Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 parts heres clearer images + parts Help Save & Exit Sube On May 31, the Cash account of Teasel had a normal balance of

4 parts image text in transcribed
heres clearer images image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
+ parts Help Save & Exit Sube On May 31, the Cash account of Teasel had a normal balance of $6,400. During May, the account was debited for a total of $13,600 and credited for a total of $12.900. What was the balance in the cash account at the beginning of May? Multiple Choice A SO balance A $7100 debit balance A $7100 credit balance A $5.700 debit balance A 55,700 credit balance Submit Matthew Martin, the owner of Innovation Consulting, started the business by investing $56,000 cash. Identity the general journal entry below that Innovation Consulting will make to record the transaction Multiple Choice Cash M. Martin, Capital 56,000 56,000 M. Martin, Capital Cash 56,000 56,000 Accounts Receivable Cash 56,000 56,000 Investisents M. Martin, Capital 56,000 56,000 (Cash Note Payable 56,000 56,000 CAFE Victor Cruz contributed $91,000 in cash and land worth $172,000 to open a new business, VC Consulting. Which of the following general journal entries will VC Consulting make to record this transaction? Multiple Choice Debit Accounts Payable $263,000, Credit Cruz, Copital $263,000 Credit Cash and Land, $263,000: Credit Cruz, Capits $263.000 Debit Cath $1,000; Debit land $72,000; Credit Cruz, Capital 263,000 Debit Cruz, Capitat $263,000 Credit Cash $91.000; Credit Land $172.000 Debit Cruz, Capital $263.000 Credit Assets $263.000 A law firm collected $3,000 in advance for work to be performed in three months. Which of the following general Journal entries will the firm make to record this transaction? Multiple Choice Debit Accounts Receivable, $3,000 credit Uneamed Legal Fees Revenue 53,000 Debit Cash, $3.000. credit Unearned Legal Fees Revenue 53.000 Debit Legal Fees Revenue, 53.000 credit Accounts Recewable, 53.000 Debit Accounts Receivable, $3,000 credit Legal Fees Revenue: $3,000. Debit Cash, $3.000 credit Accounts Receivable $3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Accountant 2018 For Accounting

Authors: Glenn Owen

16th Edition

0357042085, 9780357042083

More Books

Students also viewed these Accounting questions

Question

How successful would you say Shoppers Service was as a business?

Answered: 1 week ago