ACC 3.01 & 3.02 TEST

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.

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.

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.

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.

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.

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.

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.

Cara's CDs paid cash on account to Willie's Wholesale, $595, covering Purchase Invoice No. 60. What is the journal entry for Cara's CDs to record this transaction?

• Debit Accounts Payable/Willie's Wholesale $595; credit Cash, $595.
• Debit Accounts Receivable/Willie's Wholesale, $595; credit Cash, $595.
• Debit Cash $595; credit Accounts Payable/Willie's Wholesale $595.
• Debit Cash $595; credit Accounts Receivable/Willie's Wholesale $595.

Juan's Hardware sold merchandise to Raul on account for $670, plus sales tax of $35. What is the journal entry for Juan's Hardware to record this transaction?

• Debit Accounts Payable/Raul, $705; Credit Sales, $670, Sales Tax Payable, $35.
• Debit Accounts Receivable/Raul, $705; Credit Sales $670, Sales Tax Payable $35.
• Debit Sales, $670, Sales Tax Payable, $35; Credit Accounts Payable/Raul, $705.
• Debit Sales, $670, Sales Tax Payable, $35; Credit Accounts Receivable/Raul, $705.

Bill's Grocery sold merchandise on account to Jones High Booster Club for $237. What is the journal entry for Bill's Grocery to record this transaction?

• Debit Accounts Payable/Jones High Booster Club, $237; Credit Sales $237.
• Debit Accounts Receivable/Jones High Booster Club, $237; Credit Sales $237.
• Debit Sales $237; Credit Accounts Payable/Jones High Booster Club, $237.
• Debit Sales $237; Credit Accounts Receivable/Jones High Booster Club, $237.