Identify whether each of the following statements are True or False When

Identify whether each of the following statements are

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13. Identify whether each of the following statements are True or False:_____When unearned rent is earned, it becomes an asset._____A deferral refers to a transaction in which the dollars have been exchanged before the revenue or expense has taken place. A.True, TrueB.True, FalseC.False, TrueD.False, False14. On November 1, 2012, Green Corp paid $6,000 for a one -year premium of auto insurance, for coverage beginning on that date. At the time of payment, a journal entry debiting insurance expense for $6,000 was made. The adjusting journal entry for insurance on December 31, 2012 would include:
Use the following information to answer the next 2 questions:The following accounts reflect the correct 2012 year-end balances after adjustments but before closing for Rainbow Corp.:Account TitleBalance Account TitleBalanceAccounts Payable$ 8,990 Unearned Revenue $2,040Accounts Receivable2,455 Supplies7,500Accumulated Depreciation21,500 Salaries Expense 11,250Building65,000 Revenue 54,005Cash10,300 Rent Expense 7,850Common Stock45,000 Retained Earnings 1/1/12 23,480Delivery Truck9,700 Equipment 15,700Depreciation Expense4,210 Prepaid Expenses 2,600Dividends2,100 Cost of Goods Sold16,35015. The entry to close the Dividend account would include a 16. The entry to close the Income Summary account would include a 17. Columbia, Inc. was started on January 1, 2012. They had the following transactions in January:1.Each of its 3 owners contributed $5,000 cash in exchange for shares of common stock.2.Columbia purchased $12,000 of inventory on account.3.Columbia sold inventory for $8,200. Half of this amount was received in cash and the other half was on account. 4.Columbia paid $1,400 for January wages and had an additional $250 of wages incurred in the last week of January, but won’t be paid until February 3rd.5.Received $2,000 for services to be performed in March.6.Paid $1,500 of their accounts payable.What is the amount of Columbia’s cash account on January 31, 2012? A.$18,200B.$ 6,200C. $17,950
D.$16,200E.$ 8,200

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