The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

Debit Miscellaneous Expense and credit Cash

What is the correct entry for the transaction, PAID $150 FOR ADVERTISING?

Debit Advertising Expense and credit Cash

What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125?

Debit Utilities Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900?

Debit Mark Johnson, Drawing and credit Cash

What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500?

Debit John Smith, Drawing and credit Cash

What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250?

Debit Repair Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250?

Debit Office Equipment and credit Cash

What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200?

Debit Advertising Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000?

Debit Rent Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95?

Debit Repair Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400?

Debit Insurance Expense and credit Cash

What is the correct journal entry for the transaction, PAID THE GAS BILL, $125?

Debit Utilities Expense and credit Cash

What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375?

Debit Cash and credit Rental Fees

What is the entry to correct the error of journalizing and posting Utilities Expense as a debit to Repair Expense, $250? Options: Debit Utilities Expense, $250; credit Repairs Expense, $250; Debit Utilities Expense, $250; credit Cash, $250; Debit Cash, $250; debit Utilities Expense, $250; Debit Repair Expense, $250; credit Utilities Expense, $250

Debit Utilities Expense, $250; credit Repairs Expense, $250

If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit:

Supplies Expense and credit Supplies $1,500.

If the beginning supplies balance is $1,800, and the ending supplies balance is $300, what is the correct adjustment on the work sheet?

Debit Supplies Expense and credit Supplies $1,500.

When Mary completes the Owner's Equity Section of a Balance Sheet, what should the end result be? Options: The Total Assets are greater than the Total Liabilities. The Total Assets plus Total Liabilities equal Owner's Equity. The Total Assets should equal Total Liabilities plus Owner's Equity. The Total Assets are less than the Owner's Equity.

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

If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, what is the correct adjustment on the work sheet?

Debit Insurance Expense and credit Prepaid Insurance $1,200.

If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit:

Insurance Expense and credit Prepaid Insurance $2,200.

When closing the Miscellaneous Expense account, debit:

Income Summary and credit Miscellaneous Expense.

The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry will be to debit:

Insurance Expense and credit Prepaid Insurance $1,500.

What is the journal entry to record Christina's Curtains paying cash for the telephone bill, $110?

Debit Telephone Expense, $110; credit Cash, $110.

Curt's Cabinets paid cash to Phil's Fasteners, $441; covering Purchase Invoice No. 54 for $450, less a 2% discount, $9.00. What is the journal entry for Curt's Cabinets to record this transaction?

Debit Accounts Payable/ Phil's Fasteners, $450; credit Purchases Discount $9 and credit Cash $441.

Aquisha's Bookkeeping paid cash for the telephone bill, $134. What is the journal entry to record this transaction?

Debit Telephone Expense, $134; credit Cash, $134.

Seahawk Fastpitch Softball paid cash on account to Community Field, $295, covering Purchase Invoice No. 14. What is the journal entry for Seahawk Fastpitch Softball to record this transaction?

Debit Accounts Payable/ Community Field $295; credit Cash, $295.

What is the journal entry to record Fred's Furniture Store's cash payment for advertising, $375? Options: Debit Advertising, $375; credit Cash, $375. Debit Advertising Expense, $375; credit Cash, $375. Debit Cash, $375; credit Advertising, $375. Debit Cash, $375; credit Advertising Expense, $375.

Debit Advertising Expense, $375; credit Cash, $375.

Marvin's Motorcycles paid $125 cash for supplies from Stewart's Supplies. What is the journal entry for Marvin's Motorcycles to record this transaction?

Debit Supplies, $125; credit Cash, $125.

Jones' Hardware paid $750 cash for supplies from Miner's Supply. What is the journal entry for this transaction?

Debit Supplies, $750; credit Cash, $750.

Classic Cars, Inc. paid $500 cash for supplies from Wendy's Supplies. What is the journal entry for this transaction?

Debit Supplies, $500; credit Cash, $500.

Taco Home paid cash for advertising, $400. What is the journal entry to record this transaction?

Debit Advertising Expense, $400; credit Cash, $400.

What is the journal entry for Free Time Fishing to record a $600 cash purchase of supplies from Go Office Supply? Options: Debit Cash, $600; credit Supplies Expense, $600.; Debit Cash, $600; credit Supplies, $600.; Debit Supplies Expense, $600; credit Cash, $600.; Debit Supplies, $600; credit Cash, $600.

Debit Supplies, $600; credit Cash, $600.

Digital Electronics paid $189 cash for supplies from We Deliver Supplies. What is the journal entry for this transaction?

Debit Supplies, $189; credit Cash, $189.

Accounting 1 Review Flashcards

Student preview

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is an example of an account that has a normal debit balance? Options: Accounts Receivable/Oakdale School, Accounts Payable/Jones Supply, Mary Johnson, Capital, Sales

Back

Accounts Receivable/Oakdale School

2.

FLASHCARD QUESTION

Front

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as: owner's equity, expenses, liabilities, revenue

Back

owner's equity

3.

FLASHCARD QUESTION

Front

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

Back

Accounts Payable/Jones Supply

4.

FLASHCARD QUESTION

Front

What is an example of an account that has a normal debit balance? Options: Accounts Payable/Ray's Office Equipment, Rent Expense, Mary Johnson, Capital, Sales

Back

Rent Expense

5.

FLASHCARD QUESTION

Front

Cash, Office Equipment, and Prepaid Insurance are all classified as: liabilities, revenue, assets, owner's equity

Back

assets

6.

FLASHCARD QUESTION

Front

Rent, the telephone bill, and advertising costs are all classified as: expenses, assets, revenue, liabilities

Back

expenses

7.

FLASHCARD QUESTION

Front

Sales are classified as

Back

revenue

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