
ACC 2 Unit 1.00
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
Accounts Payable/Douglas's Office Supplies, Accounts Payable/McKoy Equipment Company, and Accounts Payable/Sully Office Repair are all classified as:
Back
liabilities
2.
FLASHCARD QUESTION
Front
Sunny Side Furniture received $250 cash from Vince Turner for payment on account. The journal entry for Sunny Side Furniture to record this transaction is:
Back
debit Cash, $250; credit Accounts Receivable/Vince Turner, $250
3.
FLASHCARD QUESTION
Front
Betty Lou's Variety Store recorded cash and credit card sales of shoes, $500, pocketbooks, $300, and sales tax, $50, for a total of $850. The journal entry to record the transaction is:
Back
debit Cash, $850; credit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50
4.
FLASHCARD QUESTION
Front
Booming Corporation purchased CDs on account from Hear All Supply Company, $500, Purchase Invoice No. 5. The correct entry to record the transaction is:
Back
debit Purchases-CDs, $500; credit Accounts Payable/Hear All Supply Company, $500
5.
FLASHCARD QUESTION
Front
Smith Corporation paid cash for audio department supplies, $800, Check No. 56. The journal entry to record the transaction is:
Back
debit Supplies-Audio, $800; credit Cash, $800
6.
FLASHCARD QUESTION
Front
Booming Corporation returned some cracked CDs to Hear All Supply Company, $100, from Purchase Invoice No. 5, Debit Memo No. 55. The journal entry to record the transaction is:
Back
debit Accounts Payable/Hear All Supply Company, $100; credit Purchases Returns and Allowances-CDs, $100
7.
FLASHCARD QUESTION
Front
Jan's Corporation paid cash for Utilities Expense, $600, Check No. 36. The journal entry for the transaction is:
Back
debit Utilities Expense, $600; credit Cash, $600
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