Q1.)A journal entry to record revenue could include each of thefollowing, except: A)A credit to a revenue account. B.)A credit tothe Capital Stock account. C.)A debit to Cash. D.)A debit toAccounts Receivable q2.) Unearned revenue appears: A.) As income onthe income statement. B.) As an asset on the balance sheet. C.)As aliability on the balance sheet. D.)As a part of the retainedearnings. Q3.) Retained Earnings at the end of a period: A.)Isequal to the balance in the Retained Earnings account in theadjusted trial balance at the end of a period. B.) Is determined inthe Statement of Retained Earnings. C.)Is equal to RetainedEarnings at the beginning of the period, minus net income (or plusnet loss) for the period.D.) Appears in the Income Statement forthe period.
Q1.)A journal entry to record revenue could include each of thefollowing, except: A)A credit to a revenue account. B.)A credit tothe Capital Stock account. C.)A debit to Cash. D.)A debit toAccounts Receivable q2.) Unearned revenue appears: A.) As income onthe income statement. B.) As an asset on the balance sheet. C.)As aliability on the balance sheet. D.)As a part of the retainedearnings. Q3.) Retained Earnings at the end of a period: A.)Isequal to the balance in the Retained Earnings account in theadjusted trial balance at the end of a period. B.) Is determined inthe Statement of Retained Earnings. C.)Is equal to RetainedEarnings at the beginning of the period, minus net income (or plusnet loss) for the period.D.) Appears in the Income Statement forthe period.
Related questions
For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.
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Barnes Realtors, Inc. prepared the following random list ofassets, liabilities, revenues, and expenses from its December 31,2014 year end accounting records. Prepare the Income statement,Statement of retained earnings and the CLASSIFIED balance sheet forBarnes Realtors, Inc., as of December 31, 2014. Each of yourstatements should have the 3-line heading, and your balance sheetshould be a CLASSIFIED Balance Sheet.
| Account | Debit | Credit |
| Cash | 800 | |
| Common Stock | 11,640 | |
| Unearned Revenue | 4,100 | |
| Inventory | 2,000 | |
| Supplies Expense | 1,200 | |
| Supplies | 1,900 | |
| Prepaid Rent | 500 | |
| Goodwill | 6,000 | |
| Building | 40,000 | |
| Depreciation Expense | 1,400 | |
| Notes Payable, due 2020 | 2,300 | |
| Accounts Receiveable | 1,000 | |
| Paid in Excess of Par | 3,000 | |
| Retained Earnings | 5,100 | |
| Income Tax Expense | 8,040 | |
| Service Revenue | 33,000 | |
| Rent Expense | 2,300 | |
| Accounts Payable | 7,500 | |
| Salaries Expense | 6,400 | |
| Accumulated Depreciation | 8,500 | |
| Dividends | 2,000 | |
| Cost of Goods Sold | 1,600 | |
| Totals | 75,140 | 75,140 |
