Consider the following transaction: Sell $1,000 of services on account. What is the appropriate journal entry for this transaction?

Debit Cash $1,000 and Credit Service Revenue $1,000

Debit Notes Payable $1,000 and Credit Cash $1,000

Debit Service Revenue $1,000 and Credit Cash $1,000

Debit Accounts Receivable $1,000 and Credit Service Revenue $1,000

The T-account for Cash has the following transactions: Debit for cash sales of $90,000, debit for the sale of equipment for $20,000, and credit for payment of rent for $3,000. Given this information, what is the ending balance in the Cash T-Account?

$107,000

$113,000

$73,000

$67,000

The trial balance for Star Corp. has the following information:

Account	Debt	Credit
Cash	$40,000
Inventory	$20,000
Accounts Payable		$30,000
Notes Payable
Total	$60,000	$60,000

What is the missing amount?

$20,000 debit

$40,000 credit

$30,000 credit

$120,000 debit

On September 1, Gracie Co. sold $22,000 in common stock in exchange for cash. How does this transaction affect the company's accounts?

Assets decrease and equity decreases

Assets increase and equity decreases

Assets decrease and equity increases

Assets increase and equity increases

Assets increase and liabilities increase