On January 1, the journal entry is * Debit Cash $50,000, Credit Owner’s Capital $50,000
Debit Cash $50,000, Credit Service Revenue $50,000
Debit Cash $50,000, Credit Account Payable $50,000
None of the above
On January 2, the journal entry is *
Debit Cash $5,000, Credit Supplies $5,000
Debit Supplies $5,000, Credit Cash $5,000
Debit supplies $5,000, Credit Account Payable $5,000
None of the above
On January 3, the journal entry is *
Debit Cash $6,000, Credit Service Revenues $6,000
Debit Account Receivable $6,000, Credit Service Revenues $6,000
Debit Account Receivable $6,000, Credit Unearned Revenues $6,000
None of the above
On January 4, the journal entry is *
Debit Equipment $15,000, Credit Cash $15,000
Debit Cash $15,000 and Debit Account receivable $5,000, Credit Equipment $20,000
Debit Equipment $20,000, Credit Account payable $20,000
None of the above
On January 5, the journal entry is *
Debit Prepaid insurance $3,000, Credit Account Payable $3,000
Debit Insurance expenses $3,000, Credit Cash $3,000
Credit Prepaid insurance $3,000, Debit Cash $3,000
None of above
On January 6, the journal entry is *
Debit Cash $6,000, Credit $6,000 Account Receivable
Credit Cash $6,000, Debit $6,000 Account Receivable
Debit Cash $3,000, Credit $3,000 Account Receivable
None of the above
On January 7, the journal entry is *
Credit Owner’s drawings, Debit Cash
Debit Owner’s capital, Credit Cash
Debit Owner’s drawings, Credit Cash
None of the above
On January 8, the journal entry is *
Debit Account Payable $2,500, Credit Cash $2,500
Debit Account Payable $5,000, Credit Cash $5,000
Debit Account Receivable $5,000, Credit Cash $5,000
None of the above
On January 9, the journal entry is *
Debit Cash $7,000, Credit Service Revenues $7,000
Debit Cash $7,000, Credit Unearned Revenues $7,000
Credit Cash $7,000, Debit Unearned Revenues $7,000
None of the above
The balance of cash at the end of January 5 is *
$32,000
$40,500
$22,500
None of the above