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QUESTION 1 8,450 Use the following Information to answer questions 1 - 4: At December 31, 2016, the accounting records of Hill Pool, Co. reflected
QUESTION 1 8,450 Use the following Information to answer questions 1 - 4: At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following: Accounts Payable $ 10,100 Accounts Receivable Retained Earnings 7,830 Supplies Building 23,950 Notes Payable, due Jan 2018 10,240 Common Stock Uneared Revenue 2,000 olies 2,350 Cash h 15,420 20 000 During January 2017, the following transactions occurred: Jan 2 issued 5,000 shares of common stock in exchange for $10,000 Jan 8 Paid creditors $2,500 of what was owed on account Jan 15 Repaired a pool and collected the fee of $1,800. Jan 19 Performed a $500 repair job, which Hill had previously been paid for Jan 25 Collected $2,400 from customers on account. Jan 28 Repaired a customer's pool for $8,200. Billed the customer Jan 30 Declared and paid a cash dividend of $500. Jan 30 Paid $2,000 for January wages. Jan 30 Supplies on hand at the end of the month amount to $1,300. Jan 30 Received a utility bill for $500 which will be paid next month. The Journal entry to record the Jan 19 transaction would include a: A. Debit to Accounts Receivable B. Credit to Service Revenue OC. Debit to Service Revenue D. Credit to Unearned Revenue E. Credit to Accrued Expenses Payable QUESTION 3 The balance in the Cash account on January 31, 2017 is: LO A. $24,620 B. $26,320 OC. $26,820 D. $25,770 E. $25,770 S ER QUESTION 4 0 What is net income for the month of January? O A. $16,350 B. $ 8,850 C. $ 6,950 OD. $18,350 E. $ 5,850 0
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