Accounting 1 Unit 2 Review

Accounting 1 Unit 2 Review

KG - University

20 Qs

quiz-placeholder

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Accounting 1 Unit 2 Review

Accounting 1 Unit 2 Review

Assessment

Quiz

Other

KG - University

Practice Problem

Hard

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20 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the correct journal entry for the transaction PAID CASH FOR AN OFFICE FILE CABINET?

     Debit Cash and credit Office Equipment
     Debit Cash and debit Office Equipment
     Debit Office Supplies and credit Cash
     Debit Office Equipment and credit Cash

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 What is the correct journal entry for the transaction RECEIVED CASH FROM SALES, $1,000?

A.  Debit Cash and credit Sales
     Debit Cash and debit Sales
   Debit Sales and credit Cash
     Debit Sales and credit Owner's Capital

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

  What is the correct journal entry for the transaction PAID CASH FOR CITY WATER?

   Debit Cash and credit Office Equipment
     Debit Cash and debit Utilities Expense
   Debit Office Equipment and credit Cash
 Debit Utilities Expense and credit Cash

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 What is the correct journal entry for the transaction PAID CASH ON ACCOUNT TO ADAMS SUPPLY COMPANY, $1,200?

     Debit Accounts Payable/Adams Supply Company and credit Cash
     Debit Accounts Payable/Adams Supply Company and credit Cash
 Debit Cash and credit Accounts Payable/Adams Supply Company
A.  Debit Supplies and credit Cash

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 What is the correct journal entry for the transaction BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $500?

   Debit Accounts Payable/Jones Supply Company and credit Cash
Debit Accounts Payable/ Jones Supply Company and credit Supplies
A.  Debit Supplies and credit Accounts Payable/ Jones Supply Company
Debit Supplies and credit Cash

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 What is the correct journal entry for the transaction RECEIVED CASH ON ACCOUNT FROM PAM'S PENS, $800?

A.  Debit Accounts Receivable/Pam's Pens and credit Cash
A.  Debit Accounts Receivable/Pam's Pens and credit Supplies
A.  Debit Cash and credit Accounts Receivable/Pam's Pens
A.  Debit Cash and debit Accounts Receivable/Pam's Pens

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 Samuel is preparing a Balance Sheet.  He has listed all the assets and their balances.  What must he do next?

   Prepare the Expense section
     Prepare the Liability section
Prepare the Owner's Equity section      
Double rule across the left and right columns

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