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HURRY UP PLEASE Use the following information to answer questions #23 #25. The following transactions occurred at Company KLM. Received $2,500 for professional services rendered.
HURRY UP PLEASE
Use the following information to answer questions #23 #25. The following transactions occurred at Company KLM. Received $2,500 for professional services rendered. Purchased equipment for $1,000, making a down payment of 25%. Incurred utilities expense of $200 (not paid yet). Paid $500 to creditors. 21.) of the equipment purchased, how much was paid for on account? (a.) 0% (b.) 25 % (c.) 50 % (d.) 75 % (e.) none of the above 22.) What is the ending balance of the Cash account? (a.) Debit of $1,050 (b.) Debit of $1,250 (c.) Debit of $1,500 (d.) Debit of $1,750 (e.) none of the above 23.) What is the ending balance of the Accounts Payable account? (a.) Debit of $200 (b.) Debit of $450 (c.) Debit of $500 (d.) Debit of $950 (e.) none of the above 24.) Journalize the transaction: Shareholders invest $27,000 in cash for starting a business as a corporation. (a.) No entry is needed (b.) Dr. Share Capital $27,000; Dr. Cash $27,000 (c.) Dr. Cash $27,000; Dr. Share Capital $27,000 (d.) Dr. Cash $27,000; Cr. Share Capital $27,000 (e.) none of the above 25.) Journalize the transaction: Purchased office equipment for $10,000, paying $1,200 in cash and the rest on account (a.) Dr. Office Equipment $10,000; Dr. Cash $1,200; Cr. Accounts Payable $11,200 (b.) Dr. Office Equipment $10,000; Cr. Cash $1,200; Cr. Accounts Payable $8,800 (c.) Dr. Office Equipment $10,000; Dr. Cash $1,200; Cr. Accounts Receivable $11,200 (d) Dr. Office Equipment $10,000; Cr. Cash $1,200; Cr. Accounts Receivable $8,800 (e.) none of the above 26.) Journalize the transaction: Billed clients for $420 in services performed (but did not receive cash from clients yet). (a.) Dr. Accounts Payable $420; Cr. Unearned Service Revenue $420Step by Step Solution
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