Reference no: EM132251419
Questions -
Q1. Owner's equity for our company is $500,000, and total liabilities are $250,000. The company paid $50,000 in dividends during the year. What do our total assets equal?
$250,000
$300,000
$700,000
$750,000
Q2. The net income for our company this year is $20,000. The beginning and ending retained earnings balances were $46,000 and $52,000, respectively. The company issued no common stock. Calculate the amount of dividends paid by the company this year.
$14,000
$54,000
$60,000
$106,000
Q3. Which of the following accounts is increased with a credit?
cash
prepaid insurance
salaries expense
unearned revenue
Q4. On August 21, we paid four months' rent in advance, which totaled $3,200. What account would we credit when we journalize this entry?
rent expense
cash
prepaid rent
account payable
Q5. On September 5, we received an $11,400 payment on account. What account would we debit when we journalize this entry?
accounts payable
cash
accounts receivable
fees earned
Q6. On September 11, we performed $5,750 of service and billed our customer. What account would we credit when we journalize this entry?
service revenue
cash
accounts receivable
retained earnings
Q7. On September 22, we purchased supplies on account for $1,150. What account would we debit when we journalize this entry?
supplies
cash
accounts payable
supplies expense
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