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AR balance on December 31 was $2,800. There was $2,100 in sales on account in January, a $1,200 payment was received on January 18th, and a $1,400 payment was received on February 4th. What is your AR balance as of January 31?

• $3,700
• $4,000
• $3,200
• $2.300

Your beginning inventory is $2,500 and you had $1,500 in inventory purchases and $800 in cost of goods sold. How is your inventory adjustment journal entry setup?

• Debit Inventory for $700, credit Ending Inventory for $700
• Debit Inventory for $3,200, credit Ending Inventory for $3,200
• Credit Inventory for $700, debit Ending Inventory for $700
• Debit Inventory for $2,300, credit Inventory Purchases for $1,500, credit Cost of goods sold for $800

Your revenue is $17,000, cost of goods sold is $11,500, and all other operating expenses are $6,800. What would your closing entry look like in a corporation?

- Debit revenue for $17,000, credit cost of goods sold for $11,500, credit operating expenses for $6,800, debit to paid in capital for $1.300.

- Debit revenue for $17,000, credit cost of goods sold for $11,500, debit operating expenses for $6,800, credit to retained earnings for $12.300

- Credit revenue for $17,000, credit cost of goods sold for $11,500, credit operating expenses for $6,800, debit to retained earings for $35.300.

- Debit revenue for $17,000, credit cost of goods sold for $11,500, credit operating expenses for $6,800, debit to retained earnings for

$1.300.