31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The Journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment.
31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The Journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...
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![31. MC.03.036
Patrick Services paid the office rent for the current month. The transaction would involve a
a. credit to Prepaid Rent.
b. debit to Rent Expense.
c. debit to Cash.
d. credit to Rent Payable.
32. MC.03.037
Homer Services pays the monthly rent, $5,000. The transaction would involve a
a. debit to Rent Expense.
b. credit to Rent Payable.
c. debit to Cash.
d. debit to Prepaid Rent.
33. MC.03.038
P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a:
a. credit to P. Baker, Capital.
b. credit to P. Baker, Drawing.
c. credit to Cash.
d. credit to Equipment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c93fdd1-cce1-4f5f-a975-dcf61cb28e3a%2F62c467a9-8d00-4354-bac2-a0f6813c1e70%2Fxdgo6xtg_processed.png&w=3840&q=75)
Transcribed Image Text:31. MC.03.036
Patrick Services paid the office rent for the current month. The transaction would involve a
a. credit to Prepaid Rent.
b. debit to Rent Expense.
c. debit to Cash.
d. credit to Rent Payable.
32. MC.03.037
Homer Services pays the monthly rent, $5,000. The transaction would involve a
a. debit to Rent Expense.
b. credit to Rent Payable.
c. debit to Cash.
d. debit to Prepaid Rent.
33. MC.03.038
P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a:
a. credit to P. Baker, Capital.
b. credit to P. Baker, Drawing.
c. credit to Cash.
d. credit to Equipment.
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