Question : 21) On May 28, B-Z, Inc. received an order from : 1252985

 

 

21) On May 28, B-Z, Inc. received an order from a customer for $300 of services. On June 3, B-Z received an advance payment of $300 for the services. On July 1, B-Z performed all of the services for the customer. Which of the following statements is true?

A) The May 28 journal entry would include a credit to Revenues of $300.

B) The June 3 journal entry would include a credit to Revenues of $300.

C) The July 1 journal entry would include a debit to Cash of $300.

D) The July 1 journal entry would include a debit to Unearned revenues of $300.

22) On May 28, B-Z, Inc. received an order from a customer for $300 of services. On June 3, B-Z received an advance payment of $300 for the services. On July 1, B-Z performed all of the service for the customer. The journal entry to record the revenue earned would be recorded on ________.

A) May 28 and would include a credit to Revenue of $300

B) June 3 and would include a credit to Revenue of $300

C) July 1 and would include a credit to Revenue of $300

D) June 3 and July 1 and each entry would include a credit to Revenue of $150

 

23) Clean Sweep, Inc performed $300 in services and collected $200 at the time of service. The journal entry to record this transaction would include a ________.

A) credit to Revenue of $200

B) debit to Cash of $300

C) credit to Accounts receivable of $300

D) debit to Accounts receivable of $100

 

24) On May 3, Doe, Inc. performed $2,000 of services for a client on account. On May 27, Doe, Inc. received $500 of the amount owed. The remaining balance will be collected on June 2. The May 3 journal entry will include ________.

A) a credit to Revenue of $2,000

B) a debit to Cash of $2,000

C) a credit to Accounts receivable of $2,000

D) no entry since no cash was collected

 

25) On May 3, Doe, Inc. performed $2,000 of services for a client on account. On May 27, Doe, Inc. received $500 of the amount owed. The remaining balance will be collected on June 2. The May 27 journal entry will include a ________.

A) credit to Revenue of $500

B) credit to Accounts receivable of $500

C) credit to Revenue of $2,000

D) credit to Accounts payable of $500

26) Proffitts, Inc. earned $5,500 in revenues of which $300 has not been collected. The journal entry to record this transaction includes ________.

A) a debit to Cash of $5,200 and a credit to Revenues of $5,200

B) debits to Cash of $5,200 and Accounts receivable of $300 and a credit to Revenues of $5,500

C) a debit to Revenues of $5,200 and a credit to Cash of $5,200

D) a debit to Revenues of $5,500 and credits to Cash of $5,200 and Accounts receivable of $300

 

27) Revs, Inc. collected $5,000 from a customer on May 15 for services to be performed in June. The May 15 journal entry to record this transaction is a debit to ________.

A) Cash of $5,000 and a credit to Revenues of $5,000

B) Cash of $5,000 and a credit to Accounts receivable of $5,000

C) Unearned revenue of $5,000 and a credit to Cash of $5,000

D) Cash of $5,000 and a credit to Unearned revenue of $5,000

 

28) Twisted Pretzel, Inc. purchased $800 of supplies on account on May 28. The supplies will be used in June. The May 28 journal entry to record this purchase is a debit to ________.

A) Supplies expense of $800 and a credit to Cash of $800

B) Supplies of $800 and a credit to Cash of $800

C) Supplies expense of $800 and a credit to Accounts payable of $800

D) Supplies of $800 and a credit to Accounts payable of $800

 

29) Journals, Inc. purchased $800 of supplies on account on May 3. On May 28, it paid $500 of the amount it owed for supplies. The May 28 journal entry to record the payment is a debit to ________.

A) Supplies expense of $500 and a credit to Cash of $500

B) Accounts payable of $500 and a credit to Cash of $500

C) Supplies expense of $500 and a credit to Accounts payable of $500

D) Supplies of $500 and a credit to Accounts payable of $500

30) Nadir, Inc. collected $800 of its accounts receivable in May for services performed in April.  The journal entry to record this transaction in May is a debit to ________.

A) Cash of $800 and a credit to Accounts receivable of $800

B) Cash of $800 and a credit to Revenue of $800

C) Accounts receivable of $800 and a credit to Revenue of $800

D) Accounts receivable of $800 and a credit to Cash of $800

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more