12. Office supplies were sold by Janers Cleaning Service at cost to another repa

Question

12. Office supplies were sold by Janers Cleaning Service at cost to another repair shop, with cah hich of the following entries for Janers Cleaning Service records this transaction? Office Supplies, debit, Cash, credit b. Office Supplies, debit; Accounts Payable, credit e. Cash, debit; ofice Supplies, credit d. Accounts Payable, debit, Office Supplies, credit 13. Gently Laser Clinic purchased laser equipment for $8,500 and paid $2.250 down, with the remainder to be paid later. The correct entry would be a. Equipment 2,250 2.2s0 2.250 6.250 s.500 Cash b. Cash 2,250 Accounts Payable 8,500 5oo 2,250 Equipment c. Equipment Expense Accounts Payable Cash 6,250 d. Equipment 8,500 Accounts Payable 6,250 14. Joshua Scott invests $40,000 into his new business. How would this transaction be entered in the journal in good form? a. Cash 40,000 Common Stock 40,000 Invested cash in business. b. Accounts Receivable Common Stock 40,000 40,000 Invested cash in business. c. Common Stock 40,000 40,000 Cash Invested cash in business. 40,000 d. Loans Payable Cash 40,000 Invested cash in business.

Explanation / Answer

12) Office supplies sold :

Cash debit and office supplies credit

so answer is c) Cash debit; office supplies credit

13) Equipment purchase entry:

Equipement debit 8500; Cash credit 2250;Account payable credit 6250

so answer is d)

14)40000 invested in bussiness journal entry

Cash debit 40000; common stock credit 40000

so answer is a)

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