When a company has an expense but does not pay for that expense at the time it occurs, which of the following accounts is credited?

	a.	Cash
	b.	Dividends
	c.	Expense
	d.	Accounts Payable
	e.	Deferred Revenue

On February 1, 2018, a company lends cash and accepts a $2,000 note receivable that offers 10% interest and is receivable in six months. What would the company record on August 1, 2018, when it receives the correct amount from the borrower?

	a.	Cash2,200 Interest Revenue200 Notes Receivable2,000
	b.	Cash2,200 Notes Receivable 2,200
	c.	Cash2,100 Interest Revenue 100 Notes Receivable 2,000
	d.	Cash2,100 Notes Receivable 2,100

A company had the following associated with the purchase of a piece of land that it will use to re-build an office building:

Purchase price of the land$640,000

Sale of salvaged parts already on land$ 21,000

Cost to demolish old building$ 27,000

Cost of ground breaking ceremony (food and supplies)$ 2,100

Cost of land preparation and leveling$ 6,900

What amount should be recorded for the purchase of the land?

	a.	$676,000
	b.	$652,900
	c.	$655,000
	d.	$673,900

Below are amounts for the first three years of operations:

	Revenues	Cash Inflows	Expenses	Cash Outflows
Year 1	$10,000	$8,000	$8,000	$5,000
Year 2	$15,000	$18,000	$10,000	$11,000
Year 3	$20,000	$17,000	$14,000	$15,000
Total	$45,000	$43,000	$32,000	$31,000

Assume a beginning balance of retained earnings at the beginning of year 1 of $12,000 and that the company paid no cash dividends during the first three years. What is the balance of retained earnings at the end of the third year?

	a.	$12,000
	b.	$6,000
	c.	$25,000
	d.	$13,000
	e.	$2,000

if you could please post your work/reasoning, that'd be great! thanks!