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On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

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75,880 = 96,750 + 30...

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On November 30th, Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment. He has been asked to correct this journal entry. Write the journal entry to correct this situation.

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The Drawings account is an example of an expense.

A) True
B) False

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The payment for the monthly rent will require the following entry


A) Debit Cash and Debit Rent Expense
B) Credit Cash and Credit Rent Expense
C) Debit Rent Expense and Credit Cash
D) Credit Rent Expense and Debit Cash

E) A) and C)
F) A) and B)

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