4. Adjusting entries affect at least one: a. Revenue and one expense account c. Revenue and one stockholders' equity account b. Asset and one liability account d. Income statement account and one balance sheet account 5. The balance in the prepaid rent account before adjustment atthe end of the yearis $18,000, which represents three months' rent paid on December1. The adjusting entry required on December 31 is: a. Debit Rent Expense, $6,000; credit Prepaid Rent, $6,000 b. Debit Prepaid Rent, $6,000; credit Rent Expense, $6,000 c. Debit Rentexpense, $12,000; credit Prepaid Rent, $12,000 d. Debit Prepaid Rent, $12,000; credit Rentexpense, $12,000 6. What is the properadjusting entry at June 30, the end of the fiscal year, based on a supplies account balance before adjustment, $7,200, and supplies inventory on June 30, $1,200? a. Debit Supplies, $1,200; credit Supplies Expense, $1,200 b. Debit Supplies Expense, $1,200; credit Supplies, $1,200 c. Debit Supplies Expense, $6,000; credit Supplies, $6,000 d. Debit Supplies, $6.000: credit Supplies Expense, $6.000

4. Adjusting entries affect at least one: a. Revenue and one expense account c. Revenue and one stockholders' equity account b. Asset and one liability account d. Income statement account and one balance sheet account 5. The balance in the prepaid rent account before adjustment atthe end of the yearis $18,000, which represents three months' rent paid on December1. The adjusting entry required on December 31 is: a. Debit Rent Expense, $6,000; credit Prepaid Rent, $6,000 b. Debit Prepaid Rent, $6,000; credit Rent Expense, $6,000 c. Debit Rentexpense, $12,000; credit Prepaid Rent, $12,000 d. Debit Prepaid Rent, $12,000; credit Rentexpense, $12,000 6. What is the properadjusting entry at June 30, the end of the fiscal year, based on a supplies account balance before adjustment, $7,200, and supplies inventory on June 30, $1,200? a. Debit Supplies, $1,200; credit Supplies Expense, $1,200 b. Debit Supplies Expense, $1,200; credit Supplies, $1,200 c. Debit Supplies Expense, $6,000; credit Supplies, $6,000 d. Debit Supplies, $6.000: credit Supplies Expense, $6.000

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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