- A business purchases equipment by paying $7,517 in cash and issuing a note payable of $19,410. Which of the following occurs?
- March 1 The business received $8,000 cash from the owner in exchange for capital. March 2 Paid the first month’s rent of $600. March 3 Purchased equipment by paying $1,000 cash and executing a note payable for $3,000. March 4 Purchased office supplies for $600 cash. March 5 Billed a client for $11,000 of design services completed. March 6 Received $9,000 on account for the services previously recorded. What is the balance in Accounts Receivable?
3.Which of the following sequences states the order in which accounts are listed on a trial balance?
Equity ? Assets ? Liabilities
Liabilities ? Assets ? Equity
Assets ? Equity ? Liabilities
4.The following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship. March 1 The business received $10,000 cash from the owner of the business, Morris Tharps. The business gave capital to Morris Tharps. March 2 Paid the first month’s rent of $1,000. March 3 Purchased equipment by paying $2,000 cash and executing a note payable for $5,000. March 4 Purchased office supplies for $710 cash. March 5 Billed a client for $9,000 of design services completed. March 6 Received $7,600 on account for the services previously recorded. What is the balance in Cash on March 6?
