11 May WHICH OF THE FOLLOWING JOURNAL ENTRIES WOULD BE RECORDED IF A BUSINESS PURCHASED EQUIPMENT FOR $3,000 CASH?
Which
of the following journal entries would be recorded if Jane Brown formed a proprietorship
by depositing
cash in the amount of $6,000 in the corporation’s bank account?
A)
Cash
6,000
Capital
6,000
B)
Accounts
payable
6,000
Cash
6,000
C)
Capital
6,000
Cash
6,000
D)
Capital
6,000
Accounts
payable
6,000
2.4-5 Which of the following journal
entries would be recorded if a business purchased equipment for $3,000 cash?
A)
Cash
3,000
Equipment
3,000
B)
Equipment
3,000
Cash
3,000
C)
Cash
3,000
Accounts
payable
3,000
D)
Equipment
3,000
Accounts
payable
3,000
2.4-6 Which of the following journal
entries would be recorded if a business received cash of $1,000 on account for
services performed at an earlier date?
A)
Cash
1,000
Service
revenue
1,000
B)
Accounts
receivable
1,000
Service
revenue
1,000
C)
Cash 1,000
1,000
Accounts
receivable
1,000
D)
Service
revenue
1,000
Accounts
receivable
1,000
2.4-7 Which
of the following journal entries would be recorded if a business purchased
equipment for $2,500 cash
and supplies for $450 cash?
A)
Equipment
2,950
Cash
2,500
Supplies
450
B)
Cash
2,500
Equipment
450
Accounts receivable
2,950
C)
Cash
2,950
Equipment
2,500
Supplies
450
D)
Equipment
2,500
Supplies
450
Cash
2,950
2.4-8 Which
of the following journal entries would be recorded if a business performed
services for $400 cash and
$1,000 on account?
A)
Cash
1,400
Accounts receivable
1,000
Service revenue
400
B)
Cash
400
Accounts receivable
1,000
Service revenue
1,400
C)
Service revenue
1,000
Cash
400
Accounts receivable
1,400
D)
Service revenue
1,400
Cash
1,000
Accounts payable
400
2.4-9 A
business makes a payment of $1,200 on a note payable, consisting of a $200
interest payment and a $1,000
principal payment. Which of the following journal entries would be
recorded?
A)
Notes payable
1,000
Interest expense
200
Cash
1,200
B)
Cash
1,200
Notes payable
1,000
Interest expense
200
C)
Notes payable
1,200
Cash
1,000
Interest expense
200
D)
Cash
1,000
Notes payable
1,200
Interest expense
200
2.4-10 A business purchases equipment by
paying $8,000 in cash and issuing a note payable of $12,000. Which of the
following journal entries would be recorded?
A)
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