50 multiple choice comprehensive accounting problems 494811 | Homework Solutions

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1. On April 1, a company paid the $1,998 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31? (Round your answer to 1 decimal places.) $1,998.00. $666.00. $1,498.50. $499.50. $55.50. 2. On September 30, the Cash account of Value Company had a normal balance of $6,700. During September, the account was debited for a total of $13,900 and credited for a total of $13,200. What was the balance in the Cash account at the beginning of September? A $6,000 credit balance. A $7,400 credit balance. A $6,000 debit balance. A $0 balance. A $7,400 debit balance. 3. At the beginning of January of the current year, Thomas Law Center’s ledger reflected a normal balance of $53,400 for accounts receivable. During January, the company collected $16,200 from customers on account and provided additional services to customers on account totaling $13,200. Additionally, during January one customer paid Thomas $5,700 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: $50,400. $3,000. $56,100. $50,700. $56,400. 4. A $55 credit to Sales was posted as a $160 credit. By what amount is Sales in error? $55 understated. $160 overstated. $105 overstated. $105 understated. $160 understated. 5. A company purchased a new truck at a cost of $38,500 on July 1. The truck is estimated to have a useful life of 5 years and a salvage value of $4,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the truck during the first year ended December 31? $3,450. $3,850. $4,200. $6,900. $7,700. 6. A company had no office supplies available at the beginning of the year. During the year, the company purchased $430 worth of office supplies. On December 31, $165 worth of office supplies remained. How much should the company report as office supplies expense for the…


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