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Wong Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. The journal entry to replenish the fund on January 31 is:

If cash is received from customers in payment for products or services that have not yet been delivered to the customers, the business would record the cash receipt as:

Gerri Dempsey, the sole stockholder of Gi’s Dance Studio, started the business by investing $10,000 cash and donating a building worth $20,000 in exchange for common stock. Identify the general journal entry below that Gi’s will make to record the transaction.

Chillee’s accepts all major bank credit cards, including Fourth Savings Bank’s, which assesses a 2.5% charge on sales for using its card. On May 26, Chillee’s had $4,800 in Fourth Savings Bank Card credit sales. What entry should Chillee’s make on May 26 to record the deposit?

An exchange of value between two entities that yields a change in the accounting equation is called:

Rushing had income of $150 million and average invested assets of $1,800 million. Its return on assets is:

Popler Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Popler’s net sales for this period equal:

Tallahassee Recording Studio purchased $7,800 in electronic components from Music Unlimited. Tallahassee signed a 60-day, 8% promissory note for $7,800. Music Unlimited’s journal entry to record the collection on the maturity date is:

Maitland, Inc. has a $200 petty cash fund. At the end of the first month the accumulated receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of $18. The journal entry to record the reimbursement of the account includes a:

A company had revenues of $75,000 and expenses of $62,000 for the accounting period. Dividends of $8,000 were paid in cash during the same period. Which of the following entries could not be a closing entry?