Question

Which of the following journal entries will record the payment of a $675 accounts payable originally...

Which of the following journal entries will record the payment of a $675 accounts payable originally incurred for Office Supplies?

Select one:

A. Debit Office Supplies; credit Accounts Payable

B. Debit Accounts Payable; credit Cash

C. Debit Office Supplies; credit Cash

D. Debit Cash; credit Accounts Payable

On the last day of December 2013, Tom's Trucks entered into a transaction that resulted in a receipt of $108,000 cash in advance related to services that will be provided during January 2014. During December of 2013, the company also performed $64,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company's trial balance showed service revenue of $582,735 at December 31, 2013. There are no other prepaid services yet to be delivered, and during the month all outstanding accounts receivable from prior months were collected.

If Tom's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2013 balance sheet as accounts receivable?

Select one:

A. $ 32,000

B. $ 64,000

C. $ 54,000

D. $128,000

A company's fiscal year may:

Select one:

A. Be any portion of a year including a month or quarter

B. Be for a period either greater or less than 12 months

C. Be the same as the calendar year

D. All of the above are true of a company's fiscal year

All of the following are proper uses of financial accounting information by a company's board of directors except:

Select one:

A. To review the results of operations

B. To evaluate future strategy

C. To distribute buy/sell recommendations prior to company release of information

D. To assess management performance

On April 1, 2013, CMP Corp. paid $60,000 for rent on warehouse space one year in advance. On October 1, 2013, CMP Corp. entered into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for CMP to receive $4,000 per month from the lessee, due and payable at the end of the 4-month lease term. At December 31, 2013, none of the rental payments from the lessee had yet been received.

If CMP makes the appropriate adjusting entry, how much will be reported on the December 31, 2013 balance sheet as prepaid rent and rent receivable, respectively?

Select one:

A. $7,500 and $8,000

B. $15,000 and $12,000

C. $15,,000 and $6,000

D. $15,000 and $7,500

Business   Accounting   
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Homework Answers

Answer #1
Q1. Answer is B. Accounts payable Cr. Cash
Q2. Answer is B. $ 64000
Q3. Answer is C. Be the same as calender Year
Q4. Answer B. To evaluate the future strategy.
Q5. Answer is $ 15000 and $12000
Explanation:
Rent paid annual 60000
Period expired (April-Dec) 9 months
Expired rent (60000/12*9) 45000
Prepaid rent (60000-45000) 15000
Rent Receivable:
Rent receivable oer month 4000
Period from Oct1 3 months
Rent receivable 12000
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