Which of the following jobs require a professional license? 27. a. Controller b. Auditor d. Preparer of Financial Statements 28. The Store Supplies account had a $180 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $40 worth of unused supplies was on hand. following is the required adjusting entry? which of the Debit Store Supplies $40 and credit Store Supplies Expense $40. Debit Store Supplies Expense $40 and credit Store Supplies $40 a. b. Debit Store Supplies Expense $140 and credit Store Suppliea $140. C. Debit Store Supplies $140 and credit Store Supplies Expense $140. d. When we returned damaged merchandise for resale to our vendor and received cash, this entry would be recorded in the: 29. sales journal. general journal. cash payments journal cash receipts journal. a. b. d. Which of the following would have the longest estimated useful life for depreciation purposes? 30 a. computer store aupplies building office equipment b. c. d. 31. The withdrawals by an owner has what effect on owner's equity? increases decreases no effect a. b. C. In July a company pays two years' advertising in advance. The December 31 adjusting entry is: a debit to Prepaid Advertising and a credit to Advertising Expense b. 32. a. a debit to Advertising Expense and a credit to Prepaid Advertising. a debit to Prepaid Advertising and a credit to Cash. a debit to Advertising Expense and a credit to Cash. C. d. when a magazine company receives advance payment for a subacription, it would, under the accrual banis of account ing debit Cash and credit Prepaid Subscriptions. debit Unearned Subscriptions Revenue and credit Cash- debit Prepaid Subscriptions and credit Cash debit Cash and eredit Unearned Subscriptions Revenue a - b. C. d. Accumulated depreciation is what type of account? 34. asset a. unearned 1iability b. C. revenue d. contra-asset A company received a $2,000 telephone bill in February to be paid in March. What journal would this appear in? 35. sales a. purchases general cash disbursements b. c. d. Which of the following appears on the multiple-step income 36 statement? Cost of Goods Sold Investmente a. b. Cash C. d. Accumulated Depreciation Which of the following accounti is not a liability? mortgage payable accounts payable unearned revenue interest expense 37, a. b. C To recognize accrued interest on a note payable, the following adjusting entry is made on December 31: a debit to Interest Receivable and a credit to Interest Revenue. a debit to Interest Expense and a credit to Cash. a debit to Interest Expense and a credit to Interest Payable. a debit to Interest Payable and a credit to Cash. 38. a. b. d. Investments increase owner's equity. Drawings Owner's equity increase 39. a. b. decrease d. c. either increase or decrease have no effect on
