Which of the following is the appropriate journal entry if a company performs a service and is paid immediately?

9. Which of the following is the appropriate journal entry if a company performs a service and is paid immediately?

A. Debit to Cash, Debit to Revenue

B. Debit to Cash, Credit to Revenue

C. Debit to Accounts Receivable, Credit to Cash

D. Debit to Revenue, Credit to Accounts Receivable

E. Debit to Accounts Receivable, Credit to Revenue

10. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000?

A. Debit to Cash, Debit to Equipment, Credit to Accounts Payable

B. No entry should be made

C. Debit to Equipment, Credit to Notes Payable, Credit to Cash

D. Debit to Cash, Debit to Notes Payable, Credit to Equipment

E. Debit to Equipment, Debit to Notes Payable, Credit to Cash

11. What are the total assets for Shiver Ice House?

Common Stock	$120,000	Accounts Payable	$25,000
Cash	$116,640	Accounts Receivable	$22,450
Supplies	$ 1,500	Office Equipment	$23,300
Prepaid Rent	$ 3,200	Unearned Revenue	$ 4,152
Revenue	$ 20,000	Utilities Expense	$ 422
Retained Earnings	$ 30,000	Shaving Equipment	$31,640

A. $291,340

B. $106,962

C. $198,730

D. $218,730

E. $221,580

12. What is net income for Shiver Ice House?

Common Stock	$120,000	Accounts Payable	$25,000
Cash	$116,640	Accounts Receivable	$22,450
Supplies	$ 1,500	Office Equipment	$23,300
Prepaid Rent	$ 3,200	Unearned Revenue	$ 4,152
Revenue	$ 20,000	Utilities Expense	$ 422
Retained Earnings	$ 30,000	Shaving Equipment	$31,640

A. $19,578

B. $20,528

C. $23,728

D. $49,578

E. $24,578

13. What is total for the debits on the Trial Balance for Shiver Ice House?

Common Stock$120,000Accounts Payable$25,000Cash$116,640Accounts Receivable$22,450Supplies$ 1,500Office Equipment$23,300Prepaid Rent$ 3,200Unearned Revenue$ 4,152Revenue$ 20,000Utilities Expense$ 422Retained Earnings$ 30,000Shaving Equipment$31,640

A. $291,340

B. $106,964

C. $199,152

D. $193,390

E. $203.152

14. Find net income using the following transactions.1. Bill Co. paid $2,000 for one month rent

1.Bill Co. paid $2,000 for one month rent2.Bill Co. paid $1,200 for two weeks wages3.Bill Co. performed $5,200 in consulting services on account4.Bill Co billed a customer $1,500 for services performed5.Bill Co. received $5,200 in payment for item 36.Bill Co performed services and immediately collected $2,0007.Bill Co. paid $500 for advertising in the local paper

A. $10,200

B. $ 5,000

C. $ 8,700

D. $13,900

E. $ 7,000

15. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash balance was $1,800. What was the January 31 beginning cash balance?

A. $700

B. $1,100

C. $2,900

D. $0

E. $4,300

16. Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting records of Acme Car Wash?

A. Acme washes 500 cars

B. J.B. Smith, a customer, buys lunch at the restaurant next door to Acme while waiting for her car to be washed

C. Clean Company, a supplier, sells 50 pounds of soap to ABC Company

D. Sudsey Company, a supplier, goes out of business

E. Acme hires Andrea as a receptionist

17. Internal users of accounting information always include: (Points : 1)

A. Shareholders

B. Managers

C. Lenders

D. Suppliers

E. Customers