On April 1, Garcia Publishing Company received $28,980 from…

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]

For the year ended December 31, a company has revenues of $3…

For the year ended December 31, a company has revenues of $327,000 and expenses of $201,000. The company paid $54,000 in dividends during the year. The balance in the Retained earnings account before closing is $91,000. Which of the following entries would be used to close the dividends account? [2 points]

On September 1, Kennedy Company loaned $115,000, at 12% annu…

On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? [2 points]

A physical count of supplies on hand at the end of May for M…

A physical count of supplies on hand at the end of May for Masters, Incorporated indicated $1,260 of supplies available. The general ledger balance before any adjustment is $2,200. What is the adjusting entry for supplies that should be recorded on May 31? [2 points]