On January 1, Eastern College received $1,250,000 from its students for the spring semester that it recorded in Unearned Revenue. The term spans four months beginning on January 1, and the college earns the revenue evenly over the months of the term. Assuming the college prepares adjustments on January 31, what amount of tuition revenue should the college recognize?

A company has $108,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is an $980 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:

In its first year of business, Borden Corporation had sales of $2,170,000 and cost of goods sold of $1,285,000. Borden expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are):

A company purchased $2,000 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $220 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

The following information is available for the Higgins Travel Agency. After closing entries are posted, what will be the balance in the C. Higgins, Capital account?

The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $550. The Adjustments columns show a credit of $310 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is:

The following information is available for the Noir Detective Agency. After closing entries are posted, what will be the balance in the G. Noir, Capital account?

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $24,000. The entry to close the income summary account will be:

If a company purchases equipment costing $6,200 on credit, the effect on the accounting equation would be:

Ryan Inc. deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows a $24,861 balance in the bank. Ryan's comparison of the bank statement to its cash account revealed the following:

Additionally, a $35 check written and recorded by the company was incorrectly recorded by the bank as a $53 deduction.

The adjusted cash balance per the bank records should be: