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5. The proper journal entry to record Ransom Company’s billing of clients for $500 of services rendered is:Cash500Accounts Receivable500Accounts Receivable500Capital Stock500Accounts Receivable500Service Revenue500
Chapter 2 Practice test questionsCash500Service Revenue5006. The proper journal entry to record $1,000 of Dividends paid by Myer’s Corporation is:7. Lynn Lipincott invested land valued at $5,000 in her business. This transaction would be recorded by:Cash5,000Capital Stock5,000Land5,000Capital Stock5,000Land5,000
Chapter 2 Practice test questionsService Revenue5,000Capital Stock5,000Land5,0008. The trial balance:9. Which of the following errors will be disclosed in the preparation of a trial balance?10. The basic sequence in the accounting process can best be described as:Transaction, journal entry, source document, ledger account, trial balance.Source document, transaction, ledger account, journal entry, trial balance.Transaction, source document, journal entry, trial balance, ledger account.Transaction, source document, journal entry, ledger account, trial balance.