Q1: This is a drop down question:
The ledger accounts of the Fabulous Muscles Gym at June 30, 2015 are shown below:
|
Accounts Payable
|
$ 9,100
|
|
Accounts Receivable
|
1,050
|
|
Buildings
|
43,000
|
|
Cash
|
14,100
|
|
Common Stock
|
62,800
|
|
Dividends
|
10,500
|
|
Equipment
|
42,900
|
|
Notes Payable
|
40,000
|
|
Supplies
|
350
|
Prepare a trial balance with the ledger accounts.
Q 2: Bank reconcialiation question requires calculations
At April 30, Yaddof Company has the following bank information: cash balance per bank $2,300; outstanding checks $390; deposits in transit $275; credit memo for interest $50; bank service charge $10. What is Mareska's adjusted cash balance on April 30?
$2,300
$2,340
$2,185
$2,245
Q 3: On July 1, Runner's Sports Store paid $14,000 to Corona Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Runner's Sports Store is
Debit Prepaid Rent, $3,500; Credit Rent Expense, $3,500.
Debit Rent Expense, $3,500; Credit Prepaid Rent, $3,500.
Debit Rent Expense, $14,000; Credit Prepaid Rent, $14,000.
Debit Rent Expense, $14,000; Credit Prepaid Rent, $3,500.