July 2. Sold merchandise to Drive Co. for $900 under credit terms of 1/10, n/60, FOB shipping point, invoice dated July 2. The cost of the merchandise sold is $533.The correct journal entries are:
A. Dr. Cash 900 Cr. Sales 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
B. Dr. Accounts receivable 900 Cr. Fees earned 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
C. Dr. Accounts receivable 900 Cr. Sales 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
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On August 31, it paid a $400 installment to repay the principal on the notes payable entered into on August 4.The correct journal entry is:
A. Dr. Accounts payable 400 Cr. Cash 400
B. Dr. Notes payable 400 Cr. Cash 400
C. Dr. Interest expense 400 Cr. Cash 400
On August 2, Expressions paid $600 cash for buying furniture for the business.The correct journal entry is:
A. Dr. Furniture 600 Cr. Notes payable 600
B. Dr. Furniture 600 Cr. Cash 600
C. Dr. Furniture 600 Cr. Accounts payable 600
On August 4, it purchased $1,200 of equipment on credit for the shop (using a long-term notes payable).The correct journal entry is:
A. Dr. Equipment 1,200 Cr. Accounts payable 1,200
B. Dr. Equipment 1,200 Cr. Cash 1,200
C. Dr. Equipment 1,200 Cr. Notes payable 1,200
Jasmine Worthy started a hair-cutting services business, called Expressions. The following transactions occurred during its first month of business. Select the correct journal entry to record the following transactions for question 12 to question 21(以上题干适用于第12题至第21题,请为第12题至第21题中的每一笔业务,选择正确的分录).On August 1, Worthy invested $3,000 cash and $15,000 of equipment in Expressions.The correct journal entry is:
A. Dr. Cash 3,000 Equipment 15,000 Cr. Jasmine Worthy, Capital 18,000
B. Dr. Cash 3,000 Equipment 15,000 Cr. Jasmine Worthy, Drawing 18,000
C. Dr. Investment 18,000 Cr. Jasmine Worthy, Capital 18,000