Which of the following is the journal entry that will be used to record activity

Question

Which of the following is the journal entry that will be used to record activity Made payments to suppliers on account, $5,000.

Debit Operating Expense and credit Cash for $5,000

Debit Accounts Payable and credit Cash for $5,000

Debit Accounts Payable and credit Operating Expense for $5,000

Debit Cash and credit Accounts Payable for $5,000

Which of the following is the journal entry that will be used to record activity received deposits from customers for advertising services to be performed in 2017, $2,500.

Debit Cash and credit Unearned Revenue for $2,500

Debit Unearned Revenue and credit Advertising Revenue for $2,500

Debit Cash and credit Accounts Receivable for $2,500

Debit Unearned Revenue and credit Receivable for $2,500

Which of the following is the journal entry that will be used to record activity Performed advertising services on account, $55,000.?

a) Debit Advertising Revenue and credit Accounts Receivable for $55,000

b) Debit Accounts Receivable and credit Cash for $55,000

c) Debit Accounts Receivable and credit Advertising Revenue for $55,000

d) Debit Cash and credit Advertising Revenue for $55,000

Explanation / Answer

1) Journal entry for payment to supplier on account :

so answer is b) Debit Accounts Payable and credit Cash for $5,000

2) Journal entry for received deposits from customers for advertising services to be performed in 2017, $2,500.

so answer is a) Debit Cash and credit Unearned Revenue for $2,500

3) Journal entry for activity Performed advertising services on account, $55,000.?

so answer is c) Debit Accounts Receivable and credit Advertising Revenue for $55,000

Date accountss & explanation debit credit Account payable a/c 5000      Cash a/c 5000 (To record payment to supplier)

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