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Week 5 - Journal entry

Authored by Sarini Azizan

Education

University

Used 26+ times

Week 5 - Journal entry
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6 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A debit is used to record:

A decrease in an asset account.

A decrease in an expense account.

An increase in the balance of common stock.

An increase in the balance of retained earnings.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A credit entry:

Is recorded on the left side of a T-account.

Decreases asset and expense accounts, and increases liability, common stock, and revenue accounts.

Increases asset and expense accounts, and decreases liability, common stock, and revenue accounts.

Is always an increase in an account.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Double-entry accounting is an accounting system

That records each transaction twice.

That insures that errors never occur.

In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.

That records the effects of transactions and other events in at least two accounts with equal debits and credits.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Rocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rocky's general journal entry to record this transaction will include a

Debit to Telephone Expense for $300.

Credit to Accounts Payable for $300.

Debit to Cash for $300.

Credit to Telephone Expense for $300.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Wisconsin Rentals purchased office supplies on credit. The general journal entry made by Wisconsin Rentals will include a:

Credit to Retained Earnings.

Debit to Accounts Receivable.

Debit to Accounts Payable.

Credit to Accounts Payable.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Robert Haddon contributed $70,000 in cash and some land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction?

Assets $200,000

Common Stock $200,000

Cash and Land $200,000

Common Stock $200,000

Cash $70,000

Land $130,000

Common Stock $200,000

Common stock $200,000

Cash $70,000

Land $130,000

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