Question : 109.Fragmental Co. leased a portion of its store to another : 1236834

 

109.Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $800. Fragmental collected the entire $6,400 cash on October 1 and recorded it as unearned revenue. The journal entry made by Fragmental Co. at year-end on December 31 would be:   

A.A debit to Rent Revenue and a credit to Cash for $2,400.

B.A debit to Rent Revenue and a credit to Unearned Rent for $2,400.

C.A debit to Cash and a credit to Rent Revenue for $6,400.

D.A debit to Unearned Rent and a credit to Rent Earned for $2,400.

E.A debit to Unearned Rent and a credit to Rent Earned for $4,000.

110.On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a marketing campaign effective from May 1 this year to April 30 of the following year. The Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of the fees had been earned. The adjusting entry on December 31 would be:   

A.A debit to Unearned Fees and a credit to Cash for $500.

B.A debit to Fees Earned and a credit to Unearned Fees for $500.

C.A debit to Unearned Fees and a credit to Fees Earned for $1,000.

D.A debit to Fees Earned and a credit to Cash for $1,000.

E.A debit to Fees Earned and a credit to Cash for $500.

111.Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:   

A.Intangible expenses.

B.Prepaid expenses.

C.Unearned expenses.

D.Net expenses.

E.Accrued expenses.

112.The adjusting entry at the end of an accounting period to record the unpaid salaries of employees for work provided is:    

A.Debit Unpaid Salaries and credit Salaries Payable.

B.Debit Salaries Payable and credit Salaries Expense.

C.Debit Salaries Expense and credit Cash.

D.Debit Salaries Expense and credit Salaries Payable.

E.Debit Cash and credit Salaries Expense.

113.A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:   

A.Debit Unpaid Salaries $600 and credit Salaries Payable $600.

B.Debit Salaries Expense $400 and credit Salaries Payable $400.

C.Debit Salaries Expense $600 and credit Salaries Payable $600.

D.Debit Salaries Payable $400 and credit Salaries Expense $400.

E.Debit Salaries Expense $400 and credit Cash $400.

2 employees * 2 days * $100/employee/day = $400

114.A company pays its employees $4,000 each Friday, which amounts to $800 per day for the five-day workweek that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is:    

A.$4,000.

B.$800.

C.$1,600.

D.$2,400.

E.$3,200.

4 days * $800/day = $3,200

115.The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?   

A.Debit Salaries Payable and credit Salaries Expense.

B.Debit Salaries Expense and credit Cash.

C.Debit Accrued Salaries and credit Salaries Payable.

D.Debit Cash and credit Salaries Expense.

E.Debit Salaries Expense and credit Salaries Payable.

116.On January 1, Eastern College received $1,200,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees. The term spans four months beginning on January 2 and the college spreads the revenue evenly over the months of the term. What amount of tuition revenue should the college recognize on February 28?   

A.$300,000.

B.$600,000.

C.$800,000.

D.$900,000.

E.$1,200,000.

117.On January 1, Fashion Forward Magazine received $15,000 from subscribers for the annual subscriptions that it recorded in Unearned Subscription Revenue. The issues of the magazine are mailed to subscribers quarterly. What amount of tuition revenue should the magazine recognize on March 31 when the first issue is sent in March?   

A.$15,000.

B.$1,250.

C.$7,500.

D.$3,750.

E.$0.

118.An adjusting entry was made on year-end December 31 to accrue salary expense of $1,200. Which of the following entries would be prepared to record the $3,000 payment of salaries in January of the following year?    

A.Salaries Expense3,000

B.Salaries Payable3,000

C.Salaries Payable1,200

D.Salaries Expense1,200

E.Salaries Payable1,200

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more