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How much was ending inventory last accounting period

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Reference no: EM132429516

Questions -

Q1. Ending Inventory:

a. increases Cost of Goods Sold

b. decreases Cost of Goods Sold

c. does not affect Cost of Goods Sold

d. increases liabilities

Q2. From the following items, which would most likely cause the recording of unearned revenue?

a. Potential sale of merchandise

b. Purchase of merchandise on account

c. Legal fees collected after work is performed

d. Subscriptions collections in advance for a magazine

Q3. If $6,000 was the beginning inventory, purchases were $10,000. and sales were $7,000. How much was ending inventory last accounting period?

a. $9,000

b. $6,000

c. $0

d. $3,000

Q4. Joe received $5,000 in advance for renting part of his building. What is the entry to record the receipt of payment?

a. Debit Cash; credit Rent Expense

b. Debit Cash; credit Prepaid Rent

c. Debit Cash; credit Unearned Rent

d. Debit Cash; cedit Rental Income

Q5. On December 1, Phone Center received $4,800 for two years rent in advance from Garrison Company. The December 31 adjusting entry that Phone Center should make is to

a. debit Rental income; credit Unearned Rent $2,400

b. debit Cash; credit Rental Income $2,400

c. debit Unearned Rent; credit Rental Income $200

d. debit Unearned Rent; credit Rent Expense $200

Reference no: EM132429516

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