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The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing.

A company’s Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?

Closing the temporary accounts at the end of each accounting period does all of the following except:

The following information is available for Brandon Enterprises before closing the accounts. What will be the amount in the Income Summary account that should be closed to Retained earnings?       Retained earnings $ 112,000 Dividends   32,000 Fees earned   187,000 Depreciation Expense—Equipment   12,000 Wages expense   71,400 Interest expense   3,300 Insurance expense   11,700 Rent expense   24,200

On April 1, Penthouse Publishing Company received $1,548 from Albuquerque, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by penthouse Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period?

Cutler, Inc. has bonds outstanding with a par value of $200,000 and a carrying value of $203,000. If the company calls these bonds at a price of $201,000, the gain or loss on retirement is:

A company’s Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?

The accounting principle that requires revenue to be recorded when earned is the:

The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing.

A company performs 20 days of work on a 30-day contract before the end of the year. The total contract is valued at $6,000, with payment received in advance. The $6,000 cash receipt was initially recorded as Unearned Revenue. The required adjusting entry includes a $4,000 debit to Unearned Revenue.