Category: Uncategorized

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]

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]

The following information is available for the Higgins Travel Agency. After closing entries are posted, what will be the balance in the Retained earnings account? [2 points]Net Income$ 57,500Retained Earnings137,500Dividends18,000

The Retained earnings account has a credit balance of $55,000 before closing entries are made. Services revenue for the period is $73,200, wages expense is $48,800, and dividends are $16,200. What is the correct closing entry for the revenue accounts? [2 points]

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]

If accrued salaries were recorded on December 31 with a debit to Salaries Expense and a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include:

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]