Question

20. 20,000 machine is purchased by Daving 35.000 cash and issuing a promissory note fo- the emainder. The Tournal entry would include a a. credit to Notes Receivable. b. credit to Machinery c. credit to Notes Payable. cebit to Cash. 4. Which of the following is not a valid adjusting entry? a. Debit interest expense credit interest payable. b. Cebit supplies expense, credit supplies c. Debit unearnest revenue, credit service revenue Cebit insurance expense, credit cash Which of the following accounts gets closed? a. Sales b. Cash c. Eccount Receivable d. Interest Receivable The acyusting entry to record expired insurance would be to debit and credit a. Insurance Expense, Prepaid Insurance b. Insurance Expense, Cash c. Cash, Insurance Expense d. Prepaid Insurance, Cash 24. The adjusting entry to record accrued salaries would be debit and credit what account? a. Salaries Expense, Cash . Cash, Salaries Expense Salaries Expense, Salaries Payable .. None of the above :: 25. The Store Supplies account had a $180 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $40 worth of unused supplies was on hand. Which of the following is the required adjusting entry? a. Debit Store Supplies $40 and credit Store Supplies Expense $40. b. Debit Store Supplies Expense $40 and credit Store Supplies $40. c. $140. Debit Store Supplies Expense $140 and credit Store Supplies Debit Store Supplies $140 and credit Store Supplies Expense d. $140.

Answer 1

20 C. Credit to notes payable 21 D. Debit insurance expense, credit cash 22 A. Sales 23 a. Insurance expense, Prepaid insurance 24 c. Salaries expense, Salaries payable 25 c. Debit store supplies expense $140 and credit store supplies $140