1. In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to $800. The cash account has a balance of.

2. Dawsons Delivery Service purchased equipment for $3,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and

a. debited the Dawson, Capital account for $2,000.

b. credited another asset account for $500.

c. credited a liability account for $3,000.

d. nothing further must be done.

3. Grayton Industries purchased supplies for $1,200. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,200, a credit to a liability account for $700. Which of the following would be the correct way to complete the recording of the transaction?

a. Credit another liability account for $500.

b. Credit the Grayton, Capital account for $500.

c. Debit the Grayton, Capital account for $500.

d. Credit an asset account for $700.

4. On January 14, Franco Industries purchased supplies of $500 on account. The entry to record the purchase will include

a. a debit to Supplies and a credit to Accounts Payable.

b. a debit to Supplies Expense and a credit to Accounts Receivable.

c. a debit to Supplies and a credit to Cash.

d. a debit to Accounts Receivable and a credit to Supplies.