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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

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.

Tripti 06-Dec-2019

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