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Chapter 2 Recording Business Transactions

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solution


Question

Question;30) A business buys $500 of Office;Supplies on account. Which of the following accounts is credited?;A) Cash;B) Accounts payable;C) Office Supplies;D) Service revenue;31) A business makes a cash payment to a;supplier for Office Supplies which were purchased earlier on account. Which of;the following accounts will be debited?;A) Cash;B) Accounts Payable;C) Office Supplies;D) Utilities Expense;32) A business makes a cash payment to a;supplier on account for Office Supplies which were purchased earlier. Which of;the following accounts will be credited?;A) Cash;B) Accounts Payable;C) Office Supplies;D) Utilities Expense;33) A business collects cash from a;customer on settlement of accounts receivable. Which of the following accounts;will be debited?;A) Cash;B) Accounts Receivable;C) Service Revenue;D) Accounts Payable;34) A business collects cash from a;customer on settlement of accounts receivable. Which of the following accounts;will be credited?;A) Cash;B) Accounts Receivable;C) Service Revenue;D) Accounts Payable;35) A business borrows cash by signing a;note payable. Which of the following accounts will be debited?;A) Notes Payable;B) Accounts Payable;C) Bank;D) Cash;36);A business borrows cash by signing a note payable. Which of the following;accounts will be credited?;A) Notes Payable;B) Accounts Payable;C) Bank;D) Cash

 

Paper#55125 | Written in 18-Jul-2015

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