Hello,

Please help on the below:

11. W. Randall deposited $12,000 in the bank in the name of the business. The transaction would involve a a. credit to Cash. b. debit to W. Randall, Drawing. c. credit to W. Randall, Capital. d. debit to W. Randall, Capital.

12. R. Dexter withdraws cash for personal use from the business. The transaction would involve a a. debit to Wages Expense. b. debit to Cash. c. credit to R. Dexter, Drawing. d. debit to R. Dexter, Drawing.

13. Munoz Company had the following account balances as of December 31.

Cash $15,000 Equipment $7,000 Accounts Payable $4,200 R. Munoz, Capital $10,300 R. Munoz, Drawing $3,000 Income from Services $18,500 Rent Expense $6,000 Salaries Expense $2,000

What is the credit balance of the trial balance? a. $28,800 b. $33,000 c. $25,500 d. $17,800

14. The difference between the balance of the Equipment account and its related Accumulated Depreciation account is called a. trade-in value. b. a contra asset. c. an accrued liability. d. an accrued asset. e. book value.

15. Failure to record the entry for accrued wages results in a. wages payable being overstated. b. net income being understated. c. wages expense being understated. d. total assets being understated. e. total assets being overstated.

16. The balance in the Prepaid Insurance account before adjustment at the end of the year is $720, which represents twelve months' insurance purchased on December 1. The adjusting entry required for the month of December, on December 31, the end of the fiscal year, is a. debit Insurance Expense, $60; credit Prepaid Insurance, $60. b. debit Insurance Expense, $660; credit Prepaid Insurance, $660. c. debit Prepaid Insurance, $60; credit Insurance Expense, $60. d. debit Prepaid Insurance, $720; credit Insurance Expense, $720. e. debit Insurance Expense, $60; credit Insurance Payable, $60.

17. An adjusting entry must contain a. two balance sheet accounts. b. two income statement accounts. c. a balance sheet account and an income statement account. d. an asset account and a liability account. e. an asset account and an expense account.

18. Espanola Co. purchases equipment with a cost of $25,000 and a trade-in value of $4,000. Espanola Co. estimates that the equipment will have a useful life of 7 years. Assuming Espanola Co. has depreciated the equipment for a total of 4 years using the straight-line method, what is the book value of the equipment? a. $12,000 b. $13,000 c. $8,000 d. None of the answers listed

19. The adjusted balances for Tomas Co. are listed below.

Cash, $20,000 Accounts Receivable, $2,500 Prepaid Insurance, $3,500 Equipment, $15,000 Accumulated Depreciation, $2,000 Accounts Payable, $4,000 J. Tomas, Capital, $30,000 J. Tomas, Drawing, $10,000 Income from Services, $35,000 Wages Expense, $12,000 Rent Expense, $8,000

The entry to close expenses would involve a a. debit to Income Summary, $20,000 b. credit to Income Summary, $20,000 c. debit to Income Summary, $12,000. d. debit to Wages Expense, $12,000, and Rent Expense, $8,000.

20. Refer to the adjusted balances for Tomas Co. The entry to close Income Summary would involve a a. credit to Net Income, $15,000. b. debit to Income Summary, $15,000. c. debit to Net Income, $15,000. d. debit to J. Tomas, Capital, $15,000

Thank you!