2. Jenkins Company received $600 from a client in May for work Jenkins would perform during May and June. What entry should Jenkins make on May 31 if one-third of the work is complete on that date?
3. Which of the following accounts would increase retained earnings when closed into it?
b. Sales revenue
c. Loss of sale of land
d. Rent expense
4. Which of the following is not one of the four types of adjustments?
a. Prepaid revenue
b. Accrued expenses
c. Unearned revenue
d. Prepaid expenses
5. In September 20X3, LaToya Corporation paid for insurance for the next six months in the amount of $42,000. On December 31, LaToya’s accountant forgot to make the adjusting entry that was needed. Which of the following is true?