Mary\'s Rental Agency has the following balances on December 31, 2015. Prepaid i
ID: 2487501 • Letter: M
Question
Mary's Rental Agency has the following balances on December 31, 2015. Prepaid insurance dollar 3,600 Supplies 3,000 Unearned revenue 12,400 If Mary's counted dollar 200 worth of supplies on December 31, 2015, a journal entry should include Debit to supplies expense for dollar 800 Debit to supplies of dollar 2,200 Credit to supplies of dollar 2,200 Credit to supplies expense for dollar 800 The purchase of an asset for cash increases assets and stockholder's equiry. Leaves total assets unchanged. Increases assets and liabilities decrease assets and increase liabilities. N_3 Corporation has assets of dollar 3,000,000, common stock of dollar 780,000 and retained earnings of dollar 475,000. What are the creditors' claim on their assets? Dollar 1,745,000 dollar 2,695,000 dollar 3,305,000 dollar 1,255,000 After closing entries are complete, which of the following accounts will normally have a debit balance? Sales Revenue Intangible assets Accounting depreciation Depreciation expense Mary's Rental Agency has the following balances on December 31, 2015. Prepaid insurance dollar 3,600 Supplies 30,000 Unearned revenue 12,400 If Mary's earned dollar 4,000 of its unearned revenue Cash should go up by dollar 4,000 Equity should go down by dollar 4,000 Liberties should down by dollar 4,000 Net income should increase by dollar 8,400 Use the following data to determine the total dollar amount of assets to be classified as property, plants. Koonce Office Supplies Balance Sheet December 31, 2014 Collection of a 3600 Accounts Receivable decreases an asset dollar 600; decreases a liability dollar 600. Increases an asset dollar 600; decreases a liability dollar 600. Decrease a liability dollar; increases stockholders' equity dollar 600. Increase an asset dollar 600; decreases asset dollar 600.Explanation / Answer
6.
The amount of $800 would be the supplies expense at the year end. In this case the supplies expense would be debited and supplies account would be credited.
Answer: A, debit to supplies expense for $800.
7.
The purchase of an asset for cash leaves total assets unchanged.
Both the purchasing-asset and cash are assets. The purchasing asset increases while cash decreases by the same amount. Therefore, the net effect will be nil.
Answer: B