answer the10 accounting multiple choice questions

1- Based on the following information, what would be the ending balance in the Retained Earnings account, assuming all accounts have a normal balance?

  Cash

$6,914  

  Dividends

$3,600  

  Accounts receivable

15,333  

  Consulting fees earned

15,318  

  Office supplies

2,785  

  Rent expense

3,833  

  Land

38,753  

  Salaries expense

6,802  

  Office equipment

16,135  

  Telephone expense

720  

  Accounts payable

6,623  

  Miscellaneous expense

440  

  Common stock

56,090  

  Retained Earnings

?  

2- Based on the following information, what would be the total on the Credit side of a post- closing trial balance, assuming all accounts have a normal balance?

  Cash

$6,934  

  Dividends

$3,800  

  Accounts receivable

15,533  

  Consulting fees earned

15,518  

  Office supplies

2,805  

  Rent expense

3,853  

  Land

38,953  

  Salaries expense

6,822  

  Office equipment

16,335  

  Telephone expense

740  

  Accounts payable

6,643  

  Miscellaneous expense

460  

  Common stock

56,290  

  Retained Earnings

?  

3- A company had revenue of $568,000, rent expense of $109,000, utility expense of $10,900, salary expense of $134,500, depreciation expense of $39,900, advertising expense of $41,100, dividends in the amount of $192,000, and an ending balance in retained earnings of $411,300. What is the beginning retained earnings for the period?

4- A company had service revenue of $252,000, rent expense of $10,200, utility expense of $3,700, salary expense of $18,700, depreciation expense of $9,200, advertising expense of $4,520, dividends in the amount of $18,200, and a beginning balance in retained earnings of $18,100. What is the balance in the income summary account before it is closed for the period?

5- On January 1, Able Company purchased equipment costing $138,600 with an estimated salvage value of $12,300, and an estimated useful life of five years. Using the straight-line method, what is the amount that should be recorded as depreciation on December 31?

6 - The Unadjusted Trial Balance columns of a company's work sheet show the balance in the Office Supplies account as $800. The Adjustments columns show that $450 of these supplies were used during the period. The amount shown as Office Supplies in the Balance Sheet columns of the work sheet is:

7- The following information is available for the Travis Travel Agency. After the closing entries have been journalized and posted, what will be the balance in the Retained Earnings account?

  Total revenues

 $137,000  

  Total expenses

72,000  

  Retained earnings

92,000  

  Dividends

21,000  

8- A company's Office Supplies account shows a beginning balance of $760 and an ending balance of $480. If office supplies expense for the year is $5,500, what amount of office supplies was purchased during the period?

9- On January 1, Acme College received $1,620,000 in Unearned Tuition Revenue from its students for the spring semester, which spans four months beginning on January 2. What amount of tuition revenue should the college recognize on January 31?

10- ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014, at a monthly rate of $1,300. This other company paid the entire $10,400 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year-end on December 31, 2014, would include: