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【正文】 d to the ledger.C． In the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next.D． Both A and B are correct.13． Which of these accounts has a normal debit balance?A． Salary ExpenseB． Accounts PayableC． Service RevenueD． Both A and B14． The May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A． $4,980B． $4,990C． $5,020D． $5,01015． The beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A． $105,900B． $234,500C． $132,100D． $157,10016． Use the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable 15,900Building 359,600Cash 55,600Common stock 155,000Dividends 4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A． $365,600B． $304,700C． $501,500D． $506,30017． The journal entry to record the performance of services on account for $1,200 is：A． Accounts Payable 1,200Service Revenue 1,200B． Accounts Receivable 1,200Service Revenue 1,200C． Cash 1,200 Service Revenue 1,200D． Service Revenue 1,200Accounts Payable 1,20018． The Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cashbasis and accrualbasis is：CashBasis AccrualBasisA． $92,000 $80,000B． $80,000 $100,000C． $100,000 $112,000D． $92,000 $102,00019． Which of the following statements is false? A． The timeperiod concept requires panies to prepare financial statements at least quarterly.B． According to the revenue principle, revenue should be recorded when a product or service has been delivered to the customer.C． When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D． The timeperiod concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20． The Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA． an unearned revenue.B． a prepaid expense. C． an accrued revenue.D． an accrued expense.21． On November 1 , 20X8 , the Jemigan Company paid $4,800 for a oneyear insurance policy. On December 31 , 20X8, the adjusting entry would includeA． a debit to insurance Expense$4,800.B． a credit to insurance Payable, $800.C． a credit to Prepaid insurance, $800.D． a debit to Insurance Expense, $4,000.22． Which of these could not be a closing entry?A． Salary Expense XXRetained Earnings XXB． Retained Earnings XXDividends XXC． Service Revenue XXRetained Earnings XXD． Retained Earnings XXRent Expense XX23． What type of account is Unearned Revenue (asset, liability, stockholders39。s Cleaners appears below：Arnold39。 equity 850Total assets $1,690 Total liabilities and stockholders39。s current ratio for 20X8 isA． B． C． 2D． 27． An investment in debt securities may be classified as any of the following categories except：A． trading securitiesB． availableforsaleC． heldtomaturityD． All of the above are categories for Debt securities28． The Boulder Co. purchased the following securities in yearend balances of their trading and availableforsale portfolios are given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500 Total $13,000 $15,500Availableforsale portfolio:Security D $5,500 $3,000Security E 16,000 17,000 Total $21,500 $20,000At what value should the trading securities and the availableforsale securities be reported on the balance sheet? Trading Securities AvailableforSale SecuritiesA． $13,000 $21,500B． $13,000 $20,000C． $15,500 $21,500D．
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