Question
2. Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during the first month of operations of the Decorating Service
2.
Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during the first month of operations of the Decorating Service Company.
April 1 | Received $25,000 cash from the owners in exchange for shares of common stock. |
April 4 | Purchased $400 of supplies on account. |
April 10 | Billed a client for $4,000 for services rendered and received cash immediately. |
April 15 | Paid salary to her employee $1,000 cash for his completed work. |
Journal entry for Susans Decorating Service Company on April 4, 2016, is
Select one:
a.
Date |
|
| Debit | Credit |
4-April | Cash |
| 400 |
|
|
| Supplies |
| 400 |
b.
Date |
|
| Debit | Credit |
4-April | Accounts Payable |
| 400 |
|
|
| Supplies |
| 400 |
c.
Date |
|
| Debit | Credit |
4-April | Supplies |
| 400 |
|
|
| Cash |
| 400 |
d.
Date |
|
| Debit | Credit |
4-April | Supplies |
| 400 |
|
|
| Accounts Payable |
| 400 |
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