Question
Please answer all the questions. Thank you 25. Which of the following is the correct journal entry for providing services to a customer for cash?
Please answer all the questions. Thank you
25. Which of the following is the correct journal entry for providing services to a customer for cash?
a. dr. Service Revenue, cr. Cash
b. dr. Unearned Revenue, cr. Service Revenue
c. dr. Unearned Revenue, cr. Cash
d. dr. Cash, cr. Service Revenue
26. Which of the following is the correct journal entry for payment of salaries?
a.dr. Salary Expense, cr. Salary Payable
b.dr. Salary Expense, cr. Cash
c.dr. Cash, cr. Salary Payable
d. dr. Prepaid Salary Expense, cr. Cash
29. Gregory Corp. paid $24,000 for 12 months of insurance coverage in advance on December 1. What is the adjusted balance in the prepaid insurance expense account on the December 31 Balance Sheet?
a. $22,000
b. $18,000
c. $12,000
d. $ 2,000
30. Not-Flicks Video received cash from customers for one year's worth of streaming service subscriptions. What is the journal entry to record this transaction?
a. dr. Accounts Receivable, cr. Service Revenue
b. dr. Accounts Receivable, cr. Unearned Revenue
c. dr. Cash, cr. Service Revenue
d. dr. Cash, cr. Unearned Revenue
32. Cancor Company had $400 of supplies at the beginning of the year, and purchased $250 of supplies during the year. At the end of the year, there were $100 of supplies remaining. What is Cancor's journal entry to adjust supplies at the end of the year?
a. dr. Supplies, cr. Accounts Payable
b. dr. Supplies Expense, cr. Supplies
c. dr. Supplies, cr. Service Revenue
d. dr. Supplies Expense, cr. Cash
33. Cancor Company had $400 of supplies at the beginning of the year, and purchased $250 of supplies during the year. At the end of the year, there were $100 of supplies remaining. What is Cancor's amount of supplies expense for the year?
a. $250
b. $350
c. $550
d. $650
36. Marks Brothers pays employees a total of $5,000 salary each (5-day) work week. Employees are paid every Friday. If December 31 (the year-end) falls on a Tuesday, what is the adjusting journal entry for salaries on that date?
a. dr. Salary Payable, cr. Prepaid Salary Expense
b. dr. Salary Payable, cr. Salary Expense
c. dr. Prepaid Salary Expense, cr. Salary Payable
d. dr. Salary Expense, cr. Salary Payable
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