General ledger Question 3. Question: The Retained Earnings account has a credit balance of $ 17,000 before closing entries are made. If total revenues for the period are $ 55,200, total expenses are $ 39,800 and dividends are $ 9,000, what is the ending balance in the Retained Earnings account after all closing entries are made? Question 4. Question: A company earned $ 2,000 in net income for October. Its net sales for October were $ 10,000. Its profit margin is: Question 5. Question: A company pays each of its two office employees each Friday at the rate of $ 100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Debit Unpaid Salaries $ 600 and credit Salaries Payable $ 600 Debit Salaries Expense $ 400 and credit Salaries Payable $ 400 Debit Salaries Expense $ 600 and credit Salaries Payable $ 600 Debit Salaries Payable $ 400 and credit Salaries Expense $ 400 Question 6. Question: A company ' s Office Supplies account shows a beginning balance of $ 600 and an ending balance of $ 400. If office supplies expense for the year is $ 3,100, what amount of office supplies was purchased during the period? Question 7. Question: A company had no office supplies available at the beginning of the year. During the year, the company purchased $ 250 worth of office supplies. On December 31, $ 75 worth of office supplies remained. How
General ledger Question 3. Question: The Retained Earnings account has a credit balance of $ 17,000 before closing entries are made. If total revenues for the period are $ 55,200, total expenses are $ 39,800 and dividends are $ 9,000, what is the ending balance in the Retained Earnings account after all closing entries are made? Question 4. Question: A company earned $ 2,000 in net income for October. Its net sales for October were $ 10,000. Its profit margin is: Question 5. Question: A company pays each of its two office employees each Friday at the rate of $ 100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Debit Unpaid Salaries $ 600 and credit Salaries Payable $ 600 Debit Salaries Expense $ 400 and credit Salaries Payable $ 400 Debit Salaries Expense $ 600 and credit Salaries Payable $ 600 Debit Salaries Payable $ 400 and credit Salaries Expense $ 400 Question 6. Question: A company ' s Office Supplies account shows a beginning balance of $ 600 and an ending balance of $ 400. If office supplies expense for the year is $ 3,100, what amount of office supplies was purchased during the period? Question 7. Question: A company had no office supplies available at the beginning of the year. During the year, the company purchased $ 250 worth of office supplies. On December 31, $ 75 worth of office supplies remained. How