7 In January, a company pays for advertising space in the local paper for ads to be run during the months of January February, and March at $1,610 a month. The Journal entry to record the payment would debit to: 8 01:20:24 Multiple Choice O Advertising Expense for $1.610, debit Prepaid Advertising for $3,220, and credit Cash for $4,830. O Accounts Payable and a credit to Cash for $4,830. Accounts Payable and a credit to Stockholders' Equity for $4,830. Cash for $4,830, credit Advertising Expense for $1,610, and credit Prepaid Advertising for $3,220 o 8 01:20:19 Required information [The following information applies to the questions displayed below.) During January 2015, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $18,000 cash. 2. Purchased $4,500 of equipment, paying $1,350 cash and signing a promissory note for $3,150 3. Received $8,100 in cash for consulting services performed in January 4. Purchased $1,350 of supplies on account; all of the supplies were used in January 5. Provided consulting services on account in the amount of $14,400. 6. Paid $675 on account 7. Paid $2,700 to employees for work performed during January 8. Received a bill for utilities for January of $3,050; the bill remains unpaid. What is subtotal of expenses that will be reported on the income statement for the month ended January 31? Multiple Choice $7100 O $3,375 O $7775. 0 $4,050. 9 Required information [The following information applies to the questions displayed below.) 01:20:13 A company had the following assets and liabilities at the beginning and end of the current year: Beginning of year Assets Liabilities $ 227,000$ 94,500 258,000 77,600 End of the year Common stock in the amount of $ 21,500 was issued and dividends of $ 6,300 were paid during the year. What is the amount of net income for the year? Multiple Choice $63,100 $47.900 $32.700 $20,100 10 2 01:2008 Required information The following information applies to the questions displayed below.) Melody's Piano School operations for the month of May were limited to the following transactions: Provided $500 of plano lessons to students who paid in cash. Provided $380 of plano lessons on account. Collected $285 from students who took piano lessons during April. Paid April's plano rental bill of $175. Received May's piano rental bill of $225 and set it aside for payment in June. What is Melody's Net Income for May using the cash basis of accounting? Multiple Choice O $610 $285 $655 O $840