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126) Matthew Martin, the owner of Innovation Consulting, started the business by investing $40,000 cash. Identify the general journal entry below that Innovation Consulting will make to record the transaction. A) Cash 40,000 M. Martin, Capital 40,000 B) M. Martin, Capital 40,000 Cash 40,000 C) Accounts Receivable 40,000 Cash 40,000 D) Investments 40,000 M. Martin, Capital 40,000 E) Cash 40,000 Note Payable 40,000

127) If cash is received from customers in payment for services that have not yet been performed, the business would record the cash receipt as: A) A debit to an unearned revenue account. B) A debit to a prepaid expense account. C) A credit to an unearned revenue account. D) A credit to a prepaid expense account. E) A credit to accounts payable. 128) On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? A) A $0 balance. B) A $4,300 debit balance. C) A $4,300 credit balance. D) A $5,700 debit balance. E) A $5,700 credit balance.

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

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