Question :
21) During the month of January, Katelyn invested $11,000 in : 1177366
21) During the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be:
A) Cash, debit $11,000; Katelyn’s Capital, credit $11,000
B) Accounts Payable, debit $11,000; Cash, credit $11,000
C) Cash, debit $11,000; Revenue, credit $11,000
D) Katelyn’s Capital, debit $11,000; Cash, credit $11,000
22) Which of the following entries records the acquisition of office supplies for cash?
A)
Office Supplies
5,000
Cash
5,000
B)
Office Supplies
5,000
Accounts Payable
5,000
C)
Equipment
5,000
Accounts Payable
5,000
D)
Equipment
5,000
Accounts Receivable
5,000
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 $450. The journal entry to record this transaction is:
A) Accounts Receivable debit $450; Editing Fees credit $450
B) Editing Fees debit $450; Riley, Capital credit $450
C) Accounts Payable debit $450; Editing Fees credit $450
D) Accounts Payable debit $450; Riley, Capital credit $450
26) Antonio’s catered a reception. The total price was $500. The customer paid half of the fee in cash and placed the remainder on account. The journal entry to record this transaction is:
A)
Cash
250
Accounts Receivable
250
Catering Service Fees
500
B)
Cash
500
Accounts Receivable
500
C)
Cash
500
Catering Service Fees
500
D)
Accounts Receivable
500
Cash
250
Catering Service Fees
250
27) Renzi’s Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is:
A)
Cash
600
Accounts Receivable
600
B)
Accounts Payable
600
Cash
600
Equipment
1,200
C)
Supplies
1,200
Cash
600
Accounts Payable
600
D)
Equipment
1,200
Accounts Payable
600
Cash
600
28) The entry to record completing a financial lecture and immediately collecting payment from customers would be:
A)
Cash
500
Lecture Fees
500
B)
Cash
500
Accounts Payable
500
C)
Lecture Fees
500
Cash
500
D)
Lecture Fees
500
Accounts Payable
500
29) BNL completed a performance and collected revenue of $8,000 not previously billed or recorded. The journal entry to record the collection would be:
A)
Accounts Receivable
8,000
Performance Fees
8,000
B)
Cash
8,000
Performance Fees
8,000
C)
Accounts Receivable
8,000
Cash
8,000
D)
Performance Fees
8,000
Cash
8,000
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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LeoSteve
