Which of the following pairs of adjustments in a bank reconciliation would both result in adjusting journal entries? a) Bank charges, outstanding cheques b) Outstanding cheques, deposits not yet recorded by the bank c) Outstanding deposits, collection of a note by the bank on behalf of the company d) NSF cheque, errors made by the company Sabor Times is an online news service. Its customers pay a subscription fee for six months in advance. The January 31, 20x3, unadjusted trial balance of Sabor shows a credit balance of $1,420,000 in the uneamed subscription fees account. During the month of January 20x3, S430,000 of additional subscription fees were collected and credited to the uneamed subscription fees account. It was determined that the corect balance in the uncamed subscription fees account at the end of January 203 was $1,630,000. Which of the following would be the correct monthly adjusting journal entry at January 31, 20x3, with respect to uneared subscription fees? a) Uncanned subscription fees $220,000 Subscription fee revenue $220,000 b) Subscription fee revenue 220,000 Unearned subscription fees 220,000 c) Cash 220,000 Subscription fee revenue 220.000 d) Unearned subscription fees 1,200,000 Subscription fee revenue 1200,000 5. The following information was taken from the inventory records of XYZ Limited: Inventory Purchases: Dates January 1 March 15 July 31 April 11 September 19 Inventory Units 100 units at $2.00 400 units at $1.95 500 units at $1.90 200 units at $5.00 400 units at $5.00 Sales: What is the cost of goods sold, assuming that the FIFO method is used in a perpetual inventory system? a) S1.145 b) $1,150 c) $1.170 d) $1,200 6. The following information pertains to a chequing account of a company at July 31: $40,000 100 Balance per bank statement Interest earned for July Outstanding cheques Customers' cheques returned for insufficient funds Deposit in transit 3.000 1.000 5.000 At July 31, the company's correct cash balance is a) $41,100 b) $41.000 c) $42.100 d) $42,000 7. An analysis of Thrift Corp.'s unadjusted prepaid expense account at December 31, 20x1, revealed the following An opening balance of $1,500 for Thrift's comprehensive insurance policy. Thrift had paid an annual premium of $3,000 on July 1, 20x0 A $3,200 annual insurance premium payment made July 1, 20x1 A $2,000 advance rental payment for a warehouse Thrift leased for one year beginning January 1, 20x2 In its December 31, 20x1 statement of financial position, what amount should Thrift report as prepaid expenses? a) $5,200 b) $3,600 c) $2,000 d) $1,600 On January 1, 20x6, total assets for Sammy Inc. were $125,000; on December 31, 20x6, total assets were $145,000. On January 1, 20x6, total liabilities were $110,000, on December 31, 20x6, total liabilities were $115,000. What are the amount of the change and the direction of the change in Sammy Inc.'s shareholders' equity for 20x6? a) increase of $30,000 b) increase of $15,000 c) decrease of $30,000 d) decrease of $15,000 9. The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be a) Zero The same as it would have been if the original payment had been debited initially to an expense account The same as the original payment d) Higher than if the original payment had been debited initially to an expense account b) The