Select one Assets Liabilities Shareholders Equity Increase No Effect Decrease

Select one assets liabilities shareholders equity

This preview shows page 6 - 9 out of 9 pages.

December 31? Select one: Assets Liabilities Shareholders' Equity Increase No Effect Decrease Assets Liabilities Shareholders' Equity Increase No Effect Increase Assets Liabilities Shareholders' Equity No Effect Increase Decrease Assets Liabilities Shareholders' Equity No Effect Increase Increase $5,000 The correct answer is: Assets Liabilities Shareholders' Equity Increase No Effect Increase QUESTION 7 Correct Mark 1.00 out of 1.00 Jojoba, Inc., received a one-year, 10 percent, $150,000 note receivable on May 1, with interest and principal to be received at maturity. How much interest receivable will be reported on Jojoba's balance sheet as of December 31? Select one: $ 5,000 $ 6,250 $ 8,750 $10,000 ($150,000 x 10% x 8/12) $15,000 The correct answer is: $10,000
Image of page 6
QUESTION 8 Correct Mark 1.00 out of 1.00 Jerry’s Window Service received $14,000 from a client on February 20. This payment was an advance payment for 7 months of window cleaning starting March 1. The window cleaning services are provided equally over the 7 months. At May 31, calculate the balance in the unearned revenue account assuming that all adjusting entries have been properly recorded. Select one: $ 8,000 ($14,000/7 months) x 4 months $10,000 $14,000 $ 6,000 The correct answer is: $ 8,000 QUESTION 9 Correct Mark 1.00 out of 1.00 Mesa Motors received cash in advance from several customers to repair their cars next month. The adjusting entry associated with this is referred to as: Select one: Depreciation Deferred Revenue Accrued Revenue Deferred Expense Accrued Expense The correct answer is: Deferred Revenue
Image of page 7
QUESTION 10 Correct Mark 1.00 out of 1.00 Ocotillo Villas prepared the following adjusted trial balance for the year ended December 31: Debits Credits Cash $45,000 Revenue $60,000 Common Stock 50,000 Depreciation expense 8,000 Retained earnings 15,000 Accounts receivable 15,000 Unearned revenue 12,000 Cost of goods sold 30,000 Equipment 40,000
Image of page 8
Image of page 9

You've reached the end of your free preview.

Want to read all 9 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes