题目内容

Using the accrual basis, in which month should revenue be recorded?

A. In the month that the invoice is mailed to the customer
B. In the month that goods are ordered by the customers
C. In the month that goods are shipped to the customer
D. In the month that cash is collected from the customer

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On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include

A. a credit to Prepaid Rent for $1,250
B. a debit to Prepaid Rent for $250
C. a credit to Prepaid Rent for $250
D. a debit to Prepaid Rent for $1,250

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On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber's adjusting entry at the end of February should include a debit to Rent Expense in the amount of

A. $0
B. $1,500
C. $500
D. $250

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An adjusting entry recorded June salary expense that will be paid in July. Which statement best describes the effect of this adjusting entry on the company's accounting equation?

Assets are decreased, liabilities are increased, and stockholders' equity is decreased.
B. Assets are not affected, liabilities are increased, and stockholders' equity is decreased.
C. Assets are decreased, liabilities are not affected, and stockholders' equity is decreased.
D. Assets are not affected, liabilities are increased, and stockholders' equity is increased.

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On April 1, 2016, Jiminee Insurance Company sold a one-year insurance policy covering the year ended March 31, 2017. Jiminee collected the full $1,800 on April 1, 2016. Jiminee made the following journal entry to record the receipt of cash in advance:Apr 1 Cash 1,800Unearned Revenue 1,800Nine months have passed, and Jiminee has made no adjusting entries. Based on these facts, the adjusting entry needed by Jiminee at December 31, 2016, is:

A. Insurance Revenue 450Unearned Revenue 450
B. Unearned Revenue 450Insurance Revenue 450
C. Unearned Revenue 1,350Insurance Revenue 1,350
D. Insurance Revenue 1,350Unearned Revenue 1,350

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Using the accrual basis, in which month should revenue be recorded?

A. In the month that the invoice is mailed to the customer B. In the month that goods are ordered by the customers C. In the month that goods are shipped to the customer D. In the month that cash is collected from the customer

On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber's adjusting entry at the end of February should include a debit to Rent Expense in the amount of

An adjusting entry recorded June salary expense that will be paid in July. Which statement best describes the effect of this adjusting entry on the company's accounting equation?

A. In the month that the invoice is mailed to the customer
B. In the month that goods are ordered by the customers
C. In the month that goods are shipped to the customer
D. In the month that cash is collected from the customer