Acct 3.0 Flashcardizz Review

Front

In the transaction BOUGHT SUPPLIES ON ACCOUNT FROM ALLEN SUPPLY COMPANY, the source document is a/an:

Back

invoice

Front

The transaction PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in the journal entry

Back

debit Utilities Expense and credit Cash

Front

In the transaction RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: calculator tape, check stub, invoice, receipt

Back

receipt

Front

When Maggie completes the Owner's Equity Section of a Balance Sheet, what should the end result represent?

Back

The Total Assets should equal Total Liabilities plus Owner's Equity.

Front

Mary Jones, Capital and Mary Jones, Drawing are both classified as:

Back

owner's equity

Front

The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AXIS SUPPLY COMPANY is

Back

debit Accounts Payable/Axis Supply Company and credit Cash

Front

In the transaction BILLED MADISON COMPANY FOR WORK COMPLETED, the source document is a/an:

Back

invoice

Front

What is an example of an account that has a normal debit balance? Options: Accounts Payable/Bob's Office Equipment, Insurance Expense, Bob Jones, Capital, Sales

Back

Insurance Expense

Front

The correct journal entry for the transaction PAID CASH TO MACK SMITH, OWNER FOR PERSONAL USE, $900 is:

Back

debit Mack Smith, Drawing and credit Cash

Front

What is an example of an account that has a normal credit balance? Options: Cash, Accounts Payable/Smith Supply, Prepaid Insurance, Supplies

Back

Accounts Payable/Smith Supply