ourse 13 Google G 3 Switch-6- ... The income statement for the month of June, 2016 of Snap Shot, Inc. contains the following information: Revenues of Expenses: Salaries and Wages Expense estion Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses $7,300 $3,000 1,300 700 200 100 5.300 $2,000 Net income After the revenue and expense accounts have been closed, the balance in Income Summary will be Select one: 0 a, a debit balance of $7,300. b. a credit balance of $7,300. c. a debit balance of $2,000. 0 d. a credit balance of $2,000. Boise Inc. pays its rent of $63,000 annually on January 1. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following will be true Select one: O O a. Assets will be overstated by $5,250 and net income and owner's equity will be overstated by $5,250. b. Failure to make the adjustment does not affect the February financial statements. c. Assets will be overstated by $10,500 and net income and owner's equity will be understated by $10,500. d. Expenses will be overstated by $5,250 and net income and owner's equity will be understated by $5,250. An accountant has debited an asset account for $1,300 and credited a liability account for $600. Which of the following would be an incorrect way to complete the recording of the transaction? 0 Select one: a. Credit another liability account for $700. b. Debit an owner's equity account for $700. 0 c. Credit an asset account for $700. d. Credit an owner's equity account for $700. SWC Bus Charter signed a four-month note payable in the amount of $30,000 on September 1. The note requires interest at an annual rate of 5%. The amount of interest to be accrued at the end of September is Select one: O a. $125. Ob. $1,500. c. $500. d. $200. Soneta City College sold season tickets for the 2016 football season for $250,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Ticket Revenue balance that will be reported on the December 31 balance sheet will be Select one: O a. $250,000 O b. $93,750. C. $0. d. $156,250