AccountingQuizizz_CH7-9

What is an example of an account that has a normal debit balance?

• Sales

• Supplies Expense

• Accounts Payable

• Owner Capital

What is an example of an account with a normal credit balance?

• Owner Capital

• Owner Drawing

• Cash

• Accounts Receivable

What is the correct journal entry for paid owner, Brian Steppe $500 for personal use?

• debit cash, credit owner capital

• debit cash, credit owner drawing

• debit owner drawing, credit cash

• debit owner capital, credit cash

What source document is used when receiving cash?

• Invoice

• Check

• Memo

• Receipt

Smitherman Hardware paid cash for prepaid insurance, $600. The journal entry to record this transaction is:

• Debit cash, credit prepaid insurance

• Debit prepaid insurance, credit cash

• Debit cash, credit insurance expense

• Debit cash, credit prepaid insurance

Alex's Grill paid cash on account to Pepsico, $800. The journal entry for Alex's Grill to record this transaction is:

• Debit Accounts Payable/Pepsico, Credit Cash

• Debit Accounts Receivable/Pepsico, Credit Cash

• Debit Cash, Credit Accounts Payable/Pepsico

• Debit Cash, Credit Accounts Receivable/Pepsico

Alex's Grill paid cash on account to Pepsico, $800. The journal entry for Pepsico to record this transaction is:

• Debit Cash, Credit Accounts Receivable/Alex's Grill

• Debit Cash, Credit Accounts Payable/Alex's Grill

• Debit Accounts Payable/Alex's Grill, Credit Cash

• Debit Accounts Receivable, Credit Cash

Bob's Market purchased merchandise on account from Raylen Vineyards for $3000. The journal entry for Bob's Market to record this transaction is:

• Debit Accounts Payable/Raylen $3,000; credit purchases $3,000

• Debit Accounts Receivable/Raylen $3,000; credit purchases $3,000

• Debit Purchases, $3,000; credit Accounts Receivable/Raylen $3,000

• Debit Purchases, $3000; credit Accounts Payable/Raylen $3,000

Raylen Vineyards sold merchandise for cash to J. Butlers for $2500 plus sales tax $175. The journal entry for J. Butlers to record this transaction is:

• Debit cash $2675; credit Sales $2500, credit sales tax payable $175

• Debit cash $2500, Debit sales tax payable $175; credit sales $2675

• Debit sales $2675; credit cash $2500, credit sales tax payable $175

Separk Music received cash $242.50 from Upbeat Music Company for payment on account. Upbeat took a 3% discount for paying early. The journal entry for Separk Music to record this transaction is:

• Debit cash $250; credit Accounts Receivable/Upbeat $250

• Debit cash $242.50; credit Accounts Receivable/Upbeat $242.50

• Debit cash $242.50, debit sales $7.50; credit Accounts Receivable/Upbeat $250

• Debit cash $242.50, debit sales $7.50; credit Accounts Payable/Upbeat $250