1. On Dec. 3 James Gym purchased 30,000 equipment using cash. What is the journal entry to record the transaction?

A. Accounts payable 30,000 Equipment 30,000

B. equipment expense 30,000 Cash 30,000 C. Equipment 30,000 Cash 30,000

D. Cash 30,000 Equipment 30,000

2. Is the following statement true or false? Why?

A company receives $1,800 on November 1st, 2019 for services to be provided evenly over the next six months. On December 31st, 2019 adjusting entry for the company would include a credit to Deferred Revenue for $600.