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QUESTION 7 Nim Corn Soup, Inc . purchased land at a cost [ll $5.000 five years ago Currently. the land is estimated tn be worth $50.000,At what amnunl should the land be reported on Nlm Com Soups' balance sheet at year end? QUESTION 3 The entry to record cash received in advance for services not yet performed causes a(n) C this is a trick question, nothing is recorded until serVices are performed C.) decrease in Accounts Receivable and an increase in Cash {'3 increase in Revenue and decrease in Deferred Revenueip> C.) increase in Deferred Revenue and decrease in Revenue (3 increase in Cash and increase in Deferred Revenue QUESTION 9 During the year, A Salt & Buttery. lhc., had revenue of $63,000 ofwhich $?.000 was collected from customers lt also had expenses of $31,000 of which $3,000 was paid The owners were paid $20,000 in dividends. Net income for the year equals \fQUESTION 16 Curl Up a Dye, Inc. began Year2 with $300 of supplies lt purchased $510 of supplies on account during the year. lt paid $380 of the amount it owed for its supplies during the year. At December 31: Year 2. it only had $160 of supplies left. Supplies on the Balance Sheet at December 31: Year 2 equals QUESTION 1? Thistle D0 Nicely had $100 of supplies on May 1. During May, it purchased $500 of supplies on account. It paid $150 ofthe $500 it owed for its supplies. At May 31. Thistle Do Nicely only had $65 of supplies left. Supplies Expense on the income statementequals QUESTION 13 Identify the normal balance of each account below. v Accounts Receivable Adebit v Accounts Payable Bi Credit Salary Expense Dividends Equipment Depreciation Expense Salary Payable Supplies Supplies Expense (((((((( Sales QUESTION 19 When dosing Net Income, expense accounts are C credited in the closing entry. (J not affected (3 debited