16. MC.U3.021Cave Man Company received cash revenue, $3,500. The accountant would record the following journal entry:a. Cash$3,500$3,500$3,500Accounts Receivableb. Income from ServicesCashc. CashIncome from Servicesd. CashC. Man, CapitalC. Man, Capitalb. Income from ServicesCashc. CashIncome from Services17. MC.03.022Stonehenge Company received cash on account, $2,500. The accountant would record the following journal entry:a. Cash$2,500d. CashAccounts Receivablea. Income from ServicesCashb. CashE. Elijah, Capital$3,500c. E. Elijah, DrawingCash$3,500d. Wages ExpenseCash$3,500$2,500$2,50018. MC.03.023E. Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry:$3,000$3,000$2,500$3,000$3,500$3,500$3,000$3,000$2,500$2,500$2,500$2,500$3,000$3,000$3,000 19. MC.03.024Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:a. Cash$6,000$6,000$6,000$6,000Rent Expenseb. Prepaid RentCashc. Rent PayableCashd. Rent ExpenseCashb. Cash20. MC.03.025Avila Company paid $500 on account for rent expenses. Which of the following journal entries is recorded by the company's accountant?a. Rent Expense$500CashRent Payablec. Accounts PayableCashd. Rent ExpenseRent Payablea. Prepaid ExpenseCashb. Transport ExpensePrepaid Expensec. Cash$6,000$6,000$6,000Transport Payabled. Transport ExpenseCash$500$500$6,000$500$50021. MC.03.026Rich Company paid transport expenses of $3,000 in cash. Which of the following journal entries records this transaction?$3,000$3,000$3,000$3,000$3,000$500$500$500$3,000$3,000$3,000

Journal entries are used to record the transactions of the business. For each and every transaction…

Cave Man Company received cash revenue, $3,500. The accountant would record the following journal entry a. Cash $3,500 $3,500 Accounts Receivable b. Income from Services Cash c. Cash Income from Services d. Cash C. Man, Capital a. Cash C. Man, Capital b. Income from Services Cash 7. MC.03.022 Stonehenge Company received cash on account, $2,500. The accountant would record the following journal $2,500 c. Cash Income from Services Accounts Receivable d. Cash a. Income from Services Cash b. Cash E. Elijah, Capital $3,500 c. E. Elijah, Drawing Cash $3,500 d. Wages Expense Cash $2,500 $2,500 $2,500 8. MC.03.023 . Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry: $3,000 $3,000 $3,000 $3,500 $3,000 $3,500 $3,500 $3,500 $3,000 $2,500 $2,500 $2,500 $2,500 $3,000 $3,000 $3,000

Cave Man Company received cash revenue, $3,500. The accountant would record the following journal entry a. Cash $3,500 $3,500 Accounts Receivable b. Income from Services Cash c. Cash Income from Services d. Cash C. Man, Capital a. Cash C. Man, Capital b. Income from Services Cash 7. MC.03.022 Stonehenge Company received cash on account, $2,500. The accountant would record the following journal $2,500 c. Cash Income from Services Accounts Receivable d. Cash a. Income from Services Cash b. Cash E. Elijah, Capital $3,500 c. E. Elijah, Drawing Cash $3,500 d. Wages Expense Cash $2,500 $2,500 $2,500 8. MC.03.023 . Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry: $3,000 $3,000 $3,000 $3,500 $3,000 $3,500 $3,500 $3,500 $3,000 $2,500 $2,500 $2,500 $2,500 $3,000 $3,000 $3,000

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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