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Question : 21) Jill invested $25,000 in her business, Nails by Jill.

21) Jill invested $25,000 in her business, Nails by Jill. The journal entry would include a:

A) debit to Cash for $25,000 and a credit to Sales for $25,000.

B) debit to Cash for $25,000 and a credit to Common Stock for $25,000.

C) credit to Cash for $25,000 and a debit to Common Stock for $25,000.

D) debit to Cash for $25,000 and a credit to Dividends for $25,000.

22) Office equipment was purchased for $2,400 on account from Office Express. The journal entry would include a:

A) debit to Office Equipment and a credit to Cash.

B) credit to Cash and a debit to Office Equipment Expense.

C) debit to Office Equipment and a credit to Accounts Payable.

D) debit to Accounts Payable and a credit to Cash.

23) Salaries of $675 were paid in cash. The journal entry would include a:

A) debit to Salaries Expense and a credit to Cash.

B) credit to Salaries Expense and a debit to Cash.

C) debit to Accounts Payable and a credit to Cash.

D) debit to Accounts Payable and a credit to Salary Expense.

24) Xenon, Inc. collected $600 from one of its customers for payment on their account. The journal entry would include a:

A) debit to Accounts Receivable and a credit to Cash.

B) debit to Cash and a credit to Accounts Payable.

C) debit to Cash and a credit to Accounts Receivable.

D) debit to Cash and a credit to Sales Revenue.

25) Able and Sons, Inc. purchases a building for $35,000 cash. The journal entry would include a:

A) debit to Building and a credit to Cash.

B) debit to Common Stock and a credit to Building.

C) debit to Building and a credit to Accounts Payable.

D) debit to Building and a credit to Common Stock.

26) Which of the following has a four column format?

A) Income statement

B) Balance sheet

C) General ledger sheet

D) General journal

27) Mackay, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a:

A) debit to Cash and a credit to Accounts Payable.

B) debit to Cash and a credit to Accounts Receivable.

C) credit to Cash and a debit to Accounts Receivable.

D) debit to Accounts Payable and credit to Cash.

28) Apex Corporation purchased $350 of office supplies on account and treated the supplies as a prepaid expense. The journal entry would require a:

A) debit to Office Supplies Expense and a credit to Cash.

B) debit to Office Supplies and a credit to Cash.

C) debit to Office Supplies and a credit to Accounts Payable.

D) debit to Office Supplies Expense and a credit to Office Supplies.

29) Binford Corporation purchased a $600 two-year insurance policy for cash. The journal entry would require a:

A) debit to Prepaid Insurance and a credit to Cash.

B) debit to Insurance Expense and credit to Cash.

C) debit to Insurance Expense and a credit to Accounts Payable.

D) debit to Insurance Expense and a credit to Retained Earnings.

30) Allied, Inc. sold season tickets for $7,000 on account. The journal entry would be to:

A) debit Cash and credit season Ticket Sales Revenue.

B) debit Accounts Receivable and credit season Ticket Sales Revenue.

C) debit Cash and credit Accounts Payable.

D) debit Cash and credit Accounts Receivable.

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