Which of the following effects the equity balance of a company A Utilities Expense B Accounts Receivable C Unearned Revenue D Cash E Accounts Payable In February, $3,200 was collected on account for work performed and billed in the January Of the following general journal entries which one properly records this collection of cash A Debit Accounts Receivable, $3,200 credit Services Revenue, $3,200 B Debit Cash, $3,200 credit Unearned Revenue, $3,200 C Debit Cash, $3,200 credit Accounts Receivable, $3,200 D Debit Accounts Receivable, $3,200 credit Unearned Revenue, $3,200 E Debit Services Revenue, $3,200 credit Accounts Receivable, $3,200 Ruiz Sanitation had services revenues of $51,500 and expenses of $42,250 for the accounting period Dividends of $5,650 were paid in cash during the same period Which of the following entries could not be a closing entry A Debit Income Summary $42,250 credit Expenses $42,250 B Debit Retained Earnings $5,650 credit Dividends $5,650 C Debit Income Summary $9,250 credit Retained Earnings $9,250 D Debit Income Summary $51,500 credit Services Revenue $51,500 E Debit Services Revenue $51,500 credit Income Summary $51,500

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 16, 2024

Which of the following effects the equity balance of a company? A. Utilities Expense B. Accounts Receivable C. Unearned Revenue D. Cash E. Accounts Payable

Which of the following effects the equity balance of a company?

	A.	Utilities Expense
	B.	Accounts Receivable
	C.	Unearned Revenue
	D.	Cash
	E.	Accounts Payable

In February, $3,200 was collected on account for work performed and billed in the January. Of the following general journal entries which one properly records this collection of cash?

	A.	Debit Accounts Receivable, $3,200; credit Services Revenue, $3,200.
	B.	Debit Cash, $3,200; credit Unearned Revenue, $3,200.
	C.	Debit Cash, $3,200; credit Accounts Receivable, $3,200.
	D.	Debit Accounts Receivable, $3,200; credit Unearned Revenue, $3,200.
	E.	Debit Services Revenue, $3,200; credit Accounts Receivable, $3,200.

Ruiz Sanitation had services revenues of $51,500 and expenses of $42,250 for the accounting period. Dividends of $5,650 were paid in cash during the same period. Which of the following entries could not be a closing entry?

	A.	Debit Income Summary $42,250; credit Expenses $42,250.
	B.	Debit Retained Earnings $5,650; credit Dividends $5,650.
	C.	Debit Income Summary $9,250; credit Retained Earnings $9,250.
	D.	Debit Income Summary $51,500; credit Services Revenue $51,500.
	E.	Debit Services Revenue $51,500; credit Income Summary $51,500.