What would be the appropriate entry if our company paid $$2,400$ cash in advance for an insurance policy covering us for the next $24-$months?

Group of answer choices

Debit to Prepaid Insurance, credit to Cash

Debit to Insurance Expense, credit to Cash

Debit to Accounts Receivable, credit to Cash

Debit to Insurance Expense, credit to Prepaid Insurance

Flag question: Question $2$

Question $22$ pts

On July $1,$ our company paid $$7,500$ cash to a firm that would perform management services for us over the next two$-$year period. Our company follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July $1,$ our company should record:

Group of answer choices

A debit to Cash for $$7,500$ and a credit to an expense for $$7,500$

A debit to a prepaid expense and a credit to Cash for $$7,500$

A credit to a prepaid expense and a debit to Cash for $$7,500$

A debit to an expense and credit to a prepaid expense for $$7,500$

Flag question: Question $3$

Question $32$ pts

Jamm Rentals purchased office supplies inventory $($asset$)$ on account$/$credit$.$ The journal entry made by Jamm to record this transaction will include a:

Group of answer choices

Debit to Accounts Payable

Credit to Supplies Inventory

Credit to Accounts Payable

Credit to Cash

Flag question: Question $4$

Question $42$ pts

Alicia Tax Services paid $$500$ to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction?

Group of answer choices

Debit Office supplies inventory, $$500$; credit Accounts payable, $$500$

Debit Accounts payable, $$500$; credit Cash, $$500$

Debit Cash, $$500$; credit Office supplies inventory, $$500$

Debit Office supplies expense, $$500$; credit Cash, $$500$

Flag question: Question $5$

Question $52$ pts

During the month of September, Rubio Services had cash receipts of $$7,500$ and cash disbursements of $$8,600.$ The September $30$ cash balance was $$1,800.$ What was the September $1$ beginning cash balance?

Group of answer choices

$$700$

$$1,100$

$$2,900$

$$4,300$

Flag question: Question $6$

Question $62$ pts

Unearned revenue is reported in the financial statements as:

Group of answer choices

A revenue on the balance sheet

An asset on the balance sheet

A liability on the balance sheet

An unearned revenue on the income statement

Flag question: Question $7$

Question $72$ pts

Fragmental Co$.$ leased a portion of its store to another company for eight months beginning on October $1,$ at a monthly rate of $$800.$ Fragmental collected the entire $$6,400$ cash on October $1$ and recorded it as unearned revenue. Assuming adjusting entries are only made at year$-$end, the adjusting entry made by Fragmental Co$.$ on December $31$ would be:

Group of answer choices

A debit to Rent Revenue and a credit to Cash for $$2,400$

A debit to Unearned Rent and a credit to Rent Revenue for $$4,000$

A debit to Unearned Rent and a credit to Rent Revenue for $$2,400$

A debit to Rent Revenue and a credit to Unearned Rent for $$2,400$

Flag question: Question $8$

Question $82$ pts

On January $1,$ Eastern College received $$1,200,000$ from its students for the spring semester that it recorded in Unearned Tuition and Fees $($liability account$).$ The term spans four months beginning on January $1$ through April $30$ and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize for the month of January?

Group of answer choices

$$300,000$

$$900,000$

$$1,200,000$

$$600,000$

Flag question: Question $9$

Question $92$ pts

This question is based upon the previous information as follows:

On January $1,$ Eastern College received $$1,200,000$ from its students for the spring semester that it recorded in Unearned Tuition and Fees $($liability account$).$ The term spans four months beginning on January $1$ through April $30$ and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what is the journal entry prepared to record the revenue at January $31?$

Group of answer choices

Debit Unearned Tuition and Fees and credit the Earned Tuition and Fees account

Credit Unearned Tuition and Fees and debit the Earned Tuition and Fees account

Flag question: Question $10$

Question $102$ pts

A company made no adjusting entry for earned yet unpaid employee wages of $$28,000$ on December $31.$ This oversight would:

Group of answer choices

Overstate assets by $$28,000$

Have no effect on net income

Understate assets by $$28,000$

Overstate net income by $$28,000$

Ignore the flagged question boxes!