These questions are based on the following information compiled for our company at the end of the current year:

Cash$2,000Accounts receivable$3,050Equipment$100Vehicle$4,000Accounts payable$1,000Unearned revenue$1,500Common stock$1,000Retained earnings$4,150 (Balance as of January 1 of the current year)Dividends$500Service revenue$4,000Salaries expense$1,500Rent expense$300Advertising expense$200

Calculate the dollar amount for net income on our current year's income statement (December 31).

[ Select ]

["

$1,500

", "

$2,000

", "

$2,500

", "

$4,000

"]

Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31).

[ Select ]

["

$4,150

", "

$6,150

", "

$5,650

", "

$7,650

"]

Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31).

[ Select ]

["

$9,150

", "

$7,100

", "

$6,100

", "

$10,150

"]

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Question 4

1pts

Which of the following accounts is increased with a debit?

common stock

dividends

service revenue

accounts payable

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Question 5

1pts

On August 21, we paid four months' rent in advance, which totaled $3,200. What account would we debit when we journalize this entry?

rent expense

cash

prepaid rent

account payable

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Question 6

1pts

On September 5, we made an $11,400 payment on account. What account would we debit when we journalize this entry?

accounts payable

cash

accounts receivable

fees earned

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Question 7

1pts

On September 11, we performed $5,750 of service and billed our customer. What account would we debit when we journalize this entry?

service revenue

cash

accounts receivable

retained earnings

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Question 8

1pts

On September 22, we purchased supplies on account for $1,150. What account would we debit when we journalize this entry?

supplies

cash

accounts payable

supplies expense

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Question 9

1pts

Which of the following types of accounts have a normal debit balance?

assets and liabilities

liabilities and expenses

revenues and liabilities

expenses and dividends

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Question 10

1pts

Our company signed a contract on June 15, 2018, to perform services beginning on June 16. We will earn $12,000 per month and receive payment for our first month's services on July 15, 2018. What dollar amount of service revenue should we record on our June 30, 2018 adjusting entry?

$12,000

$6,000

$1,200

$0

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Question 11

1pts

Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $2,000 of the $5,000 had been earned during the current year. What account and amount would we credit when we record this adjusting entry in the general journal?

unearned revenue, $2,000

service revenue, $2,000

unearned revenue, $3,000

service revenue, $3,000

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Question 12

1pts

On December 31, we had accrued taxes of $6,000. What account would we debit when we record the adjusting entry for accrued taxes on December 31?

cash

income taxes expense

income taxes payable

accounts payable

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Question 13

1pts

Annual depreciation on equipment amounted to $27,950 for the current year. What account would we credit when we record this adjusting entry in the general journal?

depreciation expense

equipment

cash

accumulated depreciation, equipment