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Green Cleaning purchased $650 of office supplies on credit. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Green Cleaning make to record this transaction? Multiple Choice Debit Office supplies expense, $650; credit Cash, $650. Debit Cash, $650, credit Office supplies, $650. Debit Office supplies, $650; Credit Cash, $650. Debit Office supplies, $650; credit Accounts payable, $650, Debit Accounts payable, $650, credit Office supplies, $650. Alicia Tax Services paid $530 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction? Multiple Choice Debit Office supplies expense, $530; credit Cash, $530, Debit Cash, $530; credit Office supplies, $530. Debit Office supplies, $530, credit Cash, $530. Debit Office supplies, $530, credit Accounts payable, $530, Debit Accounts payable, $530; credit Cash, $530, On January 1 of the current year, Jimmy's Sandwich Company reported owner's capital totaling $124,000. During the current year, total revenues were $98,000 while total expenses were $87,500. Also, during the current year Jimmy withdrew $22,000 from the company. No other changes in equity occurred during the year. The change in owner's capital during the year was: Multiple Choice A decrease of $11,500 An increase of $11,500. An increase of $32,500 A decrease of $32.500. An increase of $74,000 During the month of March, Harley's Computer Services made purchases on account totaling $44,700. Also during the month of March, Harley was paid $9,800 by a customer for services to be provided in the future and paid $37,500 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,900, what is the balance in accounts payable at the end of March? Multiple Choice $85,100. $94.900 $7,200. $75,300 $5,500 On May 31, the Cash account of Teasel had a normal balance of $6,200. During May, the account was debited for a total of $13,400 and credited for a total of $12,700. What was the balance in the Cash account at the beginning of May? Multiple Choice A $0 balance A $6,900 debit balance. A $6,900 credit balance A $5,500 debit balance. A $5,500 credit balance. At the end of the current year, James Co. reported total liabilities of $316,000 and total equity of $116,000. The company's debt ratio was: Multiple Choice 272% 36.7%. 73.1%. 3.72% $432.000 At the end of its first month of operations, JMP Consulting reported net income of $27,400. They also had account balances of: Cash, $19,600; Office Supplies, $2,400 and Accounts Receivable, $10,800. The owner's total investment for this first month was $5,400. There were no owner withdrawals in the first month. Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity. Multiple Choice $32,800 $27,400 $22,000 $5,400 A law firm billed a client $1,900 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction? Multiple Choice O Debit Accounts Receivable, $1,900; credit Unearned Legal Fees Revenue, $1.900. Debit Cash, $1,900; credit Unearned Legal Fees Revenue, $1,900. Debit Legal Fees Revenue, $1,900, credit Accounts Receivable, $1900. Debit Accounts Receivable, $1,900; credit Legal Fees Revenue, $1,900, Debit Cash, $1,900; credit Accounts Receivable, $1,900. Ted Catering received $1,280 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. Multiple Choice Unearned Catering Revenue Catering Revenue 1,280 1,280 Cash Accounts Receivable 1,280 1,280 1,280 Cash Unearned Catering Revenue 1,280 1,280 Cash Catering Revenue 1,280

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