题目内容

ABC Company signed a one-year $48,000 note payable at 8% interest on May 1, 2014. If ABC only adjusts their accounts once a year at year-end, how much interest expense was accrued on December 31, 2014?

A. $1,280
B. $3,840
C. $2,560
D. $3,200

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Accumulated Depreciation is a account and carries a normal balance.

A. revenue; debit
B. expense; debit
C. contra asset; credit
D. liability; credit

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Unearned Revenue is a account and carries a normal balance.

A. liability; credit
B. asset; credit
C. revenue; debit
D. asset; debit

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What type of account is Prepaid Rent and what is its normal balance?

A. expense and debit
B. liability and credit
C. revenue and credit
D. asset and debit

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A company received $5,000 for 100 one-year subscriptions on July 1. The journal entry to record this cash receipt would include a:

A. credit to Accounts Payable for $5,000.
B. debit to Prepaid Expenses for $5,000.
C. credit to Unearned Revenue for $5,000.
D. debit to Note Payable for $5,000.

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ABC Company signed a one-year $48,000 note payable at 8% interest on May 1, 2014. If ABC only adjusts their accounts once a year at year-end, how much interest expense was accrued on December 31, 2014?

A. $1,280 B. $3,840 C. $2,560 D. $3,200

Accumulated Depreciation is a ________ account and carries a ________ normal balance.

Unearned Revenue is a ________ account and carries a ________ normal balance.

What type of account is Prepaid Rent and what is its normal balance?

A company received $5,000 for 100 one-year subscriptions on July 1. The journal entry to record this cash receipt would include a:

A. $1,280
B. $3,840
C. $2,560
D. $3,200

Accumulated Depreciation is a account and carries a normal balance.

Unearned Revenue is a account and carries a normal balance.