Question

Abe & Anna Split Ice Cream Parlour paid $2,350 cash for a 5-month advertising contract on...

Abe & Anna Split Ice Cream Parlour paid $2,350 cash for a 5-month advertising contract on September 30, 2016. The amount of advertising expense reported on the Income Statement for the year ending December 31, 2016, for this advertising contract is

Multiple Choice

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$1,410

$2,350

$1,880

$470

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On November 1, 2016, Paige Turner Publishing received $54,000 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2016, is

Multiple Choice

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Debit Unearned Subscriptions $9,000; credit Subscriptions Income $9,000.

Debit Unearned Subscriptions $54,000; credit Subscriptions Income $54,000.

Debit Unearned Subscriptions $4,500; credit Subscriptions Income $4,500.

Debit Subscriptions Income $9,000; credit Unearned Subscriptions $9,000.

An employee whose regular hourly rate is $29 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week. The employee's gross pay was

Multiple Choice

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$1,334.0

$1,276

$1,218.0

$1,914.0

Bottom of Form

The adjusting entry for wages owed but not paid at the end of the fiscal year increases Wages Expense and decreases Wages Payable. TRUE OR FALSE

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Homework Answers

Answer #2

1.

Advertising expense for the year = $2,350/5*3 months
Advertising expense for the year = $1,410

Answer is A. $1,410

2.

Adjusting entry

Debit unearned subscription ($54,000/12*2 months) $ 9,000
Credit subscription income $ 9,000

So, answer is A.

3.

The employee gross pay = 44*$29
The employee gross pay = $1,276

Answer is B.

4. The Statement is False

Because, adjusting entry for wages will increase both wages expense and wages payable

You can reach me over comment box if you have any doubts. Please rate this answer

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