Home / Questions / During the month of January, Katelyn invested $10,000 in starting her legal practice. The
During the month of January, Katelyn invested $10,000 in starting her legal practice. The proper journal entry would be
A) Cash, debit $10,000; Katelyn's Capital, credit $10,000.
B) Katelyn's Capital, debit $10,000; Cash, credit $10,000.
C) Cash, debit $10,000; Revenue, credit $10,000.
D) Katelyn's Capital, debit $10,000; Cash, credit $10,000.
22) Which of the following entries records the acquisition of office supplies for cash?
A) Office Supplies 4,000
Cash 4,000
B) Office Supplies 4,000
Accounts Payable 4,000
C) Equipment 4,000
Accounts Payable 4,000
D) Equipment4,000
Accounts Receivable4,000
23) During the month of October, Ford advertised on the Internet. Ford received the bill for $600 in October, but waited until November to pay the advertising expense. The journal entry to record the payment in November is
A) Accounts Payable debit; Cash credit.
B) Advertising Expense debit; Accounts Payable credit.
C) Advertising Expense debit; Cash credit.
D) The journal entry is not made in November.
24) On July 1, Hill's Construction paid six months' insurance in advance. The journal entry to record this transaction is
A) Debit Prepaid Insurance; Credit Cash.
B) Debit Insurance Expense; Credit Cash.
C) Debit Cash; Credit Prepaid Insurance.
D) Debit Cash; Credit Insurance Expense.
25) Riley's Book Review billed customers $350. The journal entry to record this transaction is
A) Accounts Receivable debit $350; Editing Fees credit $350.
B) Editing Fees debit $350; Riley, Capital credit $350.
C) Accounts Payable debit $350; Editing Fees credit $350.
D) Editing Fees debit $350; Withdrawals credit $350.
26) Antonio's catered a reception. The total price was $850. Their customer paid half of the fee in cash and agreed to pay the remainder later. The journal entry to record this transaction is
A) Cash 425
Accounts Receivable 425
Catering Service Fees 850
B) Cash 850
Accounts Receivable 850
C) Cash 850
Catering Service Fees 850
D) Accounts Receivable 850
Cash 425
Catering Service Fees 425
27) Renzi's Volleyball Gym purchased equipment for $1,400. It made a down payment of $800 with the remainder on account. The journal entry to record this transaction is
A) Cash 800
Accounts Receivable 800
B) Accounts Payable 600
Cash 800
Equipment 1,400
C) Supplies 1,400
Cash 800
Accounts Payable 600
D) Equipment 1,400
Accounts Payable 600
Cash 800
28) The entry to record delivering a financial lecture and immediately collecting payment from the sponsor would be
A) Cash 750
Lecture Fees 750
B) Cash 750
Accounts Payable 750
C) Lecture Fees 750
Cash 750
D) Lecture Fees 750
Accounts Payable 750
29) BNL completed a performance and collected revenue of $10,000 not previously billed or recorded. The journal entry to record the collection would be
A) Accounts Receivable 10,000
Performance Fees 10,000
B) Cash10,000
Performance Fees 10,000
C) Accounts Receivable 10,000
Cash 10,000
D) Performance Fees 10,000
Cash 10,000
30) The general journal does not have a column titled
A) Date.
B) Account Titles & Descriptions.
C) Dr. and Cr.
D) Balance.
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