The business received $40,000 cash from Scott Jameson, which was deposited in a business bank account entitled Jameson Translation Service. What is correct journal entry:

Select one:

a. debit Cash; credit Revenue

b. debit Cash; credit Equity

4. Purchased supplies $750 on the account. What is correct journal entry:

Select one:

a. debit Supplies; credit Cash

b. debit Supplies; credit Account Payable

c. debit Account Payable; credit Supplies

d. nothing to record

e. debit Asset; credit Liability

2.

Manira Kaur, the owner of the bookstore, applied for $10,000, government grant. What is correct journal entry:

Select one:

a. debit Grant; credit Revenue

b. debit Cash; credit Account Payable

c. debit Account Receivable; credit Grant Payable

d. nothing to record

e. debit Cash; credit Grant

3. You have $20,000 cash in your personal account and you decided to invest 1/4 of that amount into your business. What is your investment value and journal entry?

Select one:

a. debit Cash $1,500; credit Owners Capital $1,500

b. debit Cash $500; credit Investment $500

c. debit Cash $1,000; credit Owners Capital $1,000

d. nothing to record

e. debit Cash $500; credit Owners Capital $500

c. debit Bank; credit Scott Jameson Capital

d. nothing to record

e. debit Cash; credit Scott Jameson Capital

5. What is the purpose of adjusting the accounts?

Select one:

a. Because we need to prepare statement of cash flow.

b. Because we need to prepare income statement.

c. Because we need to prepare balance sheet.

d. Because we need to prepare statement of changes in equity.

e. Because we need to prepare financial statements.

6. Purchased furniture $2,800 on credit. What is correct journal entry: Select one: a. nothing to record b. debit Furniture; credit Account Payable c. debit Asset; credit Liability d. debit Furniture; credit Cash e. debit Account Payable; credit Furniture

7.

The following information is available for Isla Company for May 2020. How much is the net income for the month?

Service Revenue $10,000

Salaries Expense $2,000

Equipment $5,000

Rent Expense $3,000

Account Payable $1,600

Select one:

a. -$1,600

b. $4,500.

c. $0

d. $5,000

e. $1,000.

8.

Properties or economic resources owned by a business, also described as probable future economic benefits, are called:

Select one:

a. Assets

b. Capital

c. Equity

d. Revenues

e. Liabilities

9.

What is the effect of the following transaction?

Paid the July utility bill today, $200.

Select one:

a. increase Asset; decrease Equity

b. decrease Asset; increase Equity

c. increase Asset; increase Equity

d. decrease Asset; decrease Equity

e. no entry is required

10.

Lia Le, the owner of Le Goodies, withdrew $300 for personal use. What is correct journal entry:

Select one:

a. debit Asset; credit Cash

b. debit Expense; credit Account Payable

c. debit Expense; credit Cash

d. debit Withdrawal; credit Cash

e. nothing to record

11.

Provided tax services to a client today and received cash; $3,600. What is correct journal entry:

Select one:

a. debit Account Receivable; credit Revenue

b. debit Revenue; credit Account Receivable

c. debit Cash; credit Revenue

d. debit Cash; credit Account Payable

e. nothing to record

12.

Equity is increased by owner investments, net income and withdrawals.

Select one:

True

False

13.

From the listed items below, what is net income (loss)?

Accounts Payable $600

Accounts Receivable 2,250 Cash 2,875

Service Revenue 5,950

Notes Payable 700

Jill Luckovich, Capital 6,725

Office Furniture $3,000

Jill Luckovich, Withdrawals 350

Rent Expense 2,500

Salaries Expense 2,200

Telephone Expense 1,250

Select one:

a. $1,250

b. $6,725

c. $0

d. $6,375

e. $5,950

Super appreciating who spend your valuable time for helping me :( arigato