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1) The unadjusted trial balance amount for Prepaid Rent account on December 31, 2013, is $3,600. The rental is for additional office space for 12 months. The rental started on April 1, 2013 and the $3,600 rental fee was paid on that date. The required adjusting entry on December 31, 2013 would need a:

Debit to    _______________ (Account Title)

For  $_______________ (Amount)

2) Ned Sales had total credit sales in June of $100,000. On June 30, 2013 (before any adjustments) Accounts receivable are $20,000 and Allowance for Doubtful Accounts consist of a $100 debit balance. When Ned Sales estimates bad debt losses as 4% of total credit sales, the total realizable value of the Accounts Receivable AFTER the June 30, 2013 adjusting entry is:

$_______________ (Amount)

3) When Mel Corporation sells 60,000 shares of its latest $1 par value common stock to investors for $14 per share; the required journal entry would need a credit to Common Stock for:

$_______________ (Amount)

4) Jen Industries purchased specialized equipment on July 1, 2011, which cost $85,000, has a residual value of $5,000, and a helpful life of four years. Jen employs the sum of the year's digits process. The depreciation expense for the year 2013 is:

$_______________ (Amount) 

5) On September 1, 2013, five month's rent income totaling $5,000 was received on an office rental. The advance collection was originally recorded through a credit to Rental Revenue. The required adjusting entry at December 31, 2013 would need a:

Debit to    _______________ (Account Title)

For $_______________ (Amount)

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916362

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