Multiple Choice
La More Company had the following transactions during 2021.
-Sales of $9,000 on account
-Collected $4,000 for services to be performed in 2022
-Paid $2,650 cash in salaries
-Purchased airline tickets for $500 in December for a trip to take place in 2022
What is La More's 2021 net income using cash basis accounting?
A) $10,350
B) $1,350
C) $9,850
D) $850
Correct Answer:
Verified
Correct Answer:
Verified
Q130: An adjusting entry can include a:<br>A)debit to
Q131: Leyland Realty Company received a check for
Q132: On January 1, 2022, M.Johanson Company purchased
Q133: Nacron Company borrowed $15,000 from the bank
Q134: The accounting cycle begins with the journalizing
Q136: Muldoon Advertising has an opening balance in
Q137: Walton Company collected $14,400 in May of
Q138: The Dividends account is closed to the
Q139: Adjusting entries are required:<br>A)because some costs expire
Q140: Adjusting entries affect at least:<br>A)one revenue and