Question :
48.The journal entry to record $2,450 of revenue earned and : 1169349
48.The journal entry to record $2,450 of revenue earned and received in cash by Agatha Panthis Landscape Architect Company is:
A. Debit Fees Income; Credit Accounts Receivable
B. Debit Cash; Credit Fees Income
C. Debit Fees Income; Credit Cash
D. Debit Accounts Receivable; Credit Fees Income
49.The journal entry to record the payment of salaries for the month is:
A. Debit Salaries; Credit Accounts Payable
B. Debit Cash; Credit Salaries Expense
C. Debit Salaries Expense; Credit Cash
D. Debit Cash; Credit Salaries Payable
50.Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:
A. Debit Utilities Expense; Credit Accounts Payable
B. Debit Cash; Credit Utilities Expense
C. Debit Utilities Expense; Credit Cash
D. Debit Accounts Payable; Credit Cash
51.Which of the following statements is CORRECT?
A. All transactions require compound entries.
B. Compound entries include only debits.
C. Accounts being debited should always follow the accounts being credited in a compound entry.
D. Compound entries affect more than one debit and/or more than one credit.
52.On June 1, XYZ Inc. paid $400 to its landlord for rent for the current month. The journal entry to record this transaction is:
A.
B.
C.
D.
53.On December 5, Honor Consulting Services issued a check to purchase $800 in office supplies. The journal entry to record this transaction is:
A.
B.
C.
D.
54.The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include
A. a debit to Equipment for $100 and a credit to Cash for $100.
B. a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400.
C. a debit to Equipment for $100 and a credit to Accounts Payable for $400.
D. debit to Equipment for $500 and a credit to Cash for $500.
55.A company purchased equipment costing $15,000. They paid $1,000 right away and agreed to pay the balance in 30 days, the journal entry to record the purchase of equipment would include
A. a debit to Equipment for $15,000 and a credit to Cash for $15,000.
B. a debit to Equipment for $1,000 and a credit to Cash for $1,000.
C. a debit to Equipment for $14,000 and a credit to Accounts Payable for $14,000.
D. a debit to Equipment for $15,000, a credit to Cash for $1,000 and a credit to Accounts Payable for $14,000.
56.ABC Co. performed $5,000 of consulting work. Their customer paid them $1,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:
A. a debit to Cash for $1,500, a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000.
B. a debit to Cash for $1,500 and a credit to Fees Income for $1,500.
C. a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500.
D. a debit to Fees Income for $5,000, a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500.
57.On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check a check for $2,000 and promised to pay the balance in 30 days. The journal entry to record this transaction is:
A.
B.
C.
D.
