Question: Please answer all three questions per chegg guidelines. Thank you 1. A company had the following journal entry. What is the mostly likely description for

Please answer all three questions per chegg guidelines. Thank you

1. A company had the following journal entry. What is the mostly likely description for the transaction that occurred?

dr.	Cash		200
cr.		Accounts Receivable		200

a. The company is paying a bill.

b. The company is taking out debt.

c. The company is receiving payment from a customer.

d. The company is earning service revenue.

2. A company had the following journal entry. What is the mostly likely description for the transaction that occurred?

dr.	Salary Expense		200
cr.		Salary Payable		200

a. The company is paying employee salary.

b. The company is recording salary earned by employees that has not yet been paid.

c. The company paid employees in advance, and they have now performed the work.

d. The company is not paying their employees, because they do not have enough cash.

3. A company had the following journal entry. What is the mostly likely description for the transaction that occurred?

dr.	Prepaid Insurance Expense		200
cr.		Cash		200

a. The company is paying for insurance in advance.

b. The company has used their insurance and is now paying for it.

c. The company has used their insurance prepayment.

d. The company is collecting a payment form the insurance company.

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