Reference no: EM132453861
Questions -
Q1) At the beginning of the month, supplies were $4,000. During the month, $4,500 of supplies were purchased. At month's end, 500 of supplies are still on hand.
What is the: adjusting entry and ending balance in the Supplies account? First, prepare the adjusting journal entry for Supplies.
Q2) Suppose that on June 3 Ranger's Auto ServiceRanger's Auto Service, Inc. purchased equipment on account for $42,000. Ranger's equipment will remain useful for five years and then be worthless. Ranger uses the straight-line method of depreciation. Ranger's Auto, Inc. reported book value of its land and equipment at June 30 is as follows?
Q3) On January 1, 2019, a customer places an order for a new customized vehicle. The contract price is $48,000. The vehicle is delivered to the dealer and customer on April 1, 2019. What amount of revenue does the dealer record on January 1, 2019 and April 1, 2019?
Q4) The Houston Mavericks basketball team receives $8,500 for season tickets on August 1. By December 31, $5,100 of the revenue has been earned. The adjusting entry to be made on December 31 includes a?
Q5) On December 31, 2019, salaries owed to employees total $4,850. These will be paid on January 4, 2020. An adjusted trial balance prepared on December 31, 2019, includes which of the following?
Q6) The Accumulated Depreciation account:
A. is another term for depreciation expense.
B. is a contra asset account.
C. has a normal balance which is the same as its companion account.
D. represents the original cost of a plant asset.
Q7) On December 1 of the current year, Prepaid Rent was debited $6,000 for three months of rent, to cover the period December 1 to February 28. The amount of the adjusting entry on December 31 is:
A. $0.
B. $4,000.
C. $6,000.
D. $2,000.
Q8) A company started the year with $400 of supplies. During the year, the company purchased an additional $1,300 of supplies. There were $700 of supplies on hand at the end of the year. An adjusting entry prepared at the end of the accounting period includes a:
A. debit to Supplies for $900.
B. debit to Supplies Expense for $300.
C. debit to Supplies Expense for $1,000.
D. debit to Supplies for $700.
Q9) Kincaid Company's Retained Earnings balance on January 1 was $8,000.
During the current year, Kincaid earned $3,300 in revenues and incurred $4,000 in expenses. Kincaid declared and paid 2,500 in dividends, all in cash. After the closing entries are made, Kincaid's Retained Earnings balance on December 31 will be:
A. $8,000.
B. $8,800.
C. $4,800.
D. $7,300.
Q10. The following accounts and balances are taken from Moore Company's adjusted trial balance:
Accounts Payable $8,000
Accounts Receivable 2,900
Accumulated Depreciation 1,400
Depreciation Expense 1,600
Dividend 2,600
Insurance Expense 2,000
Interest Revenue 1,240
Prepaid Insurance 2,520
Retained Earnings 10,800
Salary Expense 25,100
Service Revenue 36,800
What is the ending balance in Retained Earnings after the closing entries are completed?
A. $9,340
B. $6,740
C. $17,540
D. 38,040