Question Completion Status: Which of the following is NOT considered an end-of-period adjusting entry? The entry to record the portion of prepaid insurance that has become expense during the period. The entry to record revenue which has been earned but was initially recorded as unearned when received. The entry to record depreciation expense. The entry to record repayment of a bank loan. none of the above. QUESTION 55 Before any year-end adjustments were made, the net income of Jim Company was $39,400. However, the following adjustments were necessary, services performed for clients but not yet recorded or collected, $1,300; interest accrued on note payable to bank, $300. After recording these adjustments the net income would be: $37,800 $38,400 $40,400 $41,000 none of the above. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers MacBook Pro cemaining Time: 2 hours, 11 minutes, 47 seconds. Question Completion Status: Office equipment was purchased on December 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. The adjusting entry required at the end of December, 2004 includes a: Debit to Accumulated Depreciation: Office Equipment for $50. Credit to Accumulated Depreciation: Office Equipment for $600. Credit to Office Equipment for $600. Debit to Depreciation Expense for $50. none of the above. QUESTION 53 Office equipment was purchased on January 1, 2004, for $3,000 and has an estimated useful life of five years and no residual value. Given January 2004 net income of $2,750 before adjustments, compute net income or loss from January operations after the necessary adjusting entry is made for depreciation. $2,700 net income. $2,150 net income. $1,800 net income. $1,250 net income. None of the above. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Winde MacBook Pro