ACCT105 Week 2 Quiz.docx - Part 1 of 1 100.0 100.0 Points...

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Part 1 of 1 - 100.0/ 100.0 PointsQuestion 1 of 1010.0/ 10.0 PointsA company received $600 for services performed in the current period. What is the entry?A.Debit Cash for $600; credit Service Revenue for $600.B. Debit Accounts Receivable for $600; credit Cash for $600.C. Debit Cash for $600; credit Accounts Payable for $600.D. Debit Service Revenue for $600; credit Accounts Receivable for $600.E. None of the above.Answer Key: A
Question 2 of 1010.0/ 10.0 PointsOne of the purposes of a ledger account is to record the complete effect of a transaction in one place.
Question 3 of 1010.0/ 10.0 PointsA cash expenditure for insurance and utilities would cause assets to increase but stockholders’ equity to decrease.
Question 4 of 1010.0/ 10.0 PointsAll of the accounts of a specific business enterprise are referred to as a ledger.

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