21Please refer to the partially completed worksheet below:
Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.
Cash$1,700$1,700$1,700
Accounts receivable8,500$2,00010,50010,500
Supplies100$802020
Equipment7,5007,5007,500
Accumulated depreciation$2,000240$2,240 $2,240
Accounts payable1,2001,2001,200
Salary payable800180980980
Unearned revenue600600600
Common stock1,0001,0001,000
Retained earnings2,4002,4002,400
Dividends2,3002,3002,300
Service revenue40,0002,00042,000$42,000
Salary expense24,00018024,180$24,180
Supplies expense2,300802,3802,380
Depreciation expense1,6002401,8401,840
$48,000$48,000$2,500$2,500$50,420$50,420$28,400 $42,000 $22,020 $8,420
How much was the Net income?
A)$42,000
B)$13,600
C) $22,020
D) $28,400
22Please refer to the partially completed worksheet below:
Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.
Cash$1,700$1,700
Accounts receivable8,500$2,00010,500
Supplies100$8020
Equipment7,5007,500
Accumulated depreciation$2,000240$2,240
Accounts payable1,2001,200
Salary payable800180980
Unearned revenue600600
Common stock1,0001,000
Retained earnings2,4002,400
Dividends2,3002,300
Service revenue40,0002,00042,000
Salary expense24,00018024,180
Supplies expense2,300802,380
Depreciation expense1,6002401,840
$48,000$48,000$2,500$2,500$50,420$50,420
How much was the net income?
A)$42,000
B)$13,600
C) $22,020
D) $28,400
23Please refer to the following partially completed worksheet:
Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.
Cash$1,700$1,700$1,700
Accounts receivable4,500$2,0006,5006,500
Supplies100$802020
Equipment7,5007,5007,500
Accumulated depreciation$2,000240$2,240 $2,240
Accounts payable1,2001,2001,200
Salary payable800180980980
Unearned revenue600600600
Common stock1,0001,0001,000
Retained earnings11,10011,10011,100
Dividends000
Service revenue25,0002,00027,000$27,000
Salary expense24,00018024,180$24,180
Supplies expense2,300802,3802,380
Depreciation expense1,6002401,8401,840
$41,700$41,700$2,500$2,500$44,120$44,120$28,400 $27,000 $15,720 $17,120
How much was the Net income or Net loss?
A)Net income of $1,400
B)Net income of $27,000
C)Net loss of $1,400
D)Net loss of $28,400
24In which of the columns of the worksheet would Net income be found?
A) In the trial balance credit column, the adjusted trial balance credit column and the balance sheet credit column
B) In the trial balance debit column, the adjusted trial balance debit column and the balance sheet debit column
C) In the balance sheet debit column and the income statement credit column
D) In the balance sheet credit column and the income statement debit column
25Which of the following accounts would appear in the balance sheet credit column?
A) Prepaid insurance
B) Buildings
C) Unearned service revenue
D) Service revenue
26Which of the following accounts would appear in the income statement credit column?
A) Service revenue
B) Prepaid insurance
C) Unearned service revenue
D) Depreciation expense
27Which of the following accounts would appear in the balance sheet debit column?
A) Unearned service revenue
B) Accumulated depreciation
C) Service revenue
D) Prepaid insurance
28Which of the following accounts would appear in the income statement debit column?
A) Unearned service revenue
B) Service revenue
C) Depreciation expense
D) Prepaid insurance
29Which of the following does NOT appear on the worksheet?
A) Closing entries
B) Adjusted balances
C) Net Income
D) Adjusting entries
30Please refer to the worksheet below. Enter the following adjusting entry into the worksheet:
At year-end, the company has earned $2,000 of service revenue from a client, but has not yet completed the job, or received a payment.
Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.
Cash$1,700
Accounts receivable8,500
Supplies100
Equipment7,500
Accumulated depreciation$2,000
Accounts payable1,200
Salary payable800
Unearned revenue600
Common stock1,000
Retained earnings2,400
Dividends2,300
Service revenue40,000
Salary expense24,000
Supplies expense2,300
Depreciation expense1,600
$48,000$48,000