Question
1) Issued an invoice of $1850 to a customer for the interior designing services provided. The journal entry to record the transaction is: Select one:
1) Issued an invoice of $1850 to a customer for the interior designing services provided. The journal entry to record the transaction is:
Select one:
a.debit, cash $1850 and credit, service revenue received in advance $1850.
b.debit, accounts receivable $1850 and credit, service revenue $1850.
c.debit, cash $1850 and credit, service revenue $1850.
d.debit, accounts receivable $1850 and credit, cash $1850.
2) The total of the debit side of the accounts payable account is $80000, and the total of the credit side of the accounts payable account is $132,000. What is the accounts payable balance at the end of the period?
Select one:
a.$52000 debit balance
b.$132000 credit balance.
c.$80000 debit balance.
d.$52000 credit balance
3) Paid cash $2000 for a 1-year insurance policy. The journal entry to record the transaction is:
Select one:
a.debit, cash $2000 and credit, prepaid insurance $2000.
b.debit, prepaid insurance $2000 and credit, cash $2000.
c.debit, insurance expense $2000 and credit, cash $2000.
d.debit, insurance expense $2000 and credit, prepaid insurance $2000.
4) The accounts receivable account of the Techno Pty Ltd. had a balance of $120000 at the beginning of May. During May, Techno Pty Ltd. received $20000 cash from the customers invoiced in April. What is the accounts receivable balance at the end of May?
Select one:
a.$120000 debit balance
b.$140000 debit balance.
c.$20000 credit balance.
d.$100000 debit balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started