21 robert rogers cpa performed accounting services for a client in december a bill w 4310019

21) Robert Rogers, CPA, performed accounting services for a client in December. A bill was mailed to the client on December 30. Roberts received the client's check by mail on January 5. Which of the following accounts should appear on the income statement for the year ended December 31 as per the revenue recognition principle?

A) Service Revenue

B) Unearned Revenue

C) Accounts Payable

D) Prepaid Expense

22) Robert Rogers, CPA, performed accounting services for a client in December. A bill was mailed to the client on December 30. Roberts received a check by mail on January 5. As per the revenue recognition principle, the related account that should appear on the balance sheet as of December 31 is:

A) Prepaid Expense.

B) Accounts Receivable.

C) Unearned Revenue.

D) Accounts Payable.

23) Robert Rogers, CPA, owns a computer that is used in his consultancy services. As per the matching principle, the related account that should appear on the income statement for the year ended December 31, 2014 is:

A) Depreciation Expense.

B) Service Revenue.

C) Accumulated Depreciation.

D) Equipment Expense.

24) Robert Rogers, CPA, owns a computer that is used in his consultancy services. As per the matching principle, the related account that should appear on the balance sheet as of December 31, 2014 is:

A) Depreciation Expense.

B) Service Revenue.

C) Accumulated Depreciation.

D) Equipment Expense.

25) The employees of Robert Rogers, CPA, worked the last two weeks of December. They received their paychecks on January 2. Which of the following accounts should appear on the balance sheet as of December 31 as per the matching principle?

A) Accounts Payable

B) Salaries Payable

C) Salary Expense

D) Prepaid Expense

26) The employees of Robert Rogers, CPA, worked on the last two weeks of December, 2014. They received their paychecks on January 2. Which of the following accounts should appear on the income statement for the year ended December 31, 2014, as per the matching principle?

A) Salary Expense

B) Prepaid Expense

C) Salaries Payable

D) Unearned Revenue

27) Healthy Living, a diet magazine, collected $480,000 in subscription revenue on May 31st. Healthy Living earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. By the end of December, what is the amount of Subscription Revenue that has been earned?

A) $204,750

B) $351,000

C) $480,000

D) $280,000

28) Healthy Living, a diet magazine, collected $480,000 in subscription revenue on May 31. Healthy Living earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account on December 31?

A) $200,000

B) $280,000

C) $480,000

D) $351,000

29) The following information is available for Able Company's Office Supplies account.

Beginning balance

$2,000

Office Supplies expensed

$8,000

Ending balance

$3,000

From the above information, calculate the amount of office supplies purchased.

A) $9,000

B) $8,000

C) $2,000

D) $3,000

30) The entry to record depreciation includes a debit to:

A) the Equipment account.

B) the Cash account.

C) the Accumulated Depreciation account.

D) the Depreciation Expense account.

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Regards,

Cathy, CS.