Question
48- the journal entry to record an investment by the owner would most commonly include; a) a debit to cash and credit to fees earned
48- the journal entry to record an investment by the owner would most commonly include;
a) a debit to cash and credit to fees earned
b) a debit to capital and a credit to cash
c) a debit to fees earned and a credit to capital
d) a debit to cash and a credit to capital
49-the general journal entry to record the purchase of an asset on account would include:
a) a debit to accounts receivable and a credit to fees earned,
b) a debit to equipment and a credit to an account payable
c) a debit to accounts payable and a credit to equipment
d) a debit to supplies and a credit to cash
50- the general journal entry to record a payment to a creditor would most commonly include:
a) a debit to accounts payable and a credit cash
b) a debit to capital and a credit to cash
c) a debit to supplies and a credit to cash
d) a debit to cash and a credit to accounts payable
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
