3. What were Long-Term Liabilities on December 317 Part III. Multiple Choice (14 points) Select the correct answer for each question. For any questions that require computations, you MUST show your work in order to receive partial credit for any questions missed. (14 points) 1. Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained as of the 1/1/20, supplies on hand were $10,200, throughout the year, Wilhelm Company acquired 57,600 of more supplies with cash and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be: b c. d. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600 debit Supplies Expense $14,720 and credit Supplies on Hand S 14,720. debit Supplies on Hand $14,720 and credit Supplies Expense S14,720. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080. mal balance for a contra-asset account would be which of the following? a. a credit b. a debit c. sometimes a debit and sometimes a credit d. never a debit and never a credit 3. Carlos's Dynamite Disco specializes in providing DJ services for birthdays, weddings, and space Occasions. He books a birthday party for $3.000 to be held on Otober 22. 2020, and collects a $1.00 deposit on October 1". Assuming he made the correct entry on 10/1 what entry should he make on 10 after he completes the party and collects the cash balance owed to him? seues $3.000 a. Debit: Service revenues $1.000 Debit Cash $2.000 and Credit: Unearned Revenues , b. Debit: Uneamed revenues $1.000 and Credit: Revenues $1.000 c. Debit: Cash $2,000 and Credit: Revenues $2,000 d. Debit: Cash $2.000. Debit Uneamed Revenues $1.000 and Credit: Revenues $3,000. 4. All but which of the following are organizations that influence current practice in the accounting profession today? a. FASB b. SEC c. GAAP d. PCAOB 5. Amanda's Fashions, LLC paid for a utility bill of $150 on 1/25/20 that had been previously and properly) accrued on 12/31/19 for utilities used in December. What journal entry was made (properly) on Amanda's Fashions, LLC's books on 12/31/19? a. Debit: Utilities Payable $150 Credit: Utilities Expense $150 b. Debit: Prepaid Utilities $150 and Credit: Cash S150 c. Debit: Utilities Expense $150 and Credit: Utilities Payable $150 d. Debit: Utilities Payable $150 and Credit: Cash $150 6. Johnny's Lawn Service earned $200,000 of service revenues for 2020. S190,000 was collected in cash and $10,000 remains in Accounts Receivable as of 12/31/20. $155,000 of expense was incurred during the year, with $140,000 of the expense was paid for with cash and $15,000 remains in Accounts Payable. Using accrual-basis accounting, calculate Johnny's Lawn Service net income for 2020: (a) $35,000 (b) $45,000 (c) $50,000 (d) $60,000