7 below are several accounts from lim companys

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7.Below are several accounts from Lim Company’s accounting records:Total assets, end of year$119,000Total liabilities, end of year$ 30,000Capital stock, end of year22,000Retained earnings, beginning of year18,000Dividends for the period11,000Net income60,000The amount of retained earnings at the end of the year isa.$78,000.b.$205,000.c.$107,000.d.$67,000.e.$89,000.d.
8.The failure to record an adjusting entry to accrue a revenue item will result in an:
ACT 312A/612A, Fall 2017Page 6
From Kieso, Weygandt, Warfield Study and Problem Solving GuidesChapter 3b.overstatement of revenues and an overstatement of liabilities.c.overstatement of revenues and an overstatement of assets.d.understatement of revenues and an understatement of assets.9.The omission of the adjusting entry to record depreciation expense will result in an:
10.The office supplies account had a balance at the beginning of the year of $1,600.Payments foracquisitions of office supplies during the year totaled $10,000and were recorded as an expense. Aphysical count of office supplies at the end of the year revealed that a balance of $1,900 of officesupplies were on hand. The required adjusting entry at the end of the year would include a debit to:
Use the following information to answer the next two questionsAll of Mochrie Inc.’s sales and merchandise purchases are on account. Mochrie’s records show thefollowing balances:20152014Prepaid rent12,00014,000Wages payable07,000Rent expense15,00013,000Wages expense75,00072,00011.During 2015, cash paid for rent is:a.$13,000.b.$15,000.c.$17,000.d.$27,000.CPrepaid rent2000,说明这2000expense,但提前付掉了,所以cash paid2000a
12.During 2015, cash paid for wages is:
ACT 312A/612A, Fall 2017Page 7
From Kieso, Weygandt, Warfield Study and Problem Solving GuidesChapter 3c.$79,000.d.$82,000.dACT 312A/612A, Fall 2017Page 8
From Kieso, Weygandt, Warfield Study and Problem Solving GuidesChapter 33-1Debit and Credit RulesFor each account listed below put a check mark in the appropriate column to indicate if it is increased byan entry on the debit (left) side of the account or by and entry on the credit (right) sideDebitCredit1.Cash+2.Sales revenue+3.Commission expense+4.Advertising expense+5.Sales and wages payable+6.Prepaid insurance+7.Property taxes payable+8.Property taxes expense+9.Dividends declared+10.Interest revenue+11.Salaries and wages expense+12.Commissions revenue+13.Unearned rent revenue+14.Equipment+15.Notes payable+16.Building+17.Accounts payable+18.Supplies on hand+19.Accounts receivable+20.Common stock+21.Retained earnings+22.Mortgage payable+23.

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