Based on the following information, what would be the ending balance in the Retained Earnings account, assuming all accounts have a normal balance?

Cash	$6,764	Dividends	$2,100
Accounts receivable	13,833	Consulting fees earned	13,818
Office supplies	2,635	Rent expense	3,683
Land	37,253	Salaries expense	6,652
Office equipment	14,635	Telephone expense	570
Accounts payable	6,473	Miscellaneous expense	290
Common stock	54,590	Retained Earnings	?

	$13,534
	$13,818
	$14,057
	$16,157
	$13,295

On June 30, 2014, Apricot Co. paid $6,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time of cash payment. On June 30, 2014 Apricot should record:

	A credit to a prepaid expense for $6,000.
	A credit to an expense for $6,000.
	A debit to Cash for $6,000.
	A debit to an expense for $6,000.
	A debit to a prepaid expense for $6,000.

Based on the following information, what would be the balance in the Retained Earnings Account, assuming all accounts have a normal balance?

Cash	$6,794	Dividends	$2,400
Accounts receivable	14,133	Consulting fees earned	14,118
Office supplies	2,665	Rent expense	3,713
Land	37,553	Salaries expense	6,682
Office equipment	14,935	Telephone expense	600
Accounts payable	6,503	Miscellaneous expense	320
Common stock	54,890	Retained Earnings	?

	$0
	$13,715
	$2,803
	$14,284
	$14,118

Which of the following statements is true?

	By using a work sheet to prepare adjusting entries, you need not post these entries to the ledger accounts
	A post-closing trial balance should include only permanent accounts.
	Retained earnings must be closed each accounting period.
	Closing entries are only necessary if errors have been made.
	Information on the work sheet can be used in place of preparing financial statements.

On April 1, 2014, a company paid $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2014?

	$37.50
	$450
	$337.50
	$1,012.50
	$1,350