Question

1. Solve the following problems and record the answers in the Answers column.

	Answers
If the prepaid insurance account has a debit balance of $5,200 at the end of the year and the amount applicable to future periods is $2,800, the amount for the appropriate adjusting entry is
If the supplies account has a debit balance of $8,500 at the end of the year and the amount of supplies on hand is $3,000, the amount for the appropriate adjusting entry is
If the prepaid rent account has a balance of $12,000, representing a payment of four months’ rent beginning on May 1, the rent expense for May is
The net income reported on the income statement is $20,000.  However, adjusting entries have not been made at the end of the period for supplies expense of $4,000 and accrued wages of $2,000.  Net income, as corrected, is
A return of $2,000 has been recorded on a sales invoice for $9,000, terms 1/10, n/30, which is paid within the discount period.  The amount of the discount is
If the seller is to pay the cost of delivery of the goods , which account will be debited for this transaction
If the balance in the supplies account on January 1 is $5,000, supplies purchased during January were $8,000, and the supplies on hand at January 31 were $5,000, the amount of supplies expense that would appear on the income statement for January is
Rent received but not earned is recorded in which account?
In which financial statement the accumulated depreciation is recorded
How much will you receive from a customer which account receivable total 150,000, but he returned 30,000 in goods and received a discount of 3% for early payment.

Answer 1