Debit Cash and Debit Rent Expense Credit Cash and Credit Rent Expense Debit Rent Expense and Credit Cash Credit Rent Expense and Debit Cash 2- A company using the periodic inventory system has merchandise inventory costing $175 on hand at the beginning of the period. During the period merchandise
costing $635 is purchased. At year-end merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is
Answer $970 $650 $300 $620 3- After all of the account balances have been extended to the Income Statement columns of the work sheet the totals of the debit and credit columns are $77500
and $85300 respectively. What is the amount of the net income or net loss for the period?
Answer $7800 net income $7800 net loss $85300 net income $77500 net loss 4- A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
Answer the Income Statement. the Balance Sheet. the Statement of Cash Flows. cannot be determined. 5- April 23 Cash 14000
Jim Xu Capital 14000
I nvest cash in Xu Co.
The journal entry will:
Answer Increase Capital and decrease Cash Increase Cash and decrease Capital Increase Cash and increase Capital Decrease Cash and decrease Capital