these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final. 16Blue Chip Investments purchased a 12-month insurance policy on May 31, 2016 for $3,480. The December 31, 2016 balance sheet would reportPrepaid Insurance ofO a. $2,030O b. SOO C $1.450O d. $3,48018If the following balances are exist in the adjusted trial balance:Service revenues $ 35,000Interest expense $ 10,000Ssalaries Expense $ 30,000RentRevenues $ 4,000Depreciation Expense $ 7,000Drawings $ 3.000 The closing entry for the Income summary would include:O a. Capital account should be Debited (Dr.) by $ 8,000.O b. Income summary account should be Credited (Cr.) by $ 11,000.O. Income summary account should be Debited (Dr.) by $ 8,000.O d. Capital account should be Credited (Cr.) by $ 11.000.

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Blue Chip Investments purchased a 12-month insurance policy on May 31. 2016 for $3,480. The December 31. 2016 balance sheet would report Prepaid Insurance of O a. $2.030 O b. SO O c $1.450 O d. $3,480

Blue Chip Investments purchased a 12-month insurance policy on May 31. 2016 for $3,480. The December 31. 2016 balance sheet would report Prepaid Insurance of O a. $2.030 O b. SO O c $1.450 O d. $3,480

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final.

16
Blue Chip Investments purchased a 12-month insurance policy on May 31, 2016 for $3,480. The December 31, 2016 balance sheet would report
Prepaid Insurance of
O a. $2,030
O b. SO
O C $1.450
O d. $3,480
18
If the following balances are exist in the adjusted trial balance:Service revenues $ 35,000Interest expense $ 10,000Ssalaries Expense $ 30,000Rent
Revenues $ 4,000Depreciation Expense $ 7,000Drawings $ 3.000 The closing entry for the Income summary would include:
O a. Capital account should be Debited (Dr.) by $ 8,000.
O b. Income summary account should be Credited (Cr.) by $ 11,000.
O. Income summary account should be Debited (Dr.) by $ 8,000.
O d. Capital account should be Credited (Cr.) by $ 11.000.

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