Beginning Balance $1,500, Office Supplies expended $6,000, Ending Balance $2,000. From the information given, calculate the amount of office supplies purchased.
Pluto Inc. sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue). On March 1, the Unearned Revenue account had a credit balance of $4,000. During March, it sold 300 tickets at $20 each and 250 tickets were used during the month. What is the balance in Unearned Revenue at the end of March?
Credit balance of $4,000
Credit balance of $5,000
Debit balance of $4,000
Debit balance of $5,000
The accountant for sparks electric failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which is true?
Total liabilities will be overstated
Total liabilities will be understated
Total assets will be overstated
Total assets will be understated
Financial statements are prepared from the balances in an
Chart of accounts
Unadjusted trial balance
Adjusted trial balance
Which of the following entries would be made as the result of the revenue recognition principle?
Accounts receivable (1,000)
Service Revenue (1,000)
Salaries expense (1,000)
Accounts payable (1,000)
Depreciation expense (1,000)
Accumulated expense (1,000)
Service revenue (1,000)
Service Revenue (1,000)
Qertyinc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 the next year (after December 31 adjustments), the prepaid insurance account will have a debit balance of
if a company is using the accrual basis accounting method, when should it record its earned revenue?
When cash is received, even though services may be rendered later
When cash is received, 30 days after the completion of services
When services are rendered, even though cash may be received at a later date
When services are completely rendered and cash is received
Revenue is said to be earned when the business has
Prepared a journal entry to record revenue
Entered into a agreement with the customer about the goods or services being delivered
Received cash from the customer before goods or services are delivered
Delivered a good or service to the customer
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