EMS0831

The equipment and buildings of a business are classified as:

• Assets

• Liabilities

• Receipts

• Payments

Assets less liabilities equal:

• Expenses

• Income

• Owner's Equity

• Liabilities

The source document used to record wages paid online in the Cash Payments Journal is:

• Cash invoice

• Deposit slip

• Cash register slip

• Bank statement

The source document for the CRJ is a ___________.

Which accounts are debited and credited if cash was received for cutting five client’s hair. The business charges R150 per haircut

• Bank Credited and Current Income Debited

• Bank Debited and Current Income Debited

• Bank Credited and Current Income Credited

• Bank Debited and Current Income Credited

Which accounts are debited and credited if wages were paid to three workers. They worked for eight hours each for three days. They get paid R50 an hour.

• Wages Credited and Bank Debited

• Wages Debited and Bank Debited

• Wages Credited and Bank Credited

• Wages Debited and Bank Credited

Which accounts are debited and credited if stationery was bought for the office: five pencils @ R2.50 each, sixty envelopes @ 0.50 each and one ream of paper @ R68.

• Stationery Credited and Bank Credited

• Stationery Debited and Bank Credited

• Stationery Debited and Bank Debited

• Stationery Credited and Bank Debited

Which accounts are debited and credited if the owner receives rent from one of his tenants.

• Bank Credited and Rent income Debited

• Bank Credited and Rent income

  Credited

• Bank

  Debited and Rent income Credited

• Bank

  Debited and Rent income

  Debited

Which accounts are debited and credited if the owner pays for their personal Telkom telephone account of R800.

• Drawings Debited and Bank Debited

• Drawings Credited and Bank Debited

• Drawings Credited and Bank Credited

• Drawings Debited and Bank Credited

Is the following statement True or False: Transactions in the Sundry account will be recorded at the end of the month.

• True

• False