Multiple Choice Questions 1. Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? A. Debit Assets $200,000; credit Haddon, Capital, $200,000. B. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000. C. Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. D. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. E. Debit Haddon, Capital, $200,000; credit Assets, $200,000. 2. On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, 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 September? A. A SO balance. B. A $4,300 debit balance. C. A $4,300 credit balance. D. A $5,700 debit balance. E. A $5,700 credit balance. On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May? A. $5,000. B. $47,000. C. $52,000. D. $57,000. E. $32,000. 4. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash balance was $1,800. What was the January 31 beginning cash balance? A. $700. B. $1,100. C. $2,900. D. SO. E. $4,300