On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800
On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 4PB: Review the following transactions and prepare any necessary journal entries for Woodworking...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,