acct unit 3 assessment.docx - Question 1 0 out of 5 points...

 Question 1
0 out of 5 points
When does a company account for revenue if it uses cash basis accounting?
 Question 2
5 out of 5 points
ABC Tax Planning Service started business in January 2018. The company rented an office
for $1,800 per month starting from January 1, 2018. On that day, ABC prepaid the rent
through June 30. The company makes adjusting entries at the end of each month. What is
the balance in the Prepaid Rent account as of April 30, 2018?
 Question 3
0 out of 5 points
On September 1, 2018, Real Estate Professionals Company paid $5,000 in advance for an
eight-month rental space covering the period of September 1, 2018 through April 30,
2019. The deferred expense was initially recorded as an asset. The company makes
adjusting entries once a year at year-end. The adjusting entry on December 31, 2018
would include a __________.
 Question 4
5 out of 5 points
A business purchased equipment for $145,000 on January 1, 2019. The equipment will be
depreciated over the five years of its estimated useful life using the straight-line
depreciation method. The business records depreciation once a year on December 31.
Which of the following is the adjusting entry required to record depreciation on the
equipment for the year 2019? (Assume the residual value of the acquired equipment to
be zero.)