When a company pays utilities of $1,800 in cash, the transaction is recorded as:
a. Debit Utilities Expense $1,800, credit Utilities Payable $1,800.
b. Debit Utilities Payable $1,800, credit Cash $1,800.
c. Debit Cash $1,800, credit Utilities Expense $1,800.
d. Debit Utilities Expense $1,800, credit Cash $1,800.
116. Assume that cash is paid for rent to cover the next year. The appropriate debit and credit are:
a. Debit Rent Expense, credit Cash.
b. Debit Prepaid Rent, credit Rent Expense.
c. Debit Prepaid Rent, credit Cash.
d. Debit Cash, credit Prepaid Rent.
117. Summer Leasing received $12,000 for 24 months rent in advance. How should Summer record this transaction?
a. Debit Prepaid Rent; credit Rent Expense.
b. Debit Cash; credit Unearned Revenue.
c. Debit Cash; credit Service Revenue.
d. Debit Rent Expense; credit Cash.
118. Styleson Inc. performed cleaning services for its customers for cash. These transactions would be recorded as:
a. Debit Service Revenue, credit Cash.
b. Debit Cash, credit Service Revenue.
c. Debit Cash, credit Accounts Receivable.
d. Debit Accounts Receivable, credit Service Revenue.
119. Assume that $18,000 cash is paid for insurance to cover the next year. The appropriate
debit and credit are:
a. Debit Insurance Expense $18,000, credit Prepaid Insurance $18,000.
b. Debit Prepaid Insurance $18,000, credit Insurance Expense $18,000.
c. Debit Prepaid Insurance $18,000, credit Cash $18,000.
d. Debit Cash $18,000, credit Prepaid Insurance $18,000.
120. Schooner Inc. purchased equipment by signing a note payable. This transaction would be recorded as:
a. Debit Equipment, credit Cash.
b. Debit Cash, credit Notes Payable.
c. Debit Notes Payable, credit Equipment.
d. Debit Equipment, credit Notes Payable.
121. When a company pays $2,500 dividends to its stockholders, the transaction should be recorded as:
a. Debit Cash; credit Dividends.
b. Debit Retained Earnings; credit Dividends.
c. Debit Dividends; credit Cash.
d. Debit Dividends; credit Accounts Payable.
122. Daniel Dino Restaurant owes employee salaries of $15,000. This would be recorded as:
a. Debit Salaries Expense, credit Cash.
b. Debit Salaries Payable, credit Cash.
c. Debit Salaries Expense, credit Salaries Payable.
d. Debit Salaries Payable, credit Salaries Expense.
123. Jerome purchased a building for his business by signing a note to be repaid over the next ten years. Which of the following correctly describes how to record this transaction?
a. Debit assets, credit liabilities.
b. Debit assets, credit stockholders’ equity.
c. Debit liabilities, credit assets.
e. Debit expenses, credit liabilities.
124. Incurring an expense for advertising on account would be recorded by:
a. Debiting liabilities.
b. Crediting assets.
c. Debiting an expense.
d. Debiting assets.
TUU last submission is used for your score. ARRERES 18. DETAILS SULLIVANCALC2 5.4.040. Use the properties of integrals and the Fundamental Theorem of Calculus to find the...Jun 07 2021
To study the energy savings due to adding solar heating panels to a house, researchers measured the natural gas consumption of the house for more than a year, then instal...Aug 02 2020
How many tables must be sold in order for Hardwood, Inc., to break even? a. 100 b. 200 c. 300 d. 400Jun 09 2021
How many chiral centres are present in D-glucose? in D-ribose?Jul 18 2021
On June 30, 2014, Apricot Co.paid $5,000 cash for management services to be performed over atwo-year period. Apricot follows a policy of recording all prepaidexpenses to ...Mar 18 2020
Candace quietly slipped into an empty seat during the long marketing presentation on campus.an ________Here is a tip:Words are assigned each part of speech as per their s...Jun 09 2021
Markets explained on the basis of supply and demand:A. assume many buyers and many sellers of a standardized product.B. assume market power so that buyers and sellers bar...Apr 16 2021
The corporate valuation model, the price-to-earnings (P/E) multiple approach, and the economic value-added (EVA) approach are some examples of valuation techniques. The c...Apr 10 2020
Consider the following decomposition reaction: 2HI(g) - H:(g) + 1:(g) During the decomposition reaction, the concentration of HI(g) is measured. By graphing (HI) vs. tim...Jun 18 2021
List the steps for selling a business.Apr 13 2021