Asked by anaicul19 Which of the following entries records the payment of insurance for the current month? Insurance Expense, debit; Accounts Receivable, credit Insurance Expense, debit; Cash, credit Prepaid Insurance, debit; Cash, credit Cash, debit; Insurance Expense, credit On January 1, Merry Walker and other stockholders established a catering service. Listed below are
accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by selecting the account number(s) option in the dropdown (if more than one account is applicable, select the numbers separated by a comma e.g. "1,3"). 1.Cash2.Accounts Receivable3.Supplies4.Prepaid
Insurance5.Equipment6.Truck7.Notes Payable8.Accounts Payable9.Common Stock10.Dividends11.Fees Earned12.Wages Expense13.Rent Expense14.Utilities Expense15.Truck Expense16.Miscellaneous ExpenseTransactionsAccount(s) DebitedAccount(s) Crediteda. Stockholders purchased shares of common stock. b. Paid rent for the period of January 3 to the end of the month. c. Purchased
truck for $30,000 with a cash down payment of $5,000 and the remainder on a note. d. Purchased equipment on account. Answer & Explanation Solved by verified expert Answered by beenasachdev <p>ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lec</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet Unlock full access to Course Hero Explore over 16 million step-by-step answers from our library Subscribe to view answer
118.Which of the following entries records the payment of a bill for your insurance premium?a. debit Prepaid Insurance; credit Cashb. debit Insurance Payable; credit Accounts Receivablec. debit Accounts Payable; credit Cashd. debit Cash; credit Prepaid Insurance 119.Which of the following entries records the payment of dividends? 120.Office supplies were sold by Janer's Cleaning Service at cost to another repair shop, with cashreceived.Which ofthe following entries for Janer's Cleaning Service records this transaction? 121.Office supplies purchased by Janer's Cleaning Service on account were returned.Which of thefollowing entriesfor Janer's Cleaning Service records this transaction? 122.Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entriesfor Janer'sCleaning Service records this transaction?a. Cash, debit; Common Stock, creditb. Accounts Payable, debit; Cash, creditc. Accounts Receivable, debit; Cash, creditd. Accounts Payable, debit; Account Receivable, credit 123.The process of initially recording a business transaction is called Chapter 2:Analyzing Transactionsc. journalizingd. balancing124.Which of the following entries records the acquisition of office supplies on account? 125.Which of the following entries records the payment of insurance for the current month? 126.Which of the following entries records the receipt of cash from clients on account?a. Accounts Payable, debit; Fees Earned, creditb. Accounts Receivable, debit; Fees Earned, creditc. Accounts Receivable, debit; Cash, creditd. Cash, debit; Accounts Receivable, credit Which of the following entries records the payment of rent for the current month?Answer and Explanation: Answer: b. Rent Expense, debit; Cash, credit.
Which of the following entries records the payment of an account?Accounts payable entry. When recording an account payable, debit the asset or expense account to which a purchase relates and credit the accounts payable account. When an account payable is paid, debit accounts payable and credit cash.
What Journal columns are used to record paying cash for insurance?Which journal columns are used to record paying cash for insurance? The journal columns that are used for paying cash for insurance are cash which is credited and general which is debited.
Which of the following entries records the receipt of cash for two months rent?Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service. Cash, debit; Unearned Rent, credit.
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Which of the following entries records the payment of insurance for the current month
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