Question :
129.On April 1, Griffith Publishing Company received $1,548 from Santa : 1236836
129.On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the second year of the subscription assuming the company uses a calendar reporting period?
A.$0.
B.$516.
C.$387.
D.$129.
E.$430.
130.On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year?
A.debit Unearned Fees, $1,548; credit Fees Earned, $1,548.
B.debit Unearned Fees, $516; credit Fees Earned, $516.
C.debit Unearned Fees, $1,161; credit Fees Earned, $1,161.
D.debit Unearned Fees, $129; credit Fees Earned, $129.
E.debit Unearned Fees, $387; credit Fees Earned, $387.
131.On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the second year?
A.debit Unearned Fees, $1,548; credit Fees Earned, $1,548.
B.debit Unearned Fees, $516; credit Fees Earned, $516.
C.debit Unearned Fees, $1,161; credit Fees Earned, $1,161.
D.debit Unearned Fees, $129; credit Fees Earned, $129.
E.debit Unearned Fees, $387; credit Fees Earned, $387.
132.On April 1, Santa Fe, Inc. paid Griffith Publishing Company $1,548 for 36-month subscriptions to several different magazines. Santa Fe debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Santa Fe, Inc. after adjustments on December 31 of the first year assuming the company is using a calendar reporting period and no previous adjustment has been made?
A.$1,548.
B.$387.
C.$516.
D.$1,161.
E.$0.
133.On April 1, Santa Fe, Inc. paid Griffith Publishing Company $1,548 for 36-month subscriptions to several different magazines. Santa Fe debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Santa Fe, Inc. after adjustments on December 31 of the second year assuming the company is using a calendar reporting period and the previous year adjustment had been made?
A.$1,548.
B.$387.
C.$516.
D.$645.
E.$0.
134.On April 1, Santa Fe, Inc. paid Griffith Publishing Company $1,548 for 36-month subscriptions to several different magazines. Santa Fe debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What adjusting entry should be made by Santa Fe, Inc. for the adjustment on December 31 of the first year assuming the company is using a calendar reporting period and no previous adjustments had been made?
A.Debit Subscription Expense $516 and credit Prepaid Subscriptions $516.
B.Debit Prepaid Subscriptions $516 and credit Subscription Expense $516.
C.Debit Subscription Expense $387 and credit Cash $387.
D.Debit Unearned Subscriptions $387 and credit Subscription Expense $387.
E.Debit Subscription Expense $387 and credit Prepaid Subscriptions $387.
135.A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. Which of the following statements is true?
A.It will have no effect on income.
B.It will overstate assets and liabilities by $9,000.
C.It will understate net income by $9,000.
D.It will understate assets by $9,000.
E.It will understate expenses and overstate net income by $9,000.
136.The correct adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31 is:
A.debit Salary Expense, $9,000; credit Cash, $9,000
B.debit Salary Expense, $9,000; credit Fees Earned, $9,000
C.debit Salary Expense, $9,000; credit Prepaid Salary, $9,000
D.debit Salary Expense, $9,000; credit Salaries Payable, $9,000
E.debit Salaries Payable, $9,000; credit Salary Expense $9,000
137.A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
A.$437.50
B.$375.00
C.$1,500.00
D.$500
E.$1,750
138.A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?
A.$13,562.50
B.$12,250.00
C.$12,500.00
D.$13,500.00
E.$13,625.00
