Reference no: EM132914039

Problem 1: On March 01, 2020, Tigress Company incurs a repair service on credit from Wheels & More Tire Shop for $800. What is the journal entry to record the transaction?

Select one:
a. Debit Utilities Payable $800, Credit Repairs Expense $800
b. Debit Cash $800, Credit $ Repairs Expense $800
c. Debit Repairs Payable $800, Credit Utilities Payable $800
d. Debit Repairs Expense $800, Credit Repairs Payable $800

Problem 2: In which order are current liabilities listed in the balance sheet?

Select one:
a. Timing of settlement
b. Amount
c. Liquidity
d. Alphabetical order