What is the initial cash balance for Bravo Company at the start of the year?
Journal Entries and T Accounts - Trial Balance Example - Part 1 of 2

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$40,000
$10,000
$30,000
$20,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which side of the T-table does the beginning balance of common stock go on?
Debit side
Credit side
Neither side
Both sides
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When Bravo Company issues common stock for cash, what is the journal entry for cash?
Credit common stock
Debit common stock
Credit cash
Debit cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is a consultation completed for a client but not yet paid recorded?
Debit cash, credit revenue
Debit cash, credit accounts receivable
Debit accounts receivable, credit revenue
Debit revenue, credit accounts receivable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of account is 'prepaid rent' considered?
Revenue
Equity
Asset
Liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should Bravo Company record cash received in advance for services not yet performed?
Debit cash, credit revenue
Debit unearned revenue, credit cash
Debit revenue, credit cash
Debit cash, credit unearned revenue
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What principle requires recording land at the purchase price rather than its worth?
Revenue Recognition Principle
Cost Principle
Matching Principle
Full Disclosure Principle
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