The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $366,000 cash. Purchased $192,000 of equipment by making a $66,000 cash down payment and signing a note payable for the balance. Made a $38,000 cash payment on the note payable from the purchase of equipment Sold a piece of equipment for cash of $24.000. The equipment was sold at cost. so there is no gain or loss on the sale. 3 What is the balance in the Note Payable account at the end of March? Multiple Choice $164.000 $126.000 $38.000 $88.000 The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $352,000 cash. Purchased $164,000 of equipment by making a $52,000 cash down payment and signing a note payable for the balance, . Made a $31.000 cash payment on the note payable from the purchase of equipment Sold a piece of equipment for cash of $10,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Multiple Choice $279,000 $154.000 $433,000 $464.000 Gordy's Corporation has five employees. Each earns $750 per week for a five-day work week ending on Friday. This month, the last day of the month falls on a Thursday. The company should make an adjusting entry Multiple Choice Debiting Wage Expense for $600 and crediting Woges Payable for $600 Debiting Wage Expense for $3,000 and crediting Wages Payable for $3,000 Crediting Woge Expense for $3,000 and debiting Woges Payable for $3.000 Crediting Wage Expense for $600 and debiting Wages Payable for $600. Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: -41 Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $ 15,100 Accounts Receivable 12,550 Office Equipment 21,700 Accumulated Depreciation $ 5,600 Accounts Payable 7,550 Capital Stock 22,100 Retained Earnings -0- Dividends 7,100 Fees Earned 43,500 Salaries Expense 15,200 Advertising Expense 3,050 Depreciation Expense 4,050 Totals $ 78,750 $ 78,750 Net income for the period equals: thapters 1-5) 0 Saved Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $ 15,750 Accounts Receivable 12,875 Office Equipment 23,000 Accumulated Depreciation $ 6,250 Accounts Payable 7,875 Capital Stock 22,750 Retained Earnings -0- Dividends 7,750 Fees Earned 46,750 Salaries Expense 16,500 Advertising Expense 3,375 Depreciation Expense 4,375 Totals $ 83,625 $ 83,625 After closing the accounts, Retained Earnings at December 31 equals
