Kopter Co. has a net income of $43,000, assets at the beginning of the year are $250,000 and assets at the end of the year are $300,000. Compute its return on assets.

On November 1, Jewell Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company’s annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is:

Peters Consulting purchased $500 of office supplies on credit. The company’s policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Peters consulting make to record this transaction?

Rodriguez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:

Dapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and stockholder investments of $6,000. Its ending equity is:

Earned but uncollected revenues are recorded during the adjusting process with a credit to a revenue account and a debit to an expense account.

Dapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and stockholder investments of $6,000. Its ending equity is:

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the:

On September 12, Wander Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jetson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jetson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Wander makes on September 18 is:

A physical count of supplies on hand at the end of Muirfield, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31?