Week 5 - Journal entry
Quiz
•
Education
•
University
•
Practice Problem
•
Hard
Sarini Azizan
Used 26+ times
FREE Resource
Enhance your content in a minute
6 questions
Show all answers
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
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Hunger Games Vocab
Quiz
•
9th Grade - University
11 questions
Basic Map Reading
Quiz
•
University
10 questions
HN Experience Day 2022
Quiz
•
University
10 questions
REGIMENES TRIBUTARIOS EN EL ECUADOR Y DOCUMENTOS FUENTE
Quiz
•
University
10 questions
QUIZ 2
Quiz
•
University
10 questions
Money Market Quiz
Quiz
•
University
11 questions
LWC Admissions Quiz
Quiz
•
University
10 questions
DLD-Quiz-Module4
Quiz
•
University
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
54 questions
Analyzing Line Graphs & Tables
Quiz
•
4th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
