3.000 $12,000