Question : 98. J. Brown Consulting paid $2,500 cash for a 5-month : 1257781

 

98. J. Brown Consulting paid $2,500 cash for a 5-month insurance policy which begins on December 1. Given the choices below, determine the general journal entrythat J. Brown Consultingwill make to record this transaction. 

A.

Insurance Expense

2,500

 

Cash

 

2,500

 

B.

Cash

2,500

 

Insurance Expense

 

2,500

 

C.

Cash

2,500

 

Prepaid Insurance

 

2,500

 

D.

Prepaid Insurance

2,500

 

Cash

 

2,500

 

E.

Insurance Expense

2,500

 

Prepaid Insurance

 

2,500

99. ABC Catering received $800 cash from a customerfor catering services to be provided next month. Given the choices below, determine the general journal entry that ABC Catering will make to record this transaction. 

A.

Unearned Catering Revenue

800

 

Catering Revenue

 

800

 

B.

Cash

800

 

Accounts Receivable

 

800

 

C.

Cash

800

 

Unearned Catering Revenue

 

800

D.

Cash

800

 

Catering Revenue

 

800

 

E.

Accounts Receivable

800

 

Catering Revenue

 

800

100. Grills R Us Catering provided $1,000 of catering services and billed its client for the amount owed. Given the choices below, determine the general journal entrythat Grills R Us Catering will make to record this transaction. 

A.

Unearned Catering Revenue

1,000

 

Catering Revenue

 

1,000

 

B.

Catering Revenue

1,000

 

Accounts Receivable

 

1,000

 

C.

Accounts Receivable

1,000

 

Unearned Catering Revenue

 

1,000

D.

Accounts Receivable

1,000

 

Catering Revenue

 

1,000

 

E.

Cash

1,000

 

Catering Revenue

 

1,000

101. Trimble Graphic Design receives $1,500 from a client billed in a previous month for services provided. Which of the following general journal entries will Trimble Graphic Design make to record this transaction? 

A.

Cash

1,500

 

Accounts Receivable

 

1,500

 

B.

Cash

1,500

 

Unearned Design Revenue

 

1,500

 

C.

Accounts Receivable

1,500

 

Unearned Design Revenue

 

1,500

 

D.

Cash

1,500

 

Design Revenue

 

1,500

 

E.

Accounts Receivable

1,500

 

Cash

 

1,500

102. The company paid $100 cash in dividends to J. Smith, the owner. Which of the following general journal entries will Jay’s Limo Services, Inc. make to record this transaction? 

A.

Dividends

100

 

Cash

 

100

 

B.

Cash

100

 

Dividends

 

100

 

C.

Common Stock

100

 

Dividends

 

100

D.

Dividends

100

 

Common Stock

 

100

 

E.

Cash

100

 

Common Stock

 

100

103. Jay’s Limo Services, Inc. paid $300 cash to employees for work performed in the current period.  Which of the following general journal entries will Jay’s Limo Services, Inc. make to record this transaction? 

A.

Salaries Expense

300

 

     Accounts Payable

 

300

 

B.

Cash

300

 

      Salaries Expense

 

300

 

C.

Salaries Expense

300

 

Dividends

 

300

 

D.

Salaries Payable

300

 

Salaries Expense

 

300

 

E.

Salaries Expense

300

 

Cash

 

300

104. Able Graphics received a $400 utility bill for the current month’s electricity. It is not due until the end of the next month which is when they intend to pay it.  Which of the following general journal entries will Able Graphics make to record this transaction? 

A.

Utilities Expense

400

 

Cash

 

400

 

B.

Cash

400

 

Utilities Expense

 

400

 

C.

Utilities Expense

400

 

Accounts Payable

 

400

 

D.

Accounts Payable

400

 

Utilities Expense

 

400

 

E.

Utilities Payable

400

 

Cash

 

400

105. HH Consulting & Design provided $800 of consulting work and $100 of design work to the same client. It billed the client for the total amount and is expecting to collect from the customer next month.  Which of the following general journal entries will HH Consulting & Design make to record this transaction? 

A.

Design Revenue

100

 

Consulting Revenue

800

 

Accounts Receivable

 

900

 

B.

Accounts Payable

800

 

    Design Revenue

 

100

Consulting Revenue

 

800

C.

Cash

900

 

    Consulting Revenue

 

800

Design Revenue

 

100

 

D.

Cash

900

 

    Consulting Revenue

 

800

Design Revenue

 

100

 

E.

Accounts Receivable

900

 

    Consulting Revenue

 

800

Design Revenue

 

100

 

106. GiGi’s Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100. The client paid immediately.  Identify the general journal entry below that GiGi’s will make to record the transaction. 

A.

Rental Revenue

100

 

Instruction Revenue

150

 

Cash

 

250

 

B.

Accounts Payable

250

 

    Rental Revenue

 

100

Instruction Revenue

 

150

C.

Cash

250

 

    Rental Revenue

 

100

Instruction Revenue

 

150

 

D.

Accounts Receivable

250

 

    Rental Revenue

 

100

Instruction Revenue

 

150

 

E.

Unearned Revenue

250

 

    Rental Revenue

 

100

Instruction Revenue

 

150

107. Geraldine Parker, the owner of GiGi’s Dance Studio, Inc., started the business by investing $10,000 cash and donating a building worth $20,000.  Identify the general journal entry below that GiGi’s will make to record the transaction. 

A.

Cash

10,000

 

Common Stock

 

30,000

 

B.

Common Stock

30,000

 

    Cash

 

10,000

Building

 

20,000

C.

Cash

10,000

 

Building

20,000

 

Common Stock

 

30,000

 

D.

Common Stock

30,000

 

Retained Earnings

 

30,000

 

E.

Cash & Building

30,000

 

Common Stock

 

30,000

 

 

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