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Question 22. Question :
Based on the following
information, determine the current assets, assuming all accounts
have a normal balance?
Cash $ 6,754
Dividends
$ 2,000
Accounts receivable $ 13,733
Consulting fees earned
$ 13,718
Office supplies
$ 2,625
Rent expense $ 3,673
Land $ 37,153
Salaries expense
$ 6,642
Office equipment
$ 14,535
Telephone expense
$
560
Accounts payable
$ 6,463
Miscellaneous expense
$ 280
Common stock
$ 54,490
Retained Earnings
?
Question 23. Question :
On June 30, 2011, Apricot Co.
paid $5,000 cash for management services to be performed over
a two-year period. Apricot follows a policy of recording all
prepaid expenses to asset accounts at the time of cash payment.
The adjusting entry on December 31, 2011 for Apricot would
include:
A debit to an expense for $1,250
A debit to a prepaid expense for $1,250
A credit to an expense for $3,750
A debit to a prepaid expense for $3,750