chapter 4 quiz

Received $300 cash from a customer for repairing his bike.

• debit: cash

  credit: capital

• debit: capital

  credit: cash

Paid $600 to Rogers Cable.

• debit: cash

  credit: A/P

• debit: A/R

  credit: cash

• debit: A/P

  credit: cash

Reduced the bank loan by $5000.

• debit: cash

  credit: bank loan

• debit: bank loan

  credit: cash

• debit: A/P

  credit: bank loan

Paid $1500 interest on the mortgage. This does not affect the mortgage.

• debit: cash

  credit: mortgage payable

• debit: mortgage payable

  credit: cash

• debit: cash

  credit: interest payable

• debit: interest payable

  credit: cash

Paid the balance owing to Rogers Cable. There is currently $200 left on the account.

• debit: A/R

  credit: cash

• debit: cash

  credit: A/R

• debit: A/P

  credit: cash

• debit: cash

  credit: A/P

Bought a bag of rubber bands on account for $350.

• debit: supplies

  credit: cash

• debit: supplies

  credit: A/P

Bought on credit a new desk for $150.

• debit: supplies

  credit: cash

• debit: equipment

  credit: cash

• debit: supplies

  credit: A/P

• debit: equipment

  credit: A/P

retype your answer to show the correct order:

Bank

Automobile

Bank Loan

A/P

A/R

Supplies

Equipment

C. Grace, Capital

Building