Armour Inc. pays its employees every Friday for work rendered that week between Mondays and Fridays. The payroll is typically $18,000 for one week. What adjusting journal entry would be recorded if the end of the accounting period occurred on a Wednesday?

On May 1, 2020, RingsLord Inc. purchased a two-year insurance policy for $48,000 with coverage to begin immediately. What is the amount of Prepaid Insurance that appears on the company’s balance sheet on December 31, 2021?

Which of the following medical terms describes the passage of excess gas from the digestive system through the rectum?

A patient underwent a colostomy secondary to part of her colon being diseased in which a new opening in the abdominal wall was created for the passage of feces out of the body. Which of the following is the medical term for the mouth-like opening created through the abdominal wall to which a colostomy bag is applied to the skin for the collection of feces?

Which of the following is not 1 of the 3 steps of mechanical digestion that involves some type of physical force and movement?

Hobbins received $6,000 from a tenant on December 1, 2014 for advanced rent for the period December 1, 2019 through April 30, 2020. What necessary adjustment would be made on December 31, 2014?

On August 3, Zappy Electricians LLC receives a phone call from a customer needing a repair a faulty electrical panel and schedules a consultation for a free estimate on August 7. On August 12, Zappy Electricians installs the new electrical panel. The customer pays for the service on August 16. According to the revenue recognition principle, on which date should Zappy Electricians record service revenue?       

Emerald Corporation started operations in early 2020. It had multiple transactions during the year that resulted in total assets increasing by $227,500 and total liabilities increasing by $280,000 during the period. What is the net effect on total owner’s equity during this period?

A hernia is a defect and weakness in the muscle of the diaphragm or abdominal wall. Which of the following is an incarcerated hernia sac whose blood supply has been cut off and leads to necrosis?

Pursual Inc. earned revenue by selling merchandise of $185,000 collected in cash and $220,000 on account during 2021. Of the $220,000 on account, 20% was collected from customers in cash in 2021. The company incurred expenses of $235,000 and made related cash payments of $70,000 in 2021. Compute Net Income (Loss) under (a) cash basis accounting and (b) the accrual basis accounting