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 10 transaction?
a. increase Prepaid Advertising and decrease Cash, $226
b. increase both Prepaid Advertising and Accounts Payable, $226
c. increase Advertising Expense and decrease Cash, $226
d. increase both Prepaid Advertising and Accounts Payable, $200
e. increase Prepaid Advertising and decrease Cash, $200
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 11 transaction?]
a. increase Advertising Expense and decrease Prepaid Advertising by $226 each, and also decrease Cash and increase Wages Expense by $60 each
b. increase Advertising Expense and decrease Prepaid Advertising by $113 each, and also increase Cash and decrease Wages Expense by $60 each
c. increase Advertising Expense and decrease Prepaid Advertising by $113 each, and also decrease Cash and increase Wages Expense by $60 each
d. increase Advertising Expense and decrease Prepaid Advertising by $226 each, and also increase Cash and decrease Wages Expense by $60 each
e. decrease Advertising Expense and increase Prepaid Advertising by $193 each, and also increase Cash and decrease Wages Expense by $60 each
f. increase Advertising Expense and decrease Prepaid Advertising by $226 each, and also decrease Cash and increase Wages Expense by $60 each
Enter the letter that corresponds to your choice. (A B C D E F)
How will IFFA record the May 12 transaction?
a. increase both Cash and Service Revenue, $100
b. increase both Cash and Deferred Revenue, $100
c. increase both Accounts Receivable and Service Revenue, $100
d. increase both Accounts Receivable and Deferred Revenue, $100
e. No entry is needed.
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 15 transaction?
a. increase both Cash and Service Revenue, $200
b. increase both Cash and Deferred Revenue, $200
c. increase both Cash and Service Revenue, $1,000
d. increase both Accounts Receivable and Service Revenue, $200
e. increase both Accounts Receivable and Deferred Revenue, $200
f. no entry is needed until you provide the services.
Enter the letter that corresponds to your choice. (A B C D E F)
How will IFFA record the May 27 transaction?
a. increase both Accounts Receivable and Service Revenue, $2,000
b. increase both Accounts Receivable and Deferred Revenue, $2,000
c. increase both Cash and Service Revenue, $2,000
d. increase both Cash and Deferred Revenue, $2,000
e. No entry is needed.
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 28 transaction?
a. increase Supplies and decrease Supplies Expense, $415
b. increase Supplies and decrease Supplies Expense, $150
c. increase Supplies Expense and decrease Supplies, $150
d. increase Supplies Expense and decrease Supplies, $415
e. increase Supplies Expense and decrease Supplies, $565
f. increase Supplies and decrease Supplies Expense, $565
Enter the letter that corresponds to your choice. (A B C D E F)
How will IFFA record the May 31 rent expiry?
a. increase Cash and decrease Rent Expense, $400
b. increase both Accounts Payable and Rent Expense, $400
c. decrease Prepaid Rent and increase Rent Expense, $400
d. decrease Prepaid Rent and increase Rent Expense, $2,400
e. decrease Cash $400 and increase Rent Expense $400
Enter the letter that corresponds to your choice. (A B C D E)
How will IFFA record the May 31 cell phone transaction?
a. decrease Cash $60, increase Accounts Payable $20, and increase Phone Expense $80
b. increase both Accounts Payable and Phone Expense, $60
c. decrease Cash and increase Phone Expense, $60
d. increase both Accounts Payable and Phone Expense, $20
e. decrease Cash and increase Phone Expense, $20
Enter the letter that corresponds to your choice. (A B C D E)
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