26. MC.03.031 Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a a. debit to Accounts Receivable. b. credit to Income from Services. c. credit to Cash. d. debit to Income from Services. 27. MC.03.032 Juan Company purchased $15,000 in equipment on account. The transaction would involve a a. credit to Accounts Payable. b. debit to Equipment Expense. c. debit to Accounts Payable. d. credit to Cash. 28. MC.03.033 Tonka Services receives a bill for a three-month liability insurance policy. The transaction would involve a a. credit to Cash. b. debit to Prepaid Insurance. c. debit to Insurance Expense. d. credit to Insurance Expense. 29. MC.03.034 Quick Lab Company received cash on account from patients. The transaction would involve a a. credit to Cash. b. credit to Accounts Receivable. c. debit to Income from Services. d. credit to Income from Services.

26. MC.03.031 Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a a. debit to Accounts Receivable. b. credit to Income from Services. c. credit to Cash. d. debit to Income from Services. 27. MC.03.032 Juan Company purchased $15,000 in equipment on account. The transaction would involve a a. credit to Accounts Payable. b. debit to Equipment Expense. c. debit to Accounts Payable. d. credit to Cash. 28. MC.03.033 Tonka Services receives a bill for a three-month liability insurance policy. The transaction would involve a a. credit to Cash. b. debit to Prepaid Insurance. c. debit to Insurance Expense. d. credit to Insurance Expense. 29. MC.03.034 Quick Lab Company received cash on account from patients. The transaction would involve a a. credit to Cash. b. credit to Accounts Receivable. c. debit to Income from Services. d. credit to Income from Services.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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