7) Before posting a receipt of $5,000 and sale of goods for $20,000 on account, the Accounts Receivable of S Company had a normal balance of $16,000. The balance after posting these transactions was: a) $25,000. b) $9,000. c) $31,000. d) $11,000. 8) The trial balance of Jeong Company had accounts with the following normal balances: Cash $6,000, Service Revenue $80,000, Salaries and Wages Payable $5,000, Salaries and Wages Expense $30,000, Rent Expense $15,000, Owner's Capital $40,000; Owner's Drawings $20,000; Equipment $64,000, Unearned service revenue $10,000. In preparing a trial balance, the total in the debit column is: a) $125,000. b) $145,000. c) $115,000. d) $135,000. 9) A trial balance will not balance if: a) a correct journal entry is not posted at all. b) the purchase of equipment on account is debited to Equipment and credited to Cash. c) a $150 cash drawing by the owner is debited to Owner's Drawings for $1,150 and credited to Cash for $150. d) a $550 payment on account is debited to Accounts Payable for $55 and credited to Cash for $55. 10) Each of the following is a major type (or category) of adjusting entries except: a) prepaid expenses. b) incurred expenses. c) accrued revenues. d) accrued expenses. 11) Adjustments for accrued revenues: a) have a liabilities and revenues account relationship. b) have an assets and revenues account relationship. c) decrease assets and revenues. d) decrease liabilities and increase revenues. 12) Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed, the correcting entry is: a) debit Service Revenue $100 and credit Accounts Receivable $100. b) debit Accounts Receivable $100 and credit Service Revenue $100. c) debit Cash $100 and credit Service Revenue $100. d) debit Accounts Receivable $100 and credit Cash $100.
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A receipt of $5,000 would decrease this balance to $11,000. Then, a sale of goods for $20,000 on account would increase the balance to $31,000. So, the answer is c) $31,000. Show more…
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