ACC 3.01 & 3.02 TEST

ACC 3.01 & 3.02 TEST

Assessment

Quiz

Life Skills

10th - 12th Grade

Hard

Created by

Elisa Lovejoy

Used 5+ times

FREE Resource

Student preview

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Michael's Hardware purchased merchandise on account from Hardware Supply for $690. What is the journal entry for Michael's Hardware to record this transaction?
Debit Purchases, $690; Credit Accounts Payable/Hardware Supply, $690
Debit Accounts Receivable/Hardware Supply, $690; Credit Purchases $690.
Debit Accounts Payable/Hardware Supply, $690; Credit Purchases, $690
Debit Purchases, $690; Credit Accounts Receivable/Hardware Supply, $690.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Carl's CDs purchased store supplies on account from Mason Supply for $425. What is the journal entry for Carl's CDs to record this transaction?
Debit Supplies, $425; Credit Accounts Payable/Mason Supply, $425.
Debit Accounts Payable/Mason Supply, $425; Credit Supplies, $425.
Debit Accounts Receivable/Mason Supply, $425; Credit Supplies $425.
Debit Supplies, $425; Credit Accounts Receivable/Mason Supply, $425.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Mike's Auto Shop purchases supplies on account from Automotive Supply for $435. What is the journal entry for Mike's Auto Shop to record this transaction?
Debit Supplies, $435; Credit Accounts Payable/Automotive Supply, $435.
Debit Accounts Payable/Automotive Supply, $435; Credit Supplies, $435.
Debit Accounts Receivable/Automotive Supply, $435; Credit Supplies $435.
Debit Supplies, $435; Credit Accounts Receivable/Automotive Supply, $435.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Loopers & Cybrand Accountants purchase office supplies on account from Quick's Supply for $50. What is the journal entry for Loopers & Cybrand Accountants to record this transaction?
Debit Office Supplies, $50; Credit Accounts Payable/Quick's Supply, $50.
Debit Accounts Payable/Quick's Supply, $50; Credit Office Supplies, $50.
Debit Accounts Receivable/Quick's Supply, $50; Credit Office Supplies $50.
Debit Office Supplies, $50; Credit Accounts Receivable/Quick's Supply, $50.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Betty's Boutique purchased merchandise for cash from Jackson Supply for $700. What is the journal entry for Betty's Boutique to record this transaction?
Debit Purchases, $700; credit Cash, $700.
Debit Accounts Payable/Jackson Supply, $700; credit Purchases, $700.
Debit Cash, $700; credit Purchases, $700.
Debit Purchases, $700; credit Accounts Payable/Jackson Supply, $700.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Valley Products paid cash to Carolina Distributors, $882; covering Purchase Invoice No. 1734 for $900, less a 2% discount, $18.00. What is the journal entry for Valley Products to record this transaction?
Debit Accounts Payable/ Carolina Distributors, $900; credit Purchases Discount $18 and credit Cash $882.
Debit Accounts Payable/ Carolina Distributors, $882; credit Cash, $882.
Debit Accounts Payable/ Carolina Distributors, $900; credit Cash, $900.
Debit Purchases Discount $18 and debit Cash $882; credit Accounts Payable/ Carolina Distributors $900.

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