题目内容

The Accumulated Depreciation account is:

A. a record of the sum of all the depreciation expense recorded.
B. the price quoted to the buyer of a used asset.
C. an expense account.
D. the expense account used to expense the cost of an asset.

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On January 1, 2015, the Accounts Receivable of Linda Company had a debit balance of $20,000. During January, the company provided services for $600,000 on account. The company collected $250,000 from its customers on account in January. What was the ending balance in the Accounts Receivable account at the end of January?

A. $350,000
B. $620,000
C. $370,000
D. $600,000

Qwerty Inc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 of the next year (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of:

A. $3,300.
B. $3,900.
C. $3,600.
D. $3,000.

Classic Artists' Services has hired a maintenance man to maintain a building they use for instruction. He will begin work on February 1 and work through till May 31. Classic Artists' will pay the maintenance man $4,000 at the end of May. It accrues Maintenance Expense at the end of every month. What is the balance in the Accounts Payable account for amounts owed to the maintenance man at the end of March?

A. Debit balance of $4,000
B. Credit balance of $2,000
C. Debit balance of $2,000
D. Credit balance of $4,000

On December 31, 2014, the balance in Pinnacle Exploration Company's Unearned Revenue account was a credit of $8,000. In January, 2015, the company received an advance payment of $14,000 from a new customer for services to be performed. By January 31, adjustments had been made to recognize $7,000 of the revenue which had been earned during January. What was the balance in Unearned Revenue on January 31, 2015?

A. $7,000 credit
B. $14,000 debit
C. $8,000 credit
D. $15,000 credit