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1

On September 15, 2013, Oliver's Mortuary received a $8,400, nine-month note bearing interest at an annual rate of 10% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2013?

	Interest receivable 245      Notes receivable 245
	Interest receivable 840      Interest revenue 245      Cash 595
	Interest receivable 245      Interest revenue 245
	Interest receivable 595       Interest revenue 595

2

On December 31, 2012, Coolwear, Inc. had a balance in its prepaid insurance account of $51,400. During 2013, $89,000 was paid for insurance. At the end of 2013, after adjusting entries were recorded, the balance in the prepaid insurance account was 43,500. Insurance expense for 2013 would be:

     

	$140,400.
	$96,900.
	$89,000.
	$7,900.

3.

On June 1, Royal Corp. began operating a service company with an initial cash investment by shareholders of $2,600,000. The company provided $7,100,000 of services in June and received full payment in July. Royal also incurred expenses of $3,000,000 in June that were paid in August. During June, Royal paid its shareholders cash dividends of $980,000. What was the company's income before income taxes for the two months ended July 31 under the following methods of accounting?

            

Cash Basis

Accrual Basis

	$4,100,000 $4,100,000
	$6,700,000 $3,120,000
	$7,100,000 $4,100,000
	$7,100,000 $3,120,000

4.

Mama's Pizza Shoppe borrowed $8,200 at 9% interest on May 1, 2013, with principal and interest due on October 31, 2014. The company's fiscal year ends June 30, 2013. What adjusting entry is necessary on June 30, 2013?

	Interest expense 246      Interest payable 246
	Prepaid interest 123       Interest payable 123
	Interest expense 123       Interest payable 123
	No entry.

5

Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise, costing $700 and sold for $1,120 on account?

            

	Inventory 700        Accounts receviable 700 Sales 1,120        Revenue from sales 1,120
	Accounts receviable 1,120        Sales revenue 700 Gain on sale 420
	Accounts receviable 1,120        Sales revenue 1,120 Cost of goods sold 700        Inventory 700
	Inventory 700    Gain on sale 420        Sales revenue 1,120

6

Somerset Leasing received $55,200 for 24 months rent in advance. How should Somerset record this transaction?

	Prepaid rent 55,200        Rent expense 55,200
	Interest expense 55,200        Interest payable 55,200
	Salaries expense 55,200       Salaries payable 55,200
	Cash 55,200        Unearned revenue 55,200

7

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2013, and charged the $2,520 premium to Insurance expense. At its December 31, 2013, year-end, Yummy Foods would record which of the following adjusting entries?

	Insurance expense 525         Prepaid insurance 525
	Insurance expense 525    Prepaid insurance 1,995         Insurance payable 2,520
	Prepaid insurance 525         Insurance expense 525
	Prepaid insurance 1,995         Insurance expense 1,995

8

The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $280,000; sales revenue, $910,000; cost of goods sold, $610,000; salaries expense, $170,000; rent expense, $41,000; and interest expense, $27,000.

      

Prepare the necessary closing entries. Event General Journal Debit Credit

9.

On December 31, 2013, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,100. The company estimates that $1,800 of the year-end receivables will not be collected. Accounts receivable in the 2013 balance sheet will be valued at:

	$51,300.
	$53,100.
	$54,900.
	$1,800.

10

A company that has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $27,000; principal and interest at 5% are due in one year; and (3) equipment costing $77,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,400 per year.

   

Prepare the necessary adjusting entries at December 31 for each of the above items. Transaction General Journal Debit Credit

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