LOUC VOLHUNGU pictetekl pis tol RC LOS RIOS CANVAS INSS Website Log in to Hosting i Soved Help Save & Exit Sub On April 30. Gomez Services had an Accounts Receivable balance of $23,500. During the month of May, total credits to Accounts Receivable were $58,000 from customer payments. The May 31 Accounts Receivable balance was $18,000. What was the amount of credit sales during May? Multiple Choice O $5.500 O $52,500 O $58,000. $63,500 O $36,000 Sayod Help Save & Exit A law firm collected $1,800 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash? Multiple Choice Debit Accounts Receivable, $1,800; credit Uneamed Legal Fees Revenue, $1,800 O Debit Cash, S1800, credit Unearned Legal Fees Revenue. 51.800. O Debit Legal Fees Revenue, S1,800: credit Accounts Receivable, S1,800. Debit Accounts Receivable. $1,800: credit Legal Fees Revenue, $1,800. Debit Cash, $1,800, credit Accounts Receivable. $1,800. The following transactions occurred during July 1. Received $970 cash for services provided to a customer during July. 2. Issued common stock for $3,400 cash. 3. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $445. 5. Borrowed $6,700 from the bank by signing a promissory note. 6. Received $1,320 cash from a customer for services to be performed next year. What was the amount of revenue for July? Multiple Choice $970 $1,415 $2.735 $3.555 S13,210 On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice A $0 balance A $4,300 debit balance, O A54,300 credit balance A $5,700 debit balance, O A 55,700 credit bolance Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock. 2. Purchased $70 of office supplies on credit. 3. Paid $1,200 cash for the receptionist's salary, 4. Sold a custom frame service and collected $1,500 cash on the sale. 5. Completed framing services and billed the client $200. What was the balance of the cash account after these transactions were posted? Multiple Choice $300 $41,500 $40,300. $38,500 $38.700 Jennings Company has total assets of $425 million. Its total liabilities are $110.5 million. Its equity is $314.5 million. Calculate the debt ratio. Multiple Choice 38% 13% O 34% 26% 14%. O