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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