Accounting Exit Exam Question And Solutions Wit New

| Account | Debit | Credit | |---------|-------|--------| | Cash | 92,014.26 | | | Discount on Bonds Payable | 7,985.74 | | | Bonds Payable | | 100,000.00 |

A company has revenue of $45,000, expenses of $37,500, and owner withdrawals of $10,000. What is the net income? A. $45,000 B. $37,500 D. ($2,500) loss Adjusting journal entries are primarily made to: A. Close temporary accounts at year-end. B. Record daily cash sales. accounting exit exam question and solutions wit new

On March 1, 2025, Crypto Corp purchased 10 Bitcoin for $60,000 total (no active market for the same Bitcoin specifically; fair value via major exchange is $65,000 on March 31). By December 31, 2025, the Bitcoin's fair value drops to $45,000. Crypto Corp holds the Bitcoin to provide liquidity (not for sale to customers). | Account | Debit | Credit | |---------|-------|--------|