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Do you know your accounts?

Authored by Yong Lam

Other

7th Grade

Used 2+ times

Do you know your accounts?
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8 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Jessica deposited $1000 cash into the business bank account.

Identfy the 2 accounts.

Dr Cash at bank

Cr Capital

Dr Capital

Cr Cash at bank

Dr Asset

Cr Equity

Dr Equity

Cr Asset

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The business paid monthly rent of $3500 by cheque. Identify the 2 accounts.

Dr Cash at bank

Cr Rent Expense

Dr Rent Expense

Cr Cash at Bank

Dr Cash in hand

Cr Rent Income

Dr Rent income

Cr Cash in hand

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The business sold goods at $1700 on credit.

Dr Inventory

Cr Cost of sales

Dr Inventory

Cr Trade Receivables

Dr Trade Receivables

Cr Sales Revenue

Dr Sales Revenue

Cr Trade Receivables

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The business bought goods of $6000 on credit from Lim Tools.

Dr Inventory

Cr Cash at bank

Dr Inventory

Cr Trade Receivables-Lim Tools

Dr Inventory

Cr Trade Payables-Lim Tools

Dr Inventory

Cr Trade Payables

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The business returned damaged goods to supplier.

Dr Inventory

Cr Trade Payables

Dr Trade Payables

Cr Inventory

Dr Inventory

Cr Cost of Sales

Dr Cost of Sales

Cr Inventory

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Customer returned damaged goods bought on credit.

Dr Sales Returns

Cr Inventory

Dr Sales Returns

Cr Trade Receivables

Dr Cost of Sales

Cr Inventory

Dr Sales Returns

Cr Cash at bank

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Withdrew $500 from the business bank account for personal use.

Dr Cash at bank

Cr Drawings

Dr Drawings

Cr Cash at bank

Dr Cash at Bank

Cr Capital

Dr Capital

Cr Cash at bank

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