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Question: 21 just prior to the end of the accounting year...

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21. Just prior to the end of the accounting year, a law firm received $5,000 for services that it agreed to provide in the fi22. A companys asset account Marketing Supplies had a balance of $15,000 at the beginning of the year. During the year the c23. A newsletter publisher began its operations on January 1 and requires a $24 payment in advance for a one-year subscriptio24. Which type of balance in the account Allowance for Doubtful Accounts is NOT acceptable when the balance sheet is issued?25. Is the balance in the contra asset account Allowance for Doubtful Accounts reported on the income statement? Yes No26. Which of the following is the best expression of the net realizable value of accounts receivable? Accounts Receivable onl27. Which account is debited when a customers bad account is written-off under the allowance method? Accounts Receivable All28. Which account is credited when recording the depreciation adjusting entry? Accumulated Depreciation Depreciation Expense29. The depreciation expense recorded in a companys general ledger is typically calculated using which of the following deprof the following assets is not Builkling I cluiricn Furnishing:s Land31. The annual depreciation expense of a companys equipment is based upon which of the following costs? The assets current32. Which of the following adjusting entries is likely to be followed by a reversing entry? Depreciation on a building Prepai33. At the end of the accounting year, a company had recorded an accrual of interest expense by debiting Interest Expense and34. After the closing entries are recorded, which of the following accounts are expected to have zero balances? Expenses Paya35. Which account will be debited when closing the account R. Smith, Drawing? Income Summary R. Smith, Capital R. Smith, Draw36. Company X has been informed that a customers check (that Company X had received and deposited) was returned because the37. To determine the adjusted balance of a companys checking account (which is also the amount to be included on the company38. Which of the following bank reconciliation items will require a company to record a journal entry in its general ledger?39. How should a bank debit memorandum be recorded in a companys general ledger? As a credit to Cash and a debit to another40. As of May 31, a companys bank statement has an ending balance of $3,400. As of May 31, there were $2,100 of outstanding

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