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Question 6 /12

A company receives $10,000 in cash for services yet to be performed.

Using the accrual method, what's the correct entry to record the transaction?

(A) Debit cash $10,000, credit accounts receivable $10,000

(B) Debit cash $10,000, credit sales revenue$1 0,000

(C) Debit sales revenue $10,000, credit cash $10,000

(D) Debit cash $10,000, credit unearned revenue $10,000

(E) Debit cash $10,000, credit accounts payable $10,000

 

Question 7 /12

Per company policy, tools with a purchase price greater than $1,000 are capitalized. What's the correct entry to record a tool purchase of $500?

(A) Debit tools expense $500, credit cash $500

(B) Debit fixed asset $500, credit tools expense $500

(C) Debit fixed asset $500, credit cash $500

(D) Debit fixed asset $1,000, cred it cash $1,000

(E) Debit tools expense $1,000, cred it cash $1,000

 

Question 9 /12

A company performs $10,000 of services and issues an invoice to the customer. Using the accrual method. what's the cored entry to record the transactions?

(A) Debit unearned revenue $10,000, credit salles revenue $10,000

(B) Debit accounts payable $10,000, credit sales revenue $10,000

(C) Debit services expense $10,000, credit sales revenue $10,000

(D) Debit cash $10,000, credit sales revenue $10,000

(E) Debit accounts receivable $10,000, credit salles revenue $10,000

Asked By VelvetSky92 at

Answered By Expert

Stanley

Expert · 4.8k answers · 4k people helped

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Question 1:

Answers:

Option (D) Debit cash $10,000, credit unearned revenue $10,000

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Explanations:

Option A is incorrect because we has to credit unearned revenue instead of accounts receivable.

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Option B is incorrect because we has to credit unearned revenue instead of sales revenue.

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Option C is incorrect because we has to credit unearned revenue instead of cash .

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Option D is correct because we has to credit unearned revenue and debit cash.

.

Option E is incorrect because we has to credit unearned revenue instead of accounts payable.

.

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Question 2:

Answers:

Option (A) Debit tools expense $500, credit cash $500

.

Explanations:

Option A is correct because we have to Debit tools expense and credit cash.

.

Option B is incorrect because we has to debit tools expense instead of fixed asset.

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Option C is incorrect because we has to debit tools expense instead of fixed asset.

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Option D is incorrect because we has to debit tools expense instead of fixed asset.

.

Option E is incorrect because we has to debit tools expense at $500 instead of $1,000.

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Question 3:

Answers:

Option (E) Debit accounts receivable $10,000, credit salles revenue $10,000.

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