1. On October 30, the Cash account of Value Company had a normal balance of ,000. During October, the account was debited for a total of ,000 and credited for a total of ,500. What was the balance in the Cash account at the beginning of October?

A. A ,500 credit balance.

B. A ,500 debit balance.

C. A ,500 debit balance.

D. A {content} balance.

E. A ,500 credit balance.

2. Consulting Services, Inc. provides services to clients. On May 1, a client prepaid Management Services 0,000 for 6-months services in advance. Management Services’ general journal entry to record this transaction will include a

A. Debit to Management Fees Earned for 0,000.

B.Credit to client for 0,000.

C. Debit to Unearned Management Fees for 0,000.

D. Credit to Management Fees Earned for 0,000.

E. Credit to Unearned Management Fees for 0,000.

3. Zed Bennett opened an art gallery and as a dealer completed these transactions:

(1.) Started the gallery, Artery, by investing ,000 cash and equipment valued at ,000 in exchange for common stock.
(2.) Purchased 0 of office supplies on credit.
(3.) Paid ,800 cash for the receptionist’s salary.
(4.) Sold a painting for an artist and collected a ,800 cash commission on the sale.
(5.) Completed an art appraisal and billed the client 0.
What was the balance of the cash account after these transactions were posted?

A. ,600.

B. ,380.

C. ,600.

D. ,000.

E. ,000.

4. A debit is used to record:

A. A decrease in an asset account.

B. An increase in a revenue account.

C. A decrease in an expense account.

D. An increase in the balance of Expense account.

E. An increase in the balance of common stock.