Question

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I PROVA Page 3 of 5 20. ash and issuing a A $20,000 machine is purchased by paying 55,000 cash Promissory note for the remainder The Journal entry would include a: credit to Notes Receivable b. credit to Machinery. e. credit to Notes Payable. Cobit to Cash. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies Debit unearned revenue, credit service revenue Debit insurance expense, credit cash Which of the following accounts gets closed? Sales 22. Account Receivable Interest Receivable ac justing entry to record expired insurance would be to debit and credit Insurance Expense, Prepaid Insurance Insurance Expense, Cash Cash, Insurance Expense Prepaid Insurance, Cash d. 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. Debit Store Supplies Expense $140 and credit Store Supplies $140. d. Debit Store Supplies $140 and credit Store Supplies Expense $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