Which of the following transactions would result in a decrease to the companys liabilities quizlet

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The following is a trial balance of Barnhart Company as December 31, Year 1:
Account Title:Deb | Cred
Cash22,500 |
Accounts Receivable 3,250 |
Accounts Payable | 2,800
Common Stock |6,600
Retained Earnings | 4,500
Service Revenue | 7,450
Operating Expenses 5,100 | Dividends 500 |
Totals 21,350 | 21,350
What is the total amount of assets that will be reported on the balance sheet prepared as of December 31, Year 1?

Multiple Choice
$21,350

$12,500

$15,750

$23,200

On October 1, Year 1, Senegal Company paid $1,200 in advance for rent of office space for one year and recorded a journal entry debiting Prepaid Rent and crediting Cash for $1,200. On December 31, Year 1, the required adjusting entry was recorded. What are the adjusted account balances at December 31, Year 1?

Multiple Choice
Prepaid Rent, $300; Rent Expense, $900

Prepaid Rent, $1,200; Rent Expense, $0

Prepaid Rent, $0; Rent Expense, $1,200

Prepaid Rent, $900; Rent Expense, $300

Kincaid Company provided consulting services of $2,500 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transaction?

Multiple Choice
Cash 1,300 |
Accounts payable 1,200 |
Consulting revenue | 2,500

Cash 1,300 |
Accounts receivable 1,200 | Consulting revenue |2,500

Cash 1,300 |
Consulting revenue | 1,300

Consulting revenue 2,500 |
Cash | 1,300
Accounts receivable | 1,200

On August 1, Year 1, Benjamin and Associates collected $18,000 in advance for legal services to be rendered for one year. Which of the following entries reflect the end-of-the-year adjustment to reflect revenue earned?

Multiple Choice
Cash 7,500 |
Revenue | 7,500

Accounts receivable 6,000 |
Revenue | 6,000

Cash 18,000 |
Unearned revenue | 10,500
Revenue | 7,500

Unearned revenue 7,500 |
Revenue | 7,500

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