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Use the following information to answer the below questions. The owner of Nano Company, just opened his business in January. During the month of January
Use the following information to answer the below questions. The owner of Nano Company, just opened his business in January. During the month of January 2021, the following events occurred: January 1 Invested $50,000 cash to start the business. January 2 Received $5,500 in advance for services to be completed by the end of March. January 15 Performed services totalling $9,200 on account. January 20 Tired 2 employees to be paid $600 per week cach, starting next month January 25 Paid $2,500 rent of the current month Journalize the following business transactions for Nano Company in general journal form. On January 15, 2021, we have to prepare the following entry: * O Debit Service Revenue for $9,200 and credit Accounts Receivable for $9,200 O Debit Service Revenue for $9,200 and credit Cash for $9,200 Debit Accounts Receivable for $9,200 and credit Unearned Revenue $9,200 None of the above On January 20, 2021, we have to prepare the following entry: Debit Salaries Expense for $1,200 and credit Cash for $1,200 O Debit Salaries Expense for $600 and credit Cash for $600 O No entry O None of the above The cash balance at the end of the month is equal to : Debit $53000 Credit $50.000 Debit $57,500 None of the above
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