Reference no: EM131286283
1. If beginning capital was $28,000, ending capital is $65,000, and the owner's withdrawals were $31,000, the amount of net income or net loss was:
2. The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents five months' rent paid on October 1. The adjusting entry required on December 31 is:
3. The balance in the office supplies account on June 1 was $7,000, supplies purchased during June were $5,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is:
4. A business pays weekly salaries of $55,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Wednesday is:
5. The net income reported on the income statement is $68,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,100 and accrued salaries of $3,000. Net income, as corrected, is:
6. If total assets decreased by $29,000 during a period of time and owner's equity increased by $23,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is:
7. Equipment with an estimated market value of $47,000 is offered for sale at $53,000. The equipment is acquired for $7,000 in cash and a note payable of $35,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is
8. If total liabilities decreased by $20,000 during a period of time and owner's equity increased by $40,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is
9. The unearned rent account has a balance of $37,000. If $6,000 of the $37,000 is unearned at the end of the accounting period, the amount of the adjusting entry is
10. The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $65,000 for personal use and had made an additional investment of $40,000 in the business.
Assets Liabilities
Beginning of year $305,000 $195,000 End of year 350,000 240,000
The amount of net income for the year was
11. Presently the dominant body in the development of accounting principles is the:
12. Name three different transactions that affect owner's equity, e.g., owner’s withdrawals:
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