Which of the following entries would be used to record the billing of fees earned?
A) Debit Accounts Receivable and credit Rental Fees
B) Credit Cash and credit Rental Fees
C) Debit Cash and credit Rental Fees
D) Debit Cash and debit Rental Fees
22) Which of the statements of the rules of debit and credit is true?
A) Decrease Accounts Receivable with a credit and the normal balance is a credit.
B) Increase Accounts Payable with a credit and the normal balance is a credit.
C) Increase Capital with a debit and the normal balance is a debit.
D) Decrease Cash with a debit and the normal balance is a debit.
23) Which of the following entries records the investment of cash by John, owner of a sole proprietorship?
A) Debit John, Capital; credit Cash
B) Debit Cash; credit John, Withdrawals
C) Debit John, Withdrawals; credit Cash
D) Debit Cash; credit John, Capital
24) Dennis, owner of Dennis' Golf Center, withdrew $700 in cash from the business. Record the transaction by
A) debiting Dennis, Withdrawals, $700; crediting Cash, $700.
B) debiting Accounts Receivable, $700; crediting Cash, $700.
C) debiting Expense, $700; crediting Cash, $700.
D) debiting Dennis, Withdrawals, $700; crediting Dennis, Capital, $700.
25) The entry to record Tom's payment of a home telephone bill is
A) debit Telephone Expense; credit Accounts Payable.
B) debit Tom's Withdrawals; credit Cash.
C) debit Telephone Expense; credit Cash.
D) debit Tom's Withdrawals; credit Accounts Payable.
26) Extreme Home bought painting equipment on account for $2,200. The entry would include:
A) debit to Supplies Expense, $2,200; credit to Cash, $2,200.
B) debit to Equipment, $2,200; credit to Cash, $2,200.
C) debit to Equipment, $2,200; credit to Accounts Payable, $2,200.
D) debit to Supplies Expense, $2,200; credit to Accounts Payable, $2,200.
27) The owner of Wolverines R Us paid his personal MasterCard bill using a company cheque. The correct entry to record the transaction is
A) credit Cash; debit Capital.
B) credit Cash; debit Supplies Expense.
C) credit Cash; debit Withdrawals.
D) credit Cash; debit Accounts Receivable.
28) Carrie flew to San Francisco on a business trip. The purchase price of the ticket was $379 and it was bought on account. The entry to record the transaction is:
A) debit Accounts Payable, $379; credit Travel Expense, $379.
B) debit Capital, $379; credit Accounts Payable, $379.
C) debit Travel Expense, $379; credit Accounts Payable, $379.
D) debit Travel Expense, $379; credit Cash, $379.
29) The Accounts Receivable account has total debit postings of $1,700 and credit postings of $900. The balance of the account is
A) $800 debit.
B) $800 credit.
C) $2,600 credit.
D) $2,600 debit.
30) The Accounts Payable account has total debit postings of $800 and credit postings of $1,400. The balance is
A) $2,200 debit.
B) $600 credit.
C) $2,200 credit.
D) $600 debit.
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