71) On November 1, Phillips Tool and Die Company paid six months’ insurance in advance totaling $9,000. An adjusted trial balance prepared on December 31 would include a balance in the Prepaid Insurance account of:
A) $0.
B) $3,000.
C) $6,000.
D) $9,000.
72) The balance in the Accumulated Depreciation — Machine account at the end of the year is $10,000. The book value of the machine is $30,000. The cost of the machine was:
A) $10,000.
B) $20,000.
C) $30,000.
D) $40,000.
73) HG Enterprises paid $105,000 for office furniture. The furniture is depreciated using the straight-line method and has an estimated service life of 7 years. After three years of use, the book value of the furniture will be:
A) $45,000.
B) $60,000.
C) $90,000.
D) $105,000.
74) A company has $500 in Supplies before any adjustments. At the end of the year, an adjusting entry is made to debit Supplies Expense for $100. The ending balance in the Supplies account will be:
A) $0.
B) $100.
C) $400.
D) $500
75) On December 1, 2012, Mindy’s Daycare receives $2,700 in advance for an agreement to care for Susan’s children for the months of December, January, and February. Mindy’s Daycare will make an adjusting entry on December 31, 2012 to:
A) credit Revenue for .$2,700.
B) debit Unearned Revenue for $900.
C) credit Revenue for $1,800.
D) credit Prepaid Revenue for $1,350.
76) At December 31, the ABC Company owes an employee for four days of work that will not be paid until January 5th. The weekly rate of pay for a five-day workweek is $1,000.The adjusting entry to record the accrued wages will include a:
A) debit to Salaries Payable for $1,000.
B) debit to Salaries Expense for $1,000.
C) debit to Salaries Payable for $800.
D) debit to Salaries Expense for $800.
77) Antler Company holds a $10,000 note receivable as an investment. Each month Antler earns $100 of interest revenue on the note. At the end of the accounting period, Antler needs to record the accrued revenue on the note for three months that it will receive next year. The amount of the adjusting journal entry would be:
A) $0.
B) $100.
C) $300.
D) $10,000.
78) ABC Company owes the bank $40,000 on their mortgage. The bank charges them $300 a month in interest. At the end of the accounting period, ABC owes the bank three months of interest. The adjusting journal entry made by ABC Company will include:
A) a credit to Interest Revenue for $900.
B) a debit to Interest Payable for $300.
C) a debit to Interest Expense for $900.
D) a credit to Interest Receivable for $600.
79) The Prepaid Rent account has a $20,000 debit balance in the unadjusted trial balance. There is a $1,000 credit adjustment to Prepaid Rent. The adjusted trial balance will show Prepaid Rent as a:
A) $19,000 credit balance.
B) $21,000 credit balance.
C) $19,000 debit balance.
D) $21,000 debit balance.
80) The Unearned Rent account has a $6,000 credit balance in the unadjusted trial balance. There is a $1,000 debit adjustment to Unearned Rent. The adjusted trial balance will show Unearned Rent as a:
A) $7,000 debit balance.
B) $7,000 credit balance.
C) $5,000 debit balance.
D) $5,000 credit balance.
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.
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 moreEach 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 moreThanks 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 moreYour 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 moreBy 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