Journalize the following transaction: Received cash from owner as an investment, $18,000.00. Options: debit Cash $$18,000.00, credit Alexandra Plass, Capital $$ 18,000.00 $$, debit Cash $$ 18,000.00, credit Sales $$18,000.00$$ , none of the above

debit Cash $$18,000.00, credit Alexandra Plass, Capital $$ 18,000.00@@.

Journalize the following transaction: Paid cash to establish a petty cash fund, $150.00. C1.

debit Petty Cash $$150.00$$ , credit Cash $$150.00$$ .

Journalize the following transaction: Bought supplies on account from Star Supplies, $225.00.

debit Supplies $$225.00, credit Accounts Payable—Star Supplies $$ 225.00

Journalize the following transaction: Sold services on account to Ridgewood Center, $2,200.00.

debit Accounts Receivable—Ridgewood Center $$2,200.00, credit Sales $$ 2,200.00

Journalize the following transaction: Paid cash for postage (Miscellaneous Expense), $35.00. C5.

debit Miscellaneous Expense $$35.00$$ , credit Cash $$35.00$$ .

Received cash on account from Palmdale Café, $500.00. What is the correct journal entry? Options: debit Cash $$500.00$$ , credit Accounts Receivable— Palmdale Café, debit Accounts Receivable— Palmdale Café $$500.00$$ , credit Cash, debit Supplies $$500.00$$ , credit Cash, none of the above.

debit Cash $$500.00$$ , credit Accounts Receivable— Palmdale Café

Paid cash to owner for personal use, $1,500.00. Options: debit Alexandra Plass, Drawing $$1,500.00$$ , debit Cash $$1,500.00$$ , debit Sales $$1,500.00$$ , none of the above

debit Alexandra Plass, Drawing $$1,500.00$$ , credit Cash $$1,500.00$$ .

Received cash from sales, $4,200.00. Options: a. debit Cash $$4,200.00, credit Sales $$ 4,200.00, b. debit Sales $$4,200.00, credit Cash $$ 4,200.00, d. none of the above

debit Cash $$4,200.00, credit Sales $$ 4,200.00

Paid cash on account to Costello Company, $300.00, using EFT. What is the correct journal entry? Options: debit Cash $$300.00$$ , credit Accounts Payable—Costello Company $$300.00$$ ; debit Accounts Payable—Costello Company $$300.00$$ , credit Cash $$300.00$$ ; debit Cash $$300.00$$ , credit Supplies $$300.00$$ ; none of the above.

debit Accounts Payable—Costello Company $$300.00$$ , credit Cash $$300.00$$ .

The entry to establish a $200.00 petty cash fund is

debit Petty Cash, $$200.00; credit Cash, $$ 200.00.

When cash is paid for insurance,

Prepaid Insurance is increased.

The first digit in the account number 410 means that the account is in the

Revenue division of the general ledger.

The formula for calculating the net income ratio is

net income divided by total sales.

Paid cash for one month’s rent, $1,000.00. C3. Options: debit Rent Expense $$1,000.00, credit Cash $$ 1,000.00; debit Cash $$1,000.00, credit Rent Expense $$ 1,000.00; debit Cash $$1,000.00, credit Miscellaneous expense $$ 300.00; none of the above

debit Rent Expense $$1,000.00, credit Cash $$ 1,000.00

Accounting I Final 2024 Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A transaction recorded in a journal is not considered a permanent record.

Back

False

2.

FLASHCARD QUESTION

Front

A balance sheet reports financial information for a period of time.

Back

False

3.

FLASHCARD QUESTION

Front

The source document for an electronic funds transfer is a memorandum.

Back

True

4.

FLASHCARD QUESTION

Front

Is the drawing account a permanent account?

Back

False

5.

FLASHCARD QUESTION

Front

A transaction for the sale of goods or services results in a decrease in owner’s equity.

Back

False

6.

FLASHCARD QUESTION

Front

The formula for calculating net income is total revenue minus total expenses.

Back

True

7.

FLASHCARD QUESTION

Front

If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit.

Back

True

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