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The balance in the prepaid rent account before

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4.The balance in the prepaid rent account before adjustment at the end of the year is $20,000, which represents fourmonths of rent paid on December 1.The adjusting entry required on December 31 is:A.debit Rent expense, $15,000; credit Prepaid rent, $15,000.B.debit Prepaid rent, $15,000; credit Rent expense, $15,000.C.debit Rent expense, $5,000; credit Prepaid rent, $5,000.D.debit Prepaid rent, $5,000; credit Rent expense, $5,000.
5.If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of thefollowing describes the effect of the debit portion of the entry?
6.At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted.Whichof the following statements is true?
7.Accrued revenues would appear on the balance sheet as:
8.The closing entry involving net income will include a:A.credit to sales revenue.C.credit to income summary.B.debit to income summary.D.debit to retained earnings.
9.Which of the following accounts ordinarily appears on the post-closing trial balance?
A100 Final Exam Review3
10.The December 31, 2015, adjusted account balances taken from the Adjusted Trial Balance of Cajon Corporationare as follows:DebitCreditCash$150Store supplies300Service fees revenue$600Retained earnings50Accounts payable70Dividends200Unearned service fees revenue180Wage expense200Store supplies expense50Given this information, after all closing entries have been made, the balance in Cajon’s Retained Earnings accountwould be:
11.On December 31, 2017, Retained Earnings has a normal balance of $18,500.On December 31, 2018, RetainedEarnings has a normal balance of $17,100.During 2018, dividends of $4,200 were declared and paid.Based onthis information, net income for 2018 is:
12.After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals ofthe Debit and Credit columns are $39,750 and $21,750, respectively.What is the amount of net income or net lossof the period?A.$18,000 net lossB.$18,000 net incomeC.$39,750 net incomeD.$21,750 net income

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Generally Accepted Accounting Principles

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