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Question 1 5 ( 4 points ) On January 1 , Ace Roofing paid $ 8 , 0 0 0 cash for supplies. Select the

Question 15(4 points)
On January 1, Ace Roofing paid $8,000 cash for supplies. Select the journal entry Ace Roofing should record on January 1.
Question 15 options:
a) Dr. Supplies Expense 8,000
Cr. Accounts payable 8,000
b) Dr. Supplies Expense 8,000
Cr. Cash 8,000
c) Dr. Cash 8,000
Cr. Supplies 8,000
d) Dr. Supplies 8,000
Cr. Cash 8,000
Question 16(4 points)
On January 21, Ace Roofing paid $55,000 cash for a new truck. The dealership Ace Roofing purchased the truck from had listed the price of the truck for $59,000. Select the journal entry Ace Roofing should record on January 21.
Question 16 options:
a) Dr. Truck 59,000
Cr. Cash 59,000
b) Dr. Truck 59,000
Cr. Notes Payable 59,000
c) Dr. Truck 55,000
Cr. Cash 55,000
d) Dr. Cash 55,000
Cr. Truck 55,000
Question 17(4 points)
On January 26, Ace Roofing purchased equipment costing $25,000. Ace paid $5,000 cash and signed a note payable due in 3 years for the remaining balance. Select the journal entry Ace Roofing should record on January 26.
Question 17 options:
a) Dr. Cash 5,000
Dr. Accounts Payable 20,000
Cr. Equipment 25,000
b) Dr. Equipment 25,000
Cr. Cash 5,000
Cr. Note Payable 25,000
c) Dr. Equipment 25,000
Cr. Cash 5,000
Cr. Note Payable 20,000
d) Dr. Equipment 25,000
Cr. Cash 25,000
Question 18(4 points)
On January 3, Ace Roofing provided $20,000 of services to a customer. The customer paid $8,000 in cash and the remaining balance on account. Select the journal entry Ace Roofing should record on January 3.
Question 18 options:
a) Dr. Cash 8,000
Dr. Accounts Receivable 12,000
Cr. Unearned Revenue 20,000
b) Dr. Cash 8,000
Cr. Revenue 8,000
c) Dr. Cash 20,000
Cr. Revenue 20,000
d) Dr. Cash 8,000
Dr. Accounts Receivable 12,000
Cr. Revenue 20,000
Question 19(4 points)
On January 18, Ace Roofing collected $13,000 cash from a customer for services Ace Roofing provided in December 2023. Select the journal entry Ace Roofing should record on January 18.
Question 19 options:
a) Dr. Cash 13,000
Cr. Unearned Revenue 13,000
b) Dr. Cash 13,000
Cr. Revenue 13,000
c) Dr. Cash 13,000
Cr. Accounts Receivable 13,000
d) Dr. Cash 13,000
Cr. Accounts Payable 13,000
Question 20(4 points)
On January 31, Ace Roofing paid $21,500 cash to their employees for work performed during January. Select the journal entry Ace Roofing should record on January 31.
Question 20 options:
a) No journal entry required.
b) Dr. Wages Expense 21,500
Cr. Wages Payable 21,500
c) Dr. Cash 21,500
Cr. Wages Expense 21,500
d) Dr. Wages Expense 21,500
Cr. Cash 21,500

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