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 $1.$

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 $21.$

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 $26.$

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 $3.$

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 $21,500$