X Stores Ltd. had the following account balances at December 31, 2021: Office supplies expense Travel and entertainment expense Dividends, paid in cash Payments to suppliers on account Sales revenue Sales returns and allowances Contributions by owners Advertising expense Cost of goods sold Insurance expense Collections from customers on account Income tax expense Cash received from debt Deferred revenue Sales discounts Freight expense Prepaid expenses Repairs and maintenance expense Rent expense $4,260 2,745 11,000 33,825 233,500 11,250 15,000 6,965 145,180 1,500 37,655 8,540 10,000 9,500 8,750 6,850 9,875 4,745 13,500
How will IFFA record the May 1 transaction?
a. No entry is needed.
b. decrease Cash and increase Bank Loan Payable, $12
c. decrease Cash and increase Accounts Payable, $12
d. increase both Cash and Owner's Capital, $12
Enter the letter that corresponds to your choice. (A B C D)
How will IFFA record the May 2 transaction?
a. increase both Cash and Accounts Payable, $4,000
b. increase both Cash and Bank Loan Payable, $4,000
c. increase both Cash and Owner's Capital, $4,000
d. increase both Cash and Revenue, $4,000
e. increase both Cash and
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 3 transaction?
a. increase both Cash and Accounts Payable, $3,000
b. increase both Cash and Bank Loan Payable, $3,000
c. increase both Cash and Owner's Capital, $3,000
d. increase both Cash and Revenue, $3,000
e. increase both Cash and Retained Earnings, $3,000
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 4 transaction?
a. decrease Cash $2,400 and increase Rent Expense $2,400
b. decrease Cash $400 and increase Rent Expense $400
c. decrease Cash $2,400 and increase Prepaid Rent $2,400
d. decrease Cash $2,400, increase Rent Expense $2,400
e. no entry is required.
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 6 transaction?
a. increase both Equipment and Accounts Payable, $565
b. increase Supplies Expense and decrease Cash, $500
c. increase Supplies and decrease Cash,$565
d. increase both Supplies Expense and Accounts Payable, $565
e. increase both Supplies and Accounts Payable, $565
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 7 transaction?
a. increase Supplies and decrease Cash, $3,000
b. increase both Supplies Expense and Accounts Payable, $3,000
c. increase Supplies Expense and decrease Accounts Payable, $3,000
d. increase both Supplies and Accounts Payable, $3,000
e. increase both Equipment and Accounts Payable, $3,000
f. increase Equipment and decrease Cash, $3,000
Enter the letter that corresponds to your choice. (A B C D E F)
How will IFFA record the May 8 transaction?
a. increase Prepaid Insurance and decrease Cash, $2,592
b. increase both Insurance Expense and Accounts Payable, $2,592
c. increase both Prepaid Insurance and Accounts Payable, $2,592
d. increase Insurance Expense and decrease Cash, $2,592
e. increase Prepaid Insurance and decrease Cash, $2,400
Enter the letter that corresponds to your choice. (A B C D E)
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