Question 8 2 pts Your company receives a $75,000 advance for 1 year's rent that you record in Rent Received In Advance. If, at year-end, 3 months have elapsed, what adjusting entry will you record? a. Rent Revenue 18,750 Rent Received in Advance 18,750 b. Rent Revenue 56.250 Rent Received in Advance 56.250 c. Rent Received in Advance 18,750 Rent Revenue 18,750 d. Rent Received in Advance 56,250 Rent Revenue 56,250 Od OC Ob Question 9 2 pts The two types of adjusting entries are: O accrual and deferral O deferral and prepayment O debit and credit cash and revenue Question 10 2 pts Several years ago, your calendar year company issued a $15,000 note at 8% a year interest due each July 31. If no interest is received this year, what journal entry do you record at year-end? a. Interest Receivable 500 Deferred Revenue 500 b. Interest Receivable 1.200 Deferred Revenue 1,200 c. Interest Receivable 1,200 Interest Revenue 1.200 d. Interest Receivable 500 Interest Revenue 500 Od Ob O a Question 11 2 pts A company collects payment in advance, debiting Cash and crediting Revenue. At year-end, an adjusting entry: 1. is not required if all the advance payment has been earned 2. may need to debit Revenue 3. may need to debit Unearned Revenue 4. both 1 and 2 01 03 Your company has a 5-day workweek with a weekly payroll of $20,000 distributed each Friday. If an accounting period ends on a Tuesday, the adjusting journal entry is: a. Salary Expense 4,000 Salary Payable 4,000 b. Salary Expense 8,000 Salary Payable 8,000 c. Accrued Salary 8,000 Salary Payable 8.000 d. aDeferred Salary 4.000 Salary Payable 4,000 oc O a Ob Od Question 13 2 pts On October 11, your firm receives a $7,500 down-payment toward a $15,000 video your firm will produce, and you book it in Unearned Revenue. If, at year-end, 20% of the work is completed, what adjusting entry will you record? a. Unearned Revenue 3,000 Revenue 3,000 b. Cash 3,000 Revenue 3,000 c. Revenue 3,000 Unearned Revenue 3,000 d. Unearned Revenue 1,500 Revenue 1,500 Accrued revenue is: 1. payment received for work completed 2. revenue earned but not received 3. a debit to cash 4. a credit to cash 02 0 1 03 4 Question 15 2 pts On November 1, your calendar year firm receives a $5,000 invoice for magazine ads that will run for the next 5 months. If you remit $1,000 on November 1 and debit Advertising Expense, then pay the remainder in January, which of the following entries will you record at year-end? a. Advertising Expense 1,000 Cash 1,000 b. Advertising Expense 2,000 Advertising Payable 2,000 c. Advertising Expense 1 1,000 Advertising Payable 1,000 d. Advertising Expense 5,000 Advertising Payable 5,000
