Accounting Quiz Review

Which is an example of an account

that carries a normal credit balance?

• Cash

• Joan Brown, Drawing

• Supplies

• Tyler Jackson, Capital

The transaction RECEIVED CASH ON ACCOUNT FROM TOM PARKER would result in which journal entry

• debit Accounts Receivable/Tom Parker and credit Cash

• debit Cash and credit Accounts Receivable/Tom Parker

• debit Cash and debit Accounts Receivable/Tom Parke

• debit Tom Parker/Capital and credit Cash

The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY is:

• debit Cash and credit Owner's Capital.

• debit Cash and credit Owner's Drawing.

• debit Accounts Payable/Avis Supply Company and credit Cash.

• debit Accounts Receivable/Avis Supply Company and credit Cash

The correct journal entry for the transaction PAID CASH FOR REPAIRS is:

• debit Cash and credit Miscellaneous Expense

• debit Cash and credit Repair Expense

• debit Miscellaneous Expense and credit Cash

• debit Repair Expense and credit Cash.

The correct journal entry for the transaction BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY is:

• debit Accounts Payable/Steinman Company and credit Cash.

• debit Accounts Payable/Steinman Company and credit Supplies

• debit Supplies and credit Accounts Payable/Steinman Company

• debit Supplies and credit Cash

What is an example of an account that has a normal debit balance?

• Accounts Receivable/Oakdale School

• Accounts Payable/Jones Supply

• Mary Johnson, Capital

• Sales

What is the correct entry for the transaction HANS SCHMIDT INVESTED $2,000 OF HIS OWN MONEY INTO THE BUSINESS?

• HANS SCHMIDT, Capital; credit Cash

• debit Miscellaneous Expense; credit HANS SCHMIDT, Capital

• debit Cash; credit HANS SCHMIDT, Capital

• debit Cash; credit Hans Schmidt, Drawing

The correct entry for the transaction PAID CASH FOR ADVERTISING is

• debit Miscellaneous Expense and credit Advertising Expense

• debit Advertising Expense and credit Cash.

• debit Cash and credit Advertising Expense.

• debit Cash and credit Miscellaneous Expense

What is an example of an account that has a normal debit balance?

• Accounts Payable/Ray's Office Equipment

• Insurance Expense

• Ray Smith, Capital

• Sales

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:

• owner's equity

• expenses.

• liabilities.

• revenue.