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109) A law firm collected $1,800 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash? A) Debit Accounts Receivable, $1,800; credit Unearned Legal Fees Revenue, $1,800. B) Debit Cash, $1,800; credit Unearned Legal Fees Revenue, $1,800. C) Debit Legal Fees Revenue, $1,800; credit Accounts Receivable, $1,800. D) Debit Accounts Receivable, $1,800; credit Legal Fees Revenue, $1,800. E) Debit Cash, $1,800; credit Accounts Receivable, $1,800. Answer: E Difficulty: 3 Hard Topic: Analyzing Transactions Learning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Measurement 110) A law firm collected $1,800 in advance for work to be performed in three months. Which of the following general journal entries will the firm make to record this transaction? A) Debit Accounts Receivable, $1,800; credit Unearned Legal Fees Revenue, $1,800. B) Debit Cash, $1,800; credit Unearned Legal Fees Revenue, $1,800. C) Debit Legal Fees Revenue, $1,800; credit Accounts Receivable, $1,800. D) Debit Accounts Receivable, $1,800; credit Legal Fees Revenue, $1,800. E) Debit Cash, $1,800; credit Accounts Receivable, $1,800. Answer: B Difficulty: 3 Hard Topic: Analyzing Transactions Learning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Measurement

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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...

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