ABC Company had the following transactions during 2019:

May 1: received 6000$ cash in advance for services to be provided over the coming 10 months.

August 5 : sold merchandise for 7,560$ including 8% sales tax.

September 1 : borrowed 20,000$ from FNB bank by issuing 6 months , 6% interests bearing note.

October 10: sold merchandise on account for 6,000$ plus 10% sales tax.

December 31 : prepared the adjusting entry to record the service revenue earned.

December 31 : prepared the adjusting entry to record the accrued interest to FNB bank.

December 31: remitted the sales taxes to the government.

1) The entry of May 1 transaction should include a: *

Service Revenue $6,000

Accounts Receivable $6,000

Account Payable $6,000

Unearned Service Revenue $6,000

2) The Sales Revenue amount of the August 5 transaction is: *

$560

$604.8

$7,000

$7,560

3) The entry of August 5 transaction will include: *

Debit Cash $7,000

Debit Cash $7,560

Debit Accounts Receivable $7,000

Debit Accounts Receivable $7,560

4) The entry of September 1 transaction is: *

Debit Cash and Credit Notes Payable of $20,000

Debit Cash and Credit Notes Payable of $21,200

Debit Cash and Credit Notes Payable of $15,000

Debit Cash and Credit Accounts Payable of $15,000

5) The entry of October 10 will include a credit of: *

Sales Revenue $6,000

Sales Revenue $6,600

Sales Taxes Payable $6,000

Sales Taxes Expense $600

5) The entry of October 10 will include a debit of: *

Accounts Receivable $6,000

Cash $6,000

Accounts Receivable $6,600

Cash $6,600

6) The earned amount of the service revenue on December 31 is" *

$3,500

$4,000

$4,500

$5,000

7) The remaining balance of the Unearned Service Revenue after December 31 is: *

Zero

$2,000

$3,000

$4,000

8) The accrued interest amount on December 31 on the borrowed amount from FNB Bank is: *

$300

$400

$500

None of the above

9) The amount of Taxes Payable remitted to the government on December 31 is: *

$560

$1,160

$1,720

$1,820