Can someone please help me answer these?

1. On October 1, 2004, Merit received $7,000 in advance for fees to be earned evenly over seven months beginning on that date. A temporary account was credited. The required adjusting journal entry at December 31, 2004 would include a:

		debit to Cash
		credit to Unearned Fee Revenue
		credit to Cash
		credit to Fee Revenue
		none of the above

2.

The following balances were taken from the ADJUSTED TRIAL BALANCE of Terrapin Corp. for the fiscal year ending December 31, 2003.

Cash $ 8,500 Accounts Receivable 25,000 Prepaid Rent 2,000 Equipment 42,000 Accumulated Depreciation Equipment 5,500 Accounts Payable 7,000 Unearned Revenue 1,000 Wages Payable 2,000 Common Stock 30,000 Retained Earnings, 1/1/2003 5,000 Dividends 1,000 Service Revenue 30,000 Notes Payable, Due 5/1/2005 21,500 Rent Expense 3,000 Interest Expense 1,000 Wages Expense 17,000 Depreciation Expense -- Equipment 3,500 Notes Payable, Due 5/1/2004 1,000

Each of these accounts has the normal debit or credit balance.

The TOTAL ASSETS at the end of the year would be:

		$ 77,500
		$ 72,000
		$ 39,500
		$ 35,500
		None of the above

3.

The following balances were taken from the ADJUSTED TRIAL BALANCE of Terrapin Corp. for the fiscal year ending December 31, 2003.

Cash $ 8,500 Accounts Receivable 25,000 Prepaid Rent 2,000 Equipment 42,000 Accumulated Depreciation Equipment 5,500 Accounts Payable 7,000 Unearned Revenue 1,000 Wages Payable 2,000 Common Stock 30,000 Retained Earnings, 1/1/2003 5,000 Dividends 1,000 Service Revenue 30,000 Notes Payable, Due 5/1/2005 21,500 Rent Expense 3,000 Interest Expense 1,000 Wages Expense 17,000 Depreciation Expense -- Equipment 3,500 Notes Payable, Due 5/1/2004 1,000

Each of these accounts has the normal debit or credit balance.

The TOTAL CURRENT ASSETS at the end of the year would be:

		$ 77,500
		$ 10,500
		$ 35,500
		$ 27,000
		None of the above

4.

The following balances were taken from the ADJUSTED TRIAL BALANCE of Terrapin Corp. for the fiscal year ending December 31, 2003.

Cash $ 8,500 Accounts Receivable 25,000 Prepaid Rent 2,000 Equipment 42,000 Accumulated Depreciation Equipment 5,500 Accounts Payable 7,000 Unearned Revenue 1,000 Wages Payable 2,000 Common Stock 30,000 Retained Earnings, 1/1/2003 5,000 Dividends 1,000 Service Revenue 30,000 Notes Payable, Due 5/1/2005 21,500 Rent Expense 3,000 Interest Expense 1,000 Wages Expense 17,000 Depreciation Expense -- Equipment 3,500 Notes Payable, Due 5/1/2004 1,000

Each of these accounts has the normal debit or credit balance.

The TOTAL OWNERS' EQUITY at the end of the year would be:

		$ 35,000
		$ 30,000
		$ 10,500
		$ 39,500
		None of the above