sons for the month of March. Record the required for d. Debit Cash 55.000 and credit Unearned a a. The fiscal year-end financial statements have been d. The total revenue for the accounting period esco 10. On March 1. One Eleven Music Studio collects $123 each of its 40 students taking drum lessons to pay for 6. Profit is adjusted to owner's capital accounts only after audited b. The financial statements have been prepared and is closing process has begun c. The closing process has been completed and the big ance sheet has been prepared the total cost of goods sold 7. The primary purpose of recording journal entries is a. To list all accounts in a general ledger b. To see the increases and decreases in a specife account c. To determine the overall financial performance of company by having detailed financial records and es able the production of financial reports d. To identify the source of recorded transactions 8. The term debit means a. Increase b. An entry that increases asset, expense, and owner equity accounts c. A transaction that is recorded in a journal d. An entry to transfer a journal entry to ledger.com 9. On March 10, One Eleven Music Studio purchases student drum kit for $1.500 and receives an invoice Pearl to be paid within 30 days. The following booked Debit Equipment 1.500 and credit Accounts 1.500 b. Debit Supplies 1.500 and credit Accounts Paya 1.500 c. Debit Asset 1,500 and credit Cash 1.500 d. Credit Accounts Payable $1.500 and credit Supp 1.500 entry to book the transaction: No entry is required until the end of the month b. Debit Cash $5,000 and credit Revenue 55.000 c. Debit Revenue 55.000 and credit Cash $5.000 $5.000