On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800

On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for ctive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and ther tricks. The following transaction occurred during the first month of operations, please indicate how it should be recorded as a journal entry: September 30 Description Richard promised to pay on October 6th to his parents the extra charge for the month of September that comes in the insurance premium of their cars for having him as an additional driver (male under 25). Multiple Choice O The economic event does not need a journal entry Dr. Prepaid Transportation 800 and Cr. Cash 800. Dr. Transportation Expense 800 and Cr. Cash 800 Dr. Transportation Expense 800 and Cr. Transportation Payable 800 None of the other journal entries are correct, it is another journal entry Amount $800

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Description: On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed foractive kids, teen and adults that want to learn and practice wrestling activities for fun by learning how t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1EA: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of...

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