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21) Borrowed $22,000 from the bank for business use. a) Debit Notes Payable for $22,000; Credit Contributed Capital for $22,000 b) Debit Notes Payable for
21) Borrowed $22,000 from the bank for business use. a) Debit Notes Payable for $22,000; Credit Contributed Capital for $22,000 b) Debit Notes Payable for $22,000; Credit Cash for $22,000 c) Debit Cash for $22,000; Credit Notes Payable for $22,000 d) Debit Cash for $22,000; Credit Contributed Capital for $22,000 22) The business received a bill for advertising in today's daily newspaper to be paid the following month, $240. a) Debit Prepaid Advertising for $240; Credit Cash for $240 b) Debit Prepaid Advertising for $240; Credit Accounts Payable for $240 c) Debit Cash for $240; Credit Accounts Payable for $240 d) Debit Advertising Expense for $240; Credit Accounts Payable for $240 23) Provided services during the month with a fair market value of $12,400. $6,400 was paid with Cash and the remainder was put on account and will be billed within the month. a) Debit Cash for $6,400; Debit Accounts Receivable for $6,000; Credit Service Revenue for $12,400 b) Debit Cash for $6,400; Debit Accounts Payable for $6,000; Credit Service Revenue for $12,400 c) Debit Accounts Payable for $12,400; Credit Cash for $6,400 d) Debit Service Revenue for $12,400; Credit Cash for $6.400; Credit Accounts Receivable for $12,400 4) The business received $1,120 in Cash for medical screening services to be performed next month. a) Debit Cash for $1,120; Credit Service Revenue for $1,120 b) Debit Cash for $1,120; Credit Accounts Receivable for $1,120 c) Debit Unearned Revenue for $1,120; Credit Cash for $1,120 d) Debit Cash for $1,120; Credit Unearned Revenue for $1,120
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