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Dean’s Dance Studio received $3,000 from a customer for services provided. Dean’s general journal entry to record this transaction will be:

J. Sicard, the sole stockholder, received a $100 dividend from Jay’s Limo Services. Which of the following general journal entries will Jay’s Limo Services make to record this transaction?

A company must repay the bank a single payment of $20,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is 0.7938. The present value of an annuity factor for 3 years at 8% is 2.5771. The present value of the loan (rounded) is:

Garcon owns equipment that cost $90,500 with accumulated depreciation of $61,000. Garcon  asks $30,000 for the equipment but sells the equipment for $26,000. Which of the following would not be part of the journal entry to record the disposal of the equipment?

The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.

Depreciation measures the decline in market value of an asset.

A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful life of 8 years and a salvage value of $2,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?

Adjusting entries always affect the cash account.

The accounting equation for Dog Bed Company shows an increase in its assets and an increase in its liabilities. Which of the following transactions could have caused that effect?

A piece of equipment with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported in the operating activities section reported under the direct method is: