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Great Falls Company’s bank reconciliation as of February 28 is shown below.question70.png One of the journal entries that Great Falls Company must record as a result of the bank reconciliation includes:

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. [3 points]question31.png

The inventory costing method that results in the lowest taxable income in a period of rising costs is:

On a bank reconciliation, interest earned and received but not yet recorded by the company is:

Harrod Company paid $5,100 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $5,100, and no adjustments had been made previously. The adjusting entry required on December 31 is: [2 points]

On January 1, a company purchased new furniture at a cost of $34,000. The furniture is estimated to have a useful life of 4 years and a salvage value of $4,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31? [2 points]

High Step Shoes had annual revenues of $194,000, expenses of $108,200, and paid dividends of $21,600 during the current year. The retained earnings account before closing had a balance of $306,000. The Net Income for the year is: [2 points]

A list of all permanent accounts and their balances after all closing entries have been made is a(n):

A list of accounts and balances before adjustments are recorded is known as a(n):

On April 1, Garcia Publishing Company received $28,980 from Otisco, Incorporated for 36-month subscriptions to several different magazines. The company credited Unearned Revenue for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year? [2 points]