1. Question 1 The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the…
10. Question 10 The beginning balance in Inventory on Company A’s Year 2 Balance Sheet is $20,000. The company purchased inventory for $200,000 during Year 2, sold inventory with book…
7. Question 7 The beginning balance in Retained Earnings is $20,000 and the ending balance is $50,000. The dividends paid is $40,000. Which of the following will be found in…
6. Question 6 The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers…
12. Question 12 On July 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 3%. Principal is scheduled to all be paid at the end…
8. Question 8 In January, a company paid rental fees of $30,000 for February. Which of the following journal entries should be recorded in January and February? 1 / 1 point In…
2. Question 2 In December, a company signed a contract with a regular customer to sell products for $100,000 and received $20,000. In January, the company received a payment of…
12. Question 12 On September 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 6%. Principal is scheduled to all be paid at the end…
9. Question 9 On November 1, a company pays a total of $9,000 in rent for November, December and January. What amount should the company record as rent expense in…
7. Question 7 A company sells its products to a customer for $5,000 on account. The cost of the products sold is $2,000. Select the journal entries that are correct….
