The chart of accounts for the Miguel Company includes the following:
Account Name Accou...
Business, 26.02.2020 00:34 paulesparsa6
The chart of accounts for the Miguel Company includes the following:
Account Name Account Number
Cash 11
Accounts Receivable 13
Prepaid Insurance 15
Accounts Payable 21
Unearned Revenue 24
Common Stock 31
Dividends 32
Fees Earned 41
Salaries Expense 54
Rent Expense 56
Page 3 of the journal contains the following transaction:
Salaries Expense 525
Cash 525
(A) What is the posting reference that will be found in the salaries expense account?
a) 21 b) 5 c) 11 d) 54
(B) Which of the accounts below would be closed by posting a debit to the account?
a. Unearned Revenue
b. Dividends
c. Fees Earned
d. Miscellaneous Expense
(C) The unearned rent account has a balance of $72,000. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is:
a) $90,000 b) $36,000 c) $18,000 d) $54,000
Answers: 2
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