An http://ezto.mhecloud.mcgraw-hill.com/accountant has debited an account for $4,000 and credited a liability account for $2,100. Which of the following would be an incorrect way to complete the recording of this transaction? Credit another asset account for $1,900. Credit another liability account for $1,900. Credit an http://ezto.mhecloud.mcgraw-hill.com/expense account for $1,900. Debit another asset account for $1,900. Credit the owner’s capital account for $1,900. Alex Company has 10 http://ezto.mhecloud.mcgraw-hill.
An http://ezto.mhecloud.mcgraw-hill.com/accountant has debited an account for $4,000 and credited a liability account for $2,100. Which of the following would be an incorrect way to complete the recording of this transaction? Credit another asset account for $1,900. Credit another liability account for $1,900. Credit an http://ezto.mhecloud.mcgraw-hill.com/expense account for $1,900. Debit another asset account for $1,900. Credit the owner’s capital account for $1,900. Alex Company has 10 http://ezto.mhecloud.mcgraw-hill.com/employees, who earn a total of $2,650 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Debit Salaries Expense, $7,950; credit Salaries Payable, $7,950. Debit Salaries Expense, $5,300; credit Salaries Payable, $5,300. Debit Salaries Expense, $13,250; credit Salaries Payable, $13,250. Debit Salaries Payable, $7,950; credit Salaries Expense, $7,950. Debit Salaries Expense, $7,950; http://ezto.mhecloud.mcgraw-hill.com/credit Cash, $7,950. The following transactions occurred during July: 1. Received $1,030 cash for services provided to a customer during July. 2. Received $3,500 cash http://ezto.mhecloud.mcgraw-hill.com/investment from Barbara Hanson, the owner of the business. 3. Received $880 from a customer in partial http://ezto.mhecloud.mcgraw-hill.com/payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $440. 5. Borrowed $7,300 from the bank by signing a promissory note. 6. Received $1,380 cash from a customer for services to be rendered http://ezto.mhecloud.mcgraw-hill.com/next year. What was the amount of revenue for July? $14,090. $1,030. $2,850. $1,470. $3,730. An adjusting entry was…
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