Question : 61) On August 1 of the current year, Jamie Simmons : 1230111

61) On August 1 of the current year, Jamie Simmons received $5,400 for legal services to be performed evenly throughout the next six months. The adjusting entry on December 31 of the current year would include a:

A) credit to Unearned Service Revenue of $4,500.

B) debit to Unearned Service Revenue of $900.

C) debit to Service Revenue of $900.

D) credit to Service Revenue of $4,500.

62) On October 1 of the current year, a company received $4,800 for services to be performed evenly over the next four months. If no adjusting entry was made on December 31 of the current year:

A) net income would be understated by $4,800.

B) net income would be understated by $3,600.

C) net income would be overstated by $1,200.

D) net income would be overstated by $2,400.

63) On August 1 of the current year, Jamie Simmons received $5,400 for legal services to be performed evenly throughout the next six months. An adjusted trial balance prepared on December 31 of the current year will show a credit balance in Unearned Revenue in the amount of:

A) $0.

B) $900.

C) $4,500

D) $5,400.

64) A company started the year with $400 of supplies. During the year, the company purchased an additional $1,200 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 $800.

B) debit to Supplies for $700.

C) debit to Supplies Expense for $900.

D) debit to Supplies Expense for $600.

65) A company started the year with $400 of supplies. During the year the company purchased additional supplies costing $1,600. There were $800 of supplies on hand at the end of the year. An adjusted trial balance prepared at the end of the accounting period will show the following balance in Supplies Expense:

A) $600.

B) $800.

C) $1,200.

D) $1,600.

66) Surveying Company, Inc. purchased supplies during the year totaling $25,500. If the adjusted trail balance shows an ending balance in the Supplies account of $18,600, what was the amount of supplies used by Surveying Company?

A) $6,900

B) $11,800

C) $14,900

D) $18,600

67) A company purchased medical equipment for $100,000 on January 1, 2009. The company determined that the yearly depreciation expense is $10,000. What will be the ending balance in the Accumulated Depreciation — Medical Equipment at December 31, 2012?

A) $10,000

B) $40,000

C) $60,000

D) $100,000

68) A company purchased medical equipment for $100,000 on January 1, 2009. The company determined that the yearly depreciation expense is $10,000. At December 31, 2012, the book value of the asset is:

A) $10,000.

B) $40,000.

C) $60,000.

D) $100,000.

69) The book value of an asset at the beginning of the year was $17,000. The equipment originally cost $27,000. Depreciation expense for the year was $8,000. The book value of the asset at the end of the year is:

A) $9,000.

B) $10,000.

C) $17,000.

D) $19,000.

70) A company purchased supplies during the year totaling $10,000. At the end of the year, they made an adjusting entry to record $3,000 of supplies that had been used during the year. The ending balance in the Supplies account after the adjustment was $12,000. The beginning balance in the Supplies account was:

A) $1,000.

B) $3000.

C) $5,000.

D) cannot be determined from the facts