Question

32.

At September 1, 2017, Wildhorse Co. reported Retained Earnings of $456840. During the month, Wildhorse generated revenues of $64800, incurred expenses of $38880, purchased equipment for $16200 and paid dividends of $6480. What is the balance in Retained Earnings at September 30, 2017?

$476280 credit

$25920 credit

$456840 debit

$460080 credit

39.

Splish Brothers Inc. purchased equipment for $18000 on December 1. It is estimated that annual depreciation on the computer will be $3600. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

debit Depreciation Expense, $14400; credit Accumulated Depreciation, $14400.

debit Depreciation Expense, $3600; credit Accumulated Depreciation, $3600.

debit Depreciation Expense, $300; credit Accumulated Depreciation, $300.

debit Equipment, $18000; credit Accumulated Depreciation, $18000.

47.

The collection of an $2900 account within the 2 percent discount period will result in a

debit to Sales Discounts for $58.

credit to Accounts Receivable for $2842.

credit to Cash for $2842.

debit to Accounts Receivable for $2842.

Answer 1