80.2K

Verified Solution

Link Copied!

On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December?

$0

$2,500

$5,000

cannot be determined

Flag this Question

Question 2 4 pts

Our employees worked the last two weeks of December. They will be paid in January. What account would we debit when we record the December 31 adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

Flag this Question

Question 3 4 pts

On December 31, we had accrued salaries of $6,000. What account would we credit when we record this adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

Flag this Question

Question 4 4 pts

Our employees worked the last two weeks of December. They will be paid in January. What account would we credit when we record the December 31 adjusting entry in the general journal?

cash

salaries expense

salaries payable

accounts payable

Flag this Question

Question 5 4 pts

Which of the following accounts will not appear in an adjusting entry?

salaries payable

depreciation expense

rent expense

building

Flag this Question

Question 6 4 pts

The balance in our office supplies account on September 1 was $7,700. On September 30, our supplies on hand totaled $2,000. What account and amount would we debit when we record this adjusting entry in the general journal?

office supplies expense, $9,700

office supplies, $5,700

office supplies, $7,700

office supplies expense, $5,700

Flag this Question

Question 7 4 pts

Prepaid rent is recorded as:

an asset

a liability

revenue

an expense

Flag this Question

Question 8 4 pts

An adjusting entry that credits income taxes payable is an example of:

deferred expenses

deferred revenue

accrued expenses

accrued revenue

Flag this Question

Question 9 4 pts

Which of the following accounts is a contra asset?

depreciation expense

prepaid rent

dividends

accumulated depreciation

Flag this Question

Question 10 4 pts

All of a companys accounts and account balances appear on the:

income statement

statement of retained earnings

balance sheet

adjusted trial balance

please answer all the questions thank you

Answer & Explanation Solved by verified expert

See Answer