bba2201ass2.docx - Question 1 5 out of 5 points A...

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Question 15 out of 5 pointsA customer's promise to pay in the future for services or goods sold is called a(n) __________.
Question 20 out of 5 pointsA business purchases $3,500 of office supplies for cash. Which of the following sets of ledger accounts reflects the posting of this transaction?
Question 35 out of 5 pointsWhich one of the following account groups will decrease with a debit?
Question 45 out of 5 pointsAccounts receivable is a(n) __________ account and has a normal __________ balance.
Question 55 out of 5 pointsThe following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship.
March 1 The business received $10,000 cash from the owner of the business, Morris Tharps. The business gave capital to Morris Tharps.March 2 Paid the first month's rent of $1,000.March 3 Purchased equipment by paying $2,000 cash and executing a note payable for $5,000.March 4 Purchased office supplies for $710 cash.March 5 Billed a client for $9,000 of design services completed.March 6 Received $7,600 on account for the services previously recorded.What is the balance in Cash on March 6?

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