Answer Happy

FINAL GEN ACCT 102 8 On April 1. Tina Company paid $48,000 for two years rent and recorded the entire amount is a debit to Prepaid Rent. The adjusting entry on December 31 of that year would include Debit to Rent Expense of $18,000 Credit to Rent Expense of $18,000 c. Debit to Rent Expense of $24,000 4. Credit to Prepaid Rent of $24,000 9 Expense and Revenue accounts can be considered subcategories of a Dividends b Total Liabilities Total Assets d. Net Income NAME INSTRUC DOO 904 VO yo 10 All Journal Entries a Affect stockholders' equity. b. Have a normal debit balance c. Reflect company activities. d. Have a normal credit balance. 11 Most asset accounts will have a Debit Entries only b. Both Debit and Credit Entries c. Credit Entries only d. A normal credit balance 12. All of the following are permanent accounts except: Accounts Payable b. Retained Earnings c. Advertising Expense d. Unearned Revenue 3. Accrual accounting assumes that revenues are recognized when a. The performance obligation is satisfied b. When the goods or services are paid for c. an order is received d. Any of the above After the closing entry is made, which accounts will have balances of zero? a. Revenue Accounts and Retained Earnings 6. Expense Accounts and Revenue Accounts c. Prepaid Accounts and Accrual Accounts d. Asset Accounts and Revenue Accounts Which of the following equation is the "Accounting Equation" a. Assets + Liabilities - Stockholders' Equity (Owners' Equity) b. Revenue - Expense Stockholders' Equity (Owners' Equity) c. Stockholders' Equity (Owners' Equity) - Liabilities - Assets d. Assets Liabilities + Stockholders' Equity (Owners' Equity)