Author: Anonymous

Go Go Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100. The client paid immediately. Identify the general journal entry below that Go Go will make to record the transaction.

On May 22, Jarred, Inc. borrows $7,500 from A-1 Loans, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the payment of the note by Jarred. Inc. on the maturity date?

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:

Maggie Chapman, the sole stockholder of Maggie’s Consulting, received a $2,000 dividend from the company. Identify the general journal entry below that Maggie’s Consulting will make to record the transaction.

Go Go Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100. The client paid immediately. Identify the general journal entry below that Go Go will make to record the transaction.

Council Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the purchase on August 7 is:

The assets of a company total $700,000; the liabilities, $200,000. What are the net assets?

Steve’s Charters immediately paid $500 cash for utilities for the current month. Given the choices below, determine the general journal entry that Steve’s Charters will make to record this transaction.

Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements.

Robert Roberts, the sole stockholder, contributed $70,000 in cash and land worth $130,000 in exchange for common stock to open a new business, RR Consulting. Which of the following general journal entries will RR Consulting make to record this transaction?