Presented below is the trial balance for ABC, Inc. as of December 31, 2019, before adjusting entries.

Use this trial balance and the Additional Information below regarding the building to answer the following 12 questions.

ABC , INC.

Trial Balance

December 31, 2019

DR

CR

Cash

$33,000

Accounts Receivable

12,000

Supplies

1,000

Building

61,000

Accumulated Depreciation - Building

$ 6,000

Unearned Revenue

12,000

Notes Payable

50,000

Retained Earnings

25,000

Common Stock

10,000

Fees Revenue

35,000

Insurance Expense

18,000

Salaries Expense

13,000

$138,000

$138,000

Additional Information

The Building was purchased on July 1, 2018.It has a useful life of 5 years and an estimated salvage value of $1,000.ABC uses the straight-line method of depreciation.

1.At December 31, there were $400 of supplies on hand.The adjusting entry on December 31 is a:

a.debit to Supplies and a credit to Cash

b.debit to Supplies and a credit to Supplies Expense

c.debit to Supplies Expense and a credit to Cash

d.debit to Supplies Expense and a credit to Supplies

e.None of the above

2.Refer to the previous question. The amount of the entry is:

3.With regard to the Building, the required adjusting entry at December 31, 2019 is a:

a.Debit to Accumulated Depreciation - Building and a credit to Building

b.Debit to Building and a credit to Accumulated Depreciation - Building

c.Debit to Depreciation expense and a credit to Accumulated Depreciation - Building

d.Debit to Depreciation expense and a credit to Cash

e.none of the above

4.Refer to question #36. The amount of the adjusting entry on December 31 is:

5.The adjusted balance in Accumulated DepreciationBuilding on December 31, 2019, after the adjusting entry is:

6.At what amount ($) will the Building be reported on the financial statements for the year ended December 31, 2019?