Reference no: EM132690343
Problem 1: During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes:
Option 1: a credit to Revenue for $2,000
Option 2: a debit to Cash for $2,000
Option 3: a credit to Unearned Revenue for $400
Option 4: a debit to Unearned Revenue for $400
Problem 2: On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:
Option 1: include a credit to Supplies for $400
Option 2: include a debit to Supplies Expense for $600
Option 3: include a debit to Supplies for $1,000
Option 4: include a debit to Accounts Payable for $400
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