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

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Question 10 out of 5 pointsWhen does a company account for revenue if it uses cash basis accounting?
Question 25 out of 5 pointsABC Tax Planning Service started business in January 2018. The company rented an officefor $1,800 per month starting from January 1, 2018. On that day, ABC prepaid the rentthrough June 30. The company makes adjusting entries at the end of each month. What isthe balance in the Prepaid Rent account as of April 30, 2018?
Question 30 out of 5 pointsOn September 1, 2018, Real Estate Professionals Company paid $5,000 in advance for aneight-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 makesadjusting entries once a year at year-end. The adjusting entry on December 31, 2018would include a __________.
Question 45 out of 5 pointsA business purchased equipment for $145,000 on January 1, 2019. The equipment will bedepreciated over the five years of its estimated useful life using the straight-linedepreciation method. The business records depreciation once a year on December 31.Which of the following is the adjusting entry required to record depreciation on theequipment for the year 2019? (Assume the residual value of the acquired equipment tobe zero.)

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Term
Summer
Professor
N/A
Tags
Accounting, Depreciation, Revenue, Generally Accepted Accounting Principles

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