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please solve each question in the organized order, please & thank you The following account balances are taken from the December 31, 2020, financial statements
please solve each question in the organized order, please & thank you
The following account balances are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. The following activities occurred in 2021: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Recelved deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was poid in cash and $6,000 was on account and unpaid as of the end of the yeat Which of the following is the journal entry that will be used to record activity $1 ? Which of the following is the journal entry that will be used to record activity #n? Multiple Choice Debit Advertising Revenue and credit Accounts Receivable for $55,000 Debit Accounts Recelvable and credit Advertising Revenue for $55,000 Debit. Accounts Receivable and credit Cash for $55,000 Debit Cash and credit Advertising Revenue for $55.000 Which of the following is the journal entry that will be used to record activity #3 ? Multiple Choice Debit Deferred Revenue and credit Recelvable for $2,500 Debit Cash and credit Deferred Revenue for $2,500 Debit Deferred Revenue and credit Advertising Revenue for $2,500 Debit Cash and credit Accounts Receivable for $2,500 Which of the following is the journal entry that will be used to record activity #4? Multiple Choice Debit Accounts Payable and credit Cash for $5,000 Debit Operating Expense and credit Cash for $5,000 Debit Accounts Payable and credit Operating Expense for $5,000 Debit Cash and credit Accounts Payable for $5,000 Step by Step Solution
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