Home / Questions / Which of the following journal entries would be recorded if a business renders service
Which of the following journal entries would be recorded if a business renders service and receives cash of $400 from the customer?
A)
|
Service revenue |
400 |
|
|
Cash |
|
400 |
B)
|
Service revenue |
400 |
|
|
Accounts payable |
|
400 |
C)
|
Cash |
400 |
|
|
Service revenue |
|
400 |
D)
|
Service revenue |
400 |
|
|
Accounts receivable |
|
400 |
35) Which of the following journal entries would be recorded if a business makes a cash payment to a supplier of $600 "on account" (the business had purchased supplies on account in the previous month)?
A)
|
Cash |
600 |
|
|
Accounts payable |
|
600 |
B)
|
Accounts payable |
600 |
|
|
Cash |
|
600 |
C)
|
Cash |
600 |
|
|
Supplies |
|
600 |
D)
|
Accounts payable |
600 |
|
|
Supplies |
|
600 |
36) Which of the following journal entries would be recorded if Jane Brown formed a corporation, and then deposited cash of $6,000 into the corporation's bank account?
A)
|
Cash |
6,000 |
|
|
Common stock |
|
6,000 |
B)
|
Accounts payable |
6,000 |
|
|
Cash |
|
6,000 |
C)
|
Common stock |
6,000 |
|
|
Cash |
|
6,000 |
D)
|
Common stock |
6,000 |
|
|
Accounts payable |
|
6,000 |
37) Which of the following journal entries would be recorded if a business purchased equipment for $3,000 cash?
A)
|
Cash |
3,000 |
|
|
Equipment |
|
3,000 |
B)
|
Equipment |
3,000 |
|
|
Cash |
|
3,000 |
C)
|
Cash |
3,000 |
|
|
Accounts payable |
|
3,000 |
D)
|
Equipment |
3,000 |
|
|
Accounts payable |
|
3,000 |
38) Which of the following journal entries would be recorded if a business collects $1,000 cash on account from a customer for services performed at an earlier date?
A)
|
Cash |
1,000 |
|
|
Service revenue |
|
1,000 |
B)
|
Accounts receivable |
1,000 |
|
|
Service revenue |
|
1,000 |
C)
|
Cash |
1,000 |
|
|
Accounts receivable |
|
1,000 |
D)
|
Service revenue |
1,000 |
|
|
Accounts receivable |
|
1,000 |
39) Which of the following journal entries would be recorded if a business purchases equipment for $2,500 cash and supplies for $450 cash?
A)
|
Equipment |
2,950 |
|
|
Cash |
|
2,500 |
|
Supplies |
|
450 |
B)
|
Cash |
2,500 |
|
|
Equipment |
450 |
|
|
Accounts receivable |
|
2,950 |
C)
|
Cash |
2,950 |
|
|
Equipment |
|
2,500 |
|
Supplies |
|
450 |
D)
|
Equipment |
2,500 |
|
|
Supplies |
450 |
|
|
Cash |
|
2,950 |
40) A business makes a payment of $1,200 on a note payable, consisting of a $200 interest payment and a $1,000 principal payment. Which of the following journal entries would be recorded?
A)
|
Notes payable |
1,000 |
|
|
Interest expense |
200 |
|
|
Cash |
|
1,200 |
B)
|
Cash |
1,200 |
|
|
Notes payable |
|
1,000 |
|
Interest expense |
|
200 |
C)
|
Notes payable |
1,200 |
|
|
Cash |
|
1,000 |
|
Interest expense |
|
200 |
D)
|
Cash |
1,000 |
|
|
Notes payable |
|
1,200 |
|
Interest expense |
|
200 |
41) A business purchases equipment by paying $8,000 in cash and issuing a note payable of $12,000. Which of the following journal entries would be recorded?
A)
|
Equipment |
20,000 |
|
|
Notes payable |
|
12,000 |
|
Cash |
|
8,000 |
B)
|
Cash |
8,000 |
|
|
Notes payable |
12,000 |
|
|
Equipment |
|
20,000 |
C)
|
Cash |
8,000 |
|
|
Notes payable |
4,000 |
|
|
Equipment |
|
12,000 |
D)
|
Equipment |
8,000 |
|
|
Notes payable |
4,000 |
|
|
Cash |
|
12,000 |
42) The following transactions have been journalized and posted to the proper accounts.
1. Mark Call invested $7,000 cash in his new design services corporation in exchange for stock.
2. The corporation paid the first month's rent of $700.
3. The corporation purchased equipment by paying $2,000 cash and executing a note payable for $4,500.
4. The corporation purchased supplies for $850 cash.
5. The corporation billed a client for $4,000 of design services completed.
6. The corporation received $3,000 of the account for the completed services.
What is the balance in Cash?
A) $7,850
B) $6,450
C) $8,450
D) $8,150
43) Which of the following journal entries would be recorded if a business purchased $200 of supplies by paying cash?
A)
|
Cash |
200 |
|
|
Supplies |
|
200 |
B)
|
Accounts payable |
200 |
|
|
Supplies |
|
200 |
C)
|
Supplies |
200 |
|
|
Cash |
|
200 |
D)
|
Supplies |
200 |
|
|
Accounts payable |
|
200 |
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