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Book/movie review
22/08/2022
Question 1
Retained earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned revenue of $5,000, had expenses of $3,200 and paid a cash dividend of $500.The income statement for the year ending December 31, 200X would show net income of:
$2,300
$2,100
$800
$1,800
Question 2
The balance in Prepaid insurance is $ 2,500 before any adjustment. $1,000 worth of the insurance has expired. The adjusting journal entry should include which of the following?
Debit to Prepaid insurance for $ 1,000.
Debit to Insurance expense for $ 1,000.
Credit to Insurance expense for $ 1,000.
Debit to Insurance expense for $ 1,500.
Question 3
On January 1, 200X the Post Company started the year with a balance of $1,000 in the supplies account. During the year the company purchased supplies for $2,000. On December 31, 200X there was $1,200 of supplies on hand. What adjusting entry would be made on December 31, 200X?
Debit Supplies $1,800; Credit Cash $1,800
Debit Supply Expense $2,000; Credit cash $2,000
Debit Supply Expense $1,800; Credit Supplies $1,800
Debit Supply Expense $1,200; Credit Supplies $1,200
Question 4
Payment of a dividend will:
Decrease net income.
Increase net income.
Decrease retained earnings.
Increase retained earnings.
Question 5
Central Company purchased equipment on January 1, 200X for $12,000. The equipment has a useful life of six years. What adjusting entry would be made for 200X to record depreciation expense?
Debit depreciation expense $2,000; credit cash $2,000.
Debit depreciation expense $12,000; credit cash $12,000.
Debit depreciation expense $2,000; credit equipment $2,000.
Debit depreciation expense $2,000; credit accumulated depreciation $2,000
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