1) Which of the following entries records the investment of cash by John, owner of a sole proprietorship?
a) debit John, capital, credit cash
b) debit cash, credit John , withdrawals
c) debit John, Withdrawals, credit cash
d) debit cash, credit John, capital
2) The entry to record Tom's payments of a home telephone bill is:
a) debit telephone expenses; credit account payable
b) debit Tom's withdrawals; credit cash
c) debit Telephone expenses; credit cash
d) debits Tom's withdrawals, credit account payable
3) Extreme home bought painting equipment on account for $2100. The entry would include:
a) debit to supplies expenses,$ 2100, credit to cash $2100
b) debit to equipment $2100 credit to cash $2100
c) debit to equipment $2100, credit to accounts payable $2100
c) debit to supplies expenses $2100 credit to accounts payable $2100