Which of the following is the correct journal entry when the owner invested $30,000 cash in the business:a.Debit cash $30,000, credit capital $30,000b.Debit capital $30,000, credit revenue $30,000c.No entryd.Debit cash $30,000, credit cash $30,000

LO 5.1 If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?Choose one answer from the options below.A. a closing entryB. an adjusting entryC. an ordinary transaction entryD. outside of the accounting cycle

What is the correct journal entry to record the admission of a new partner who invests cash into the partnership?Question 3Answera.Debit Cash, Credit Partner's Capitalb.Debit Partner's Capital, Credit Cashc.Debit Cash, Credit Partner's Loand.Debit Partner's Loan, Credit Cash

Which of the following is a correct journal entry for the purchase of inventory on credit?Question 2Answera.Debit Accounts Payable, Credit Inventoryb.Debit Cash, Credit Inventoryc.Debit Inventory, Credit Accounts Payabled.Debit Inventory, Credit Cash

Which journal entry(s) reflects the following transaction?:BOC received $10,000 of cash from a customer who took delivery of goods that originally cost BOC $8,000 to acquire.1 pointDr.   Cash          10,000    Cr.  Inventory         10,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Cost of Goods Sold   8,000   Cr.  Inventory                     8,000 Dr.   Cash   10,000    Cr.  Inventory      8,000    Cr.  Revenue       2,000Dr. Cash                       10,000    Cr.  Revenue                    10,000Dr.  Accounts Payable   8,000   Cr.  Inventory                     8,000 Dr.   Cash          10,000    Cr.  Revenue         10,000

The total dollar value of all debits and credits recorded in a journal entry must be equal.  True False