QUESTION 47 On January 1, 2017, M. Johanson Company purchased equipment for $54,000. The company is depreciating the equipment at the rate of S750 per month. The book value of the equipment at December 31, 2017 is: $9,000 $45,000 $54,000 QUESTION 48 The Vintage Laundry Company purchased $8,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,500 on hand. The adjusting entry that should be made by the company on June 30 is: O debit Supplies Expense, S1,500; credit Supplies, S1,500. O debit Supplies Expense, S7,000; credit Supplies, $7,000. O debit Supplies, $7,000; credit Supplies Expense, $7,000. debit Supplies, S1,500; credit Supplies Expense, $1,500. QUESTION 49 On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Ans QUESTION 49 On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Fisher Shoe Store is: O debit Rent Expense, $24,000; credit Prepaid Rent, $4.000. O debit Prepaid Rent, $4,000; credit Rent Expense, $4,000. O debit Rent Expense, $4,000; credit Prepaid Rent, $4.000. O debit Rent Expense, S24,000; credit Prepaid Rent, $20.000. QUESTION 50 The Harris Company purchased equipment for $15,000 on December 1. It is estimated that annual depreciation on the computer will be $3,000. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Depreciation Expense, $250; credit Accumulated Depreciation, $250. O debit Depreciation Expense, S3,000; credit Accumulated Depreciation, $3.000. O debit Depreciation Expense, S12,000; credit Accumulated Depreciation, S12.000. debit Equipment, $15,000; credit Accumulated Depreciation, $15,000. QUESTION 51 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save Al QUESTION 52 Financial information is presented below: s 40,000 200,000 150.000 Operating expenses Sales revenue Cost of goods sold Gross profit would be $160,000 $50,000 O $40,000 O $10,000 QUESTION 53 Financial information is presented below s 28,000 7,000 3,000 150,000 98.000 Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold Gross profit would be O $49,000 $42,000 $45,000 e $52,000 QUESTION 55 11.200 Purchases Beginning Inventory Ending Inventory 47,000 57.600 QUESTION 56
