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Beetles Inc

Question 153

Multiple Choice

Beetles Inc. recorded the following journal entry on March 2, 2014: Beetles Inc. recorded the following journal entry on March 2, 2014: From the journal entry above, identify the transaction on March 2, 2014. A) Beetles purchased goods worth $5,000 and signed a one-year note for the same. B) Beetles sold goods for $5,000 cash. C) Beetles received $5,000 for services to be performed in a later period. D) Beetles paid $5,000 for services to be received at a later date. From the journal entry above, identify the transaction on March 2, 2014.


A) Beetles purchased goods worth $5,000 and signed a one-year note for the same.
B) Beetles sold goods for $5,000 cash.
C) Beetles received $5,000 for services to be performed in a later period.
D) Beetles paid $5,000 for services to be received at a later date.

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