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On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Multiple Choice O Description Telephone bill for $150 was received for the month of September payment due October 5th O Dr. Phone Expense 150 and Cr: Phone Payable 150 None of the other journal entries are correct, it is another journal entry The transaction does not need an AJE Dr. Phone Expense 150 and Cr. Cash 150 Dr. Prepaid Phone 150 and Cr. Phone Expense 150 Amount $150

On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Multiple Choice O Description Telephone bill for $150 was received for the month of September payment due October 5th O Dr. Phone Expense 150 and Cr: Phone Payable 150 None of the other journal entries are correct, it is another journal entry The transaction does not need an AJE Dr. Phone Expense 150 and Cr. Cash 150 Dr. Prepaid Phone 150 and Cr. Phone Expense 150 Amount $150

FINANCIAL ACCOUNTING
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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On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Multiple Choice O Description Telephone bill for $150 was received for the month of September payment due October 5th O Dr. Phone Expense 150 and Cr: Phone Payable 150 None of the other journal entries are correct, it is another journal entry The transaction does not need an AJE Dr. Phone Expense 150 and Cr. Cash 150 Dr. Prepaid Phone 150 and Cr. Phone Expense 150 Amount $150
Transcribed Image Text:On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate how the adjusting journal entry (AJE) at the end of September should be recorded: September 24 Multiple Choice O Description Telephone bill for $150 was received for the month of September payment due October 5th O Dr. Phone Expense 150 and Cr: Phone Payable 150 None of the other journal entries are correct, it is another journal entry The transaction does not need an AJE Dr. Phone Expense 150 and Cr. Cash 150 Dr. Prepaid Phone 150 and Cr. Phone Expense 150 Amount $150
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