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

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

20 questions

Flashcard on G20

Flashcard

•

9th - 12th Grade

25 questions

solubility

Flashcard

•

11th Grade

20 questions

Mr Sun

Flashcard

•

KG

23 questions

HS USH Unit 1 Review

Flashcard

•

9th Grade - University

25 questions

Barron 400 words_*76-100

Flashcard

•

12th Grade

27 questions

Biotechnology Review

Flashcard

•

10th Grade

26 questions

English Questions on Numbers and Verbs

Flashcard

•

KG - University

18 questions

THE MERCHANT OF VENICE ACT 1

Flashcard

•

10th Grade

Popular Resources on Wayground

7 questions

History of Valentine's Day

Interactive video

•

4th Grade

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

15 questions

Valentine's Day Trivia

Quiz

•

3rd Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for Business

13 questions

BizInnovator Startup - Experience and Overview

Quiz

•

9th - 12th Grade

10 questions

Understanding Stock Market Investing

Interactive video

•

9th - 12th Grade

12 questions

Time Management Lesson

Lesson

•

1st - 12th Grade

20 questions

Review for Business Essentials 2.05

Quiz

•

9th - 12th Grade