Multiple Choice
On December 31, 2014, Krug Company reported total assets of $390,000 prior to the following adjusting entries: Depreciation expense was $31,000.
Accrued service revenues totaled $29,000.
Accrued expenses totaled $12,000.
Used insurance: $9,000; the insurance was initially recorded as prepaid.
Rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue.
How much are Krug's total assets after adjusting entries?
A) $350,000.
B) $386,000.
C) $379,000.
D) $374,000.
Correct Answer:

Verified
Correct Answer:
Verified
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