Mary\'s Renul Agency has the following balances on December 31, 2015. insurance
ID: 2487507 • Letter: M
Question
Mary's Renul Agency has the following balances on December 31, 2015. insurance Prepaid insurance dollar 3,600 Supllies 3,000 Unearned revenue 12,400 If Mary's counted dollar 800 worth of supplies on December 31, 2015, a journal entry should include Debit to supplies expense for dollar 800 Credit to supplies of dollar 2,200 Debit to supplies of dollar 2,200 Credit to supplies expense for dollar 800 The purchase of an asset for cash increases assets and stockholders' equity. increases assets and liabilities. Leaves total assets unchanged. Decreases assets and increases liabilities. N3 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' claims 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 Accumulated depreciation Intangible assets Depreciation expense 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 Marys earned dollar 4,000 of its unearned revenue Cash should go up by dollar 4,000 Liabilities should down by dollar 4,000 Equity should go 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, plant, and equipment. Koonce Office Supplies Balance Sheet December3l, 2014 Collection of a dollar 600 accounts receivable decreases an asset dollar 600; decreases a liability dollar 600. increases an asset dollar 600; decreases a liability dollar 600. decreases a liability dollar 600; increases stockholders' equity dollar 600. Increases an asset dollar 600; decreases an asset dollar 600.Explanation / Answer
6. B) Credit the supplies of $ 2200
7. C) leaves total assets unchanged.
8. A ) $ 1745000 ( 3000000-475000-780000)
9. C) Intangible Assets
10. A) Cash should go up by $ 4000.
11. B) $ 350000 ( 180000+170000)
12. D) increase an asset $ 600, Decrease an asset $ 600