Question 26 N ot yet answered Points out of 1.00 p Flag question The following journal entry is necessary upon discovery of a "NSF check during a bank reconciliation: Select one: a. Debit: Accounts Receivable Credit: Cash Debit: Miscellaneous Expense Credit: Cash . "No entry is necessary because the bank makes the entry. d. Debit: Not Sufficient Funds Expense Credit: Cash Question 27 Not yet answered Points out of 1,00 Flag question Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January, February, March, and April. If Leona debited Cash and credited Unearned Rental Income for $10,000 on December 1, what necessary adjustment would be made on December 31? Select one: a. Debit: Unearned Rental Income Credit: Rental Income 2,000 2,000 8,000 8,000 O b. Debit: Rental income Credit: Unearned Rental Income . Debit: Rental Income Credit: Unearned Rental Income O d. Debit: Unearned Rental Income Credit Rental Income 2,000 2,000 8,000 8,000 Question 28 Not yet answered Points out of 1.00 p Flag question Debits to which accounts result in an increased balance? Select one: a. Revenues and assets O b. Assets and common stock O C. Assets and expenses d. Common stock and expenses Question 29 Not yet answered Points out of 1.00 p Flag question Bandit, Inc., issued for $57 per share 5,000 shares of $30 par value common stock. The journal entry to record this transaction Select one: a. Debit: Cash Credit: Common Stock 285,000 285,000 O b. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Gain on Sale of Stock 135,000 OC Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Paid-in Capital in Excess of Par Value 135,000 d. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Retained Earnings 135,000 1 TUUUJ LULUUTTUI LABNI PHI Eldil Spring 2020 Question 30 Not yet answered Points out of 1.00 p Flag question A complete accounting cycle occurs once every Select one: 0 a. Fiscal period O b. Week Weet c. Month Quarter o d Which of the following is one effect of a purchase of $600 of supplies on credit? Select one: O a. It would decrease liabilities by $600 0. b. It would decrease cash assets by $600 o c. It would decrease retained earnings $600 d. It would increase liabilities by $600