ACCT 2.01 Quiz

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500?

• Debit Cash and credit Sales

• Debit Sales and credit Sales

What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000?

• Debit Supplies and credit Cash

• Debit Accounts Payable/Jones Supply and credit Cash

William has almost finished updating the Supplies account at the end of the month. He has transferred all of the information in the General Journal to the General Ledger. What is the LAST step for William to do?

• Record an account number in the journal.

• Record a new account balance.

What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000?

• Debit Cash and credit Dana Jackson, Drawing

• Debit Cash and credit Dana Jackson, Capital

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

• Debit Miscellaneous Expense and credit Cash

• Debit Cash and debit Miscellaneous Expense

What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800?

• Debit Accounts Receivable/Burke Supply and credit Cash

• Debit Cash and credit Accounts Receivable/Burke Supply

Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure?

• Record the account number that the entry was posted in the journal in the post reference column.

• Record the source document in the Document Number Column.

What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES

• Debit Supplies and credit Cash

• Debit Miscellaneous Expense and credit Cash

What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?

• Debit Supplies and credit Cash

• Debit Cash and credit Owner's Capital

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

• Debit Cash and credit John Smith, Drawing