Nickel owner of nickels sport club withdrew 500 in cash

Assignment Help Accounting Basics

Reference no: EM13599950

1) Which of the following is an example of billing rental fees earned?
A) Accounts Receivable debit and Rental Fees credit
B) Cash debit and Rental Fees debit
C) Cash debit and Rental Fees credit
D) Cash credit and Rental Fees credit

2) Nickel, owner of Nickel's Sport Club, withdrew $500 in cash from the business. Record the transaction by a:
A) debit Nickel, Capital, $500; credit Cash, $500.
B) debit Nickel, Withdrawals, $500; credit Cash, $500.
C) debit Accounts Receivable, $500; credit Cash, $500.
D) debit Nickel, Withdrawals, $500; credit Nickel, Capital, $500.

3) The business bought supplies for cash. To record this:
A) an asset is debited and an asset is credited.
B) an expense is debited and a liability is credited.
C) an expense is debited and capital is credited.
D) None of these are correct

Reference no: EM13599950

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