Question 15 - Unit Exam 2 (Cha x * Course Hero x + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPUVF6CzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... 1 Q E * * 0 G Google N NAVER @ YouTube N Netflix M Gmail 21 41014 AFT (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 15 The expense recognition principle (matching principle) states that: 3 Multiple Choice points 00:53:42 O The business is separate from its owners. O The business will continue to operate indefinitely unless there is evidence to the contrary. O Expenses are reported in the same period as the revenues they help to generate. O All transactions are recorded at their historical cost. Graw 9 24 3:52 2022-11-14Question 16 - Unit Exam 2 (Cha x Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPUVF6CzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... 1 Q E * * 0 G Google N NAVER YouTube N Netflix M Gmail 131 41014 AFM (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 16 On January 1, 2022 a company purchased new equipment for $40,000 cash. The company will depreciate the equipment evenly over its estimated useful life of 5 years (this is $8,000 per year). What adjusting entry should be made on December 31, 2022? (Assume that no financial statements were prepared during the year and no adjusting entries have been recorded.) 3 point Multiple Choice 8 00:53:4 O Account Debit Credit Equipment 8,000 Accumulated Depreciation 8,000 O Account Debit Credit on Expense 40,000 Cash 40,000 O Account Debit Credit Depreciation Expense 8,000 Accumulated Depreciation 8,000 O Account Debit Credit Accumulated Depreciation 8,000 Depreciation Expense 3,000 Graw ly Free To lolclo BlatelyR O 9 24 3:52 2022-11-14Question 17 - Unit Exam 2 (Cha x Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPUVF6CzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw.. 1 Q [ * *0 G Google N NAVER @ YouTube N Netflix M Gmail 21 410|H AFS (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 17 At the beginning of the year Retained Earnings had a $50,000 credit balance. During the year, the company had net income of $21,000 and paid dividends of $9,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? 3 point Multiple Choice 00:53:39 O $71,000 O $50,000 O $80,000 O $62,000 Graw ly Free To lolclo BlatelyR O 9 24 3:52 2022-11-14Question 18 - Unit Exam 2 (Cha x Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPUVF6CzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... ] Q E * # 0 G Google N NAVER @ YouTube N Netflix M Gmail 31 410| AFT (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 18 At the beginning of the year Retained Earnings had a $39,000 credit balance. During the year, the company had net income of $14,000 and paid dividends of $7,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? 3 point Multiple Choice 00:53:36 $60,000 O $46,000 O $39,000 O $53,000 Graw ly Free To lolclo BlatelyR O 9 24 3:52 2022-11-14Question 19 - Unit Exam 2 (Cha x * Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPuVFCzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... 1 Q E * * 0 G Google N NAVER @ YouTube N Netflix M Gmail 121 41014 AFT (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 19 Violet Company established a petty cash fund of $200. What journal entry should be made to establish the petty cash fund? 3 point Multiple Choice 00:53:34 O Account Debit Credit Administrative Expense 200 Petty Cash 200 O Account Debit Credit Administrative Expense 200 Cash 200 O Account Debit Credit Cash 200 Petty Cash 200 O Account Debit Credit Petty Cash 200 Cash 200 Graw 9 24 3:52 2022-11-14Question 20 - Unit Exam 2 (Cha x Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPuVF6CzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... 1 Q E * # 0 G Google N NAVER YouTube N Netflix M Gmail 121 4101HH AFS (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 20 On July 1, 2022, Forest Company started doing business and paid $24,000 in advance for 12 months' rent for a building it uses. What amount of rent expense should be recorded by the company for 2022 under the cash basis of accounting and the accrual-basis of accounting? 3 points Multiple Choice 00:53:3 O Cash-basis = $12,000; Accrual-basis = $12,000 O Cash-basis = $24,000; Accrual-basis = $24,000 O Cash-basis = $24,000; Accrual-basis = $12,000 O Cash-basis = $12,000; Accrual-basis = $24,000 Graw ly Free To lolclo BlatelyR O 9 24 3:52 2022-11-14Question 21 - Unit Exam 2 (Cha x * Course Hero * + X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPuVFCzTNWg_M6dQ9T_yU9QBrrjVHfKaYoMZw... 1 Q _ * * 0 G Google N NAVER @ YouTube N Netflix M Gmail 31 410|HH AFE (NAVE. Unit Exam 2 (Chapters 3 & 4) (78 points) Saved Help Save & Exit Submit 21 Violet Company established a petty cash fund of $250. What journal entry should be made to establish the petty cash fund? 3 points Multiple Choice 8 00:53:30 O Account Debit Credit Cash 250 Petty Cash 250 O Account Debit Credit Administrative Expense 250 Petty Cash 250 O Account Debit Credit Administrative Expense 250 Cash 250 O Account Debit Credit Petty Cash 250 Cash 250 Graw ly Free To lolclo BlatelyR O 9 24 3:52 2022-11-14