Accounting 1 - Mid Exam

Mira company purchased equipment for 50,000$ on accounts , the effect on the components of the basic accounting equation of mira company is:

On December 31, before any year-end adjusting entries are made, Rabayaa Company's Insurance Expense account had a balance of £7,000 and its Prepaid Insurance account had a balance of £6,900. It was determined that £3,500 of insurance had expired by year end. How much is the adjusted balance for Insurance Expense for the year?

Which of the following would not be considered as an external user of accounting data for kilani company

A debit is not the normal balance for which account listed below?

On January 31 , 2020, Eagle company purchased equipment for 25,000$, The company is depreciating the equipment at the rate of 500 per month, At March 31, 2020, the amount of depreciation expense is

Their is the listed information were taken from the trail balance of hala company at year end, Cash 20,000$, Share capital 15,000$, Supplies 5,000$, Accounts payable 1,000$, Revenues 3,000$, notes payable 2,000$, Expenses 10,000$, the amount of total debit balances on its trail balance is:

If total liabilities increased by 240,000$ and assets increased by 80,000$ during a period of time, then total equity must change by what amount and direction during the same period

The shareholders of Laith company invested 40,000$ cash in exchange for ordinary shares they purchase, This transaction will increase

Issam company had beginning retained earnings of 600,000$, net income of 100,000$, dividends of 230,000$, The ending retained earnings is

At year end, Layan company reported ending retained earnings of 93,000$, and share capital of 77,000$, As a result, the company would have

Hussam signed a four-month note payable for €20,000 on Oct 1. The note requires interest at an annual rate of 10%. How much interest will be accrued on the note as of the end of December?

If Mira Co. purchased Equipment on July 1, 2020 for $33,000 . The company is expected to use the equipment for 3 years. It has residual value of 3,000$ , What is amount of equipment depreciation at December 31, 2020

Rabyaa Company purchased a 12-month insurance policy on May 1 , 2020 for 15,000, At May 31, 2020, The Adjusting Entry is needed to record the expiration of this asset will include:

Chelsea Shop follows the revenue recognition principle. Chelsea services a car on May 31. The customer picks up the vehicle on August 1, and mails the payment to Chelsea on August 5. Chelsea receives the check in the mail on August 6. When should Chelsea show that the revenue was earned?

Prepaid expenses have

Yazan Company had 6,000$ Supplies, During the month the company purchased 4,000$ supplies, an physical inventory shows that supplies on hand is 2,000$, the amount that will be recorded on the adjusting entry is:

Yazan Melhim , an employee of Square Company, he will not receive his paycheck until April 2. Based on services performed from March 16 to March 31, his salary is 900$ per pay period. The adjusting entry for Square Company on March 31 includes a:

Expenses paid in cash and recorded as assets before they are used are called

The Cash account for Luay Company had a normal balance of 50,000$ at the beginning of the month. During the month, Luay received cash payments from its customers of 30,000$ and made cash payments of 20,000$ for expenses incurred. In addition, Luay paid 10,000$ on account for expenses incurred in the previous month. How much is the balance in the Cash account after posting these transactions?