Question : 81.Clement Company paid an account payable related to a previous : 1236086

81.Clement Company paid an account payable related to a previous utility bill of $1,000. This transaction should be recorded as follows on the payment date:
A.Debit Accounts Payable $1,000, credit Cash $1,000.
B.Debit Cash $1,000, credit Accounts Payable $1,000.
C.Debit Utilities Expense $1,000, credit Cash $1,000.
D.Debit Cash $1,000, credit Utilities Expense $1,000.

82.On July 7, 2012, Saints Inc. received $10,000 in cash from a customer for services to be provided on October 10, 2012. Which of the following describes how the transaction should be recorded on July 7, 2012?
A.Debit Cash $10,000, credit Service Revenue $10,000.
B.Debit Accounts Receivable $10,000, credit Service Revenue $10,000.
C.Debit Cash $10,000, credit Unearned Revenue $10,000.
D.Debit Unearned Revenue $10,000, credit Cash $10,000.

83.On December 1, 2012, Bears Inc. signed a contract with a retailer to supply maintenance for the next calendar year. How should this transaction be recorded on December 1, 2012?
A.Debit Cash, credit Service Revenue.
B.Debit Cash, credit Accounts Receivable.
C.Debit Accounts Receivable, credit Service Revenue.
D.No transaction should be recorded on December 1, 2012.

84.On July 31, ALOE Inc. received $5,000 cash from a customer who previously purchased ALOE’s products on account. What should ALOE Inc. record at the time it receives cash?
A.Debit Accounts Receivable, $5,000; credit Cash, $5,000.
B.Debit Cash, $5,000; credit Accounts Receivable, $5,000.
C.Debit Cash, $5,000; credit Accounts Payable, $5,000.
D.Debit Cash, $5,000; credit Service Revenue, $5,000.

85.Tomlin & Company provides music for special occasions. On January 14, the Smith family hired Tomlin for an upcoming family wedding for an agreed upon fee of $10,000. The wedding was scheduled for May 23. As part of the agreement, the Smiths paid Tomlin half of the fee at the end of April with the remaining amount due by the end of June. How would Tomlin record the receipt of the final payment in June?
A.Credit to Accounts Receivable.
B.Credit to Service Revenue.
C.Credit to Cash.
D.Debit to Unearned Revenue.

86.Bostel wanted to expand the size of its warehouse in order to generate more profits. The company decided to purchase the building adjacent to its existing warehouse. The company pays for the building by borrowing from the bank. The purchase would be recorded as:
A.Debit Cash; credit Notes Payable.
B.Debit Buildings; credit Cash.
C.Debit Buildings; Credit Notes Payable.
D.Debit Cash and Buildings; Credit Notes Payable.

87.On July 5, Harris Company purchased supplies from the hardware store for $600 on account. On July 10, Harris receives a bill from the hardware store as a reminder about the account balance. On July 17, Harris pays the account in full. How does Harris record the transaction on July 17?
A.
B.
C.
D.

88.The Accounts Payable account has a beginning balance of $12,000 and the company purchased $50,000 of supplies on account during the month. The ending balance was $10,000. How much did the company pay to creditors during the month?
A.$50,000.
B.$52,000.
C.$60,000.
D.$62,000.

89.On March 3, Cobra Inc. purchased a desk for $450 on account. On March 22, Cobra purchased another desk for $500 also on account, and then on March 24, Cobra paid $400 on account. At the end of March, what amount should Cobra report for desks (assuming these two desks were the only desks they had)?
A.$50.
B.$450.
C.$500.
D.$950.

90.Posting is the process of:
A.Analyzing the impact of the transaction on the accounting equation.
B.Obtaining information about external transactions from source documents.
C.Transferring the debit and credit information from the journal to individual accounts in the general ledger.
D.Listing all accounts and their balances at a particular date.