Basic Accounting Quiz

Mr. Davis used his credit card to cover his barbershop's $600 rent for the month. This transaction increases ( ).

• liabilities

• cash

• owner's equity

• assets

Mr. Davis purchased $120 worth of hair clippers for his shop with his company credit card. This transaction increases in ( ) and ( ).

• owner's equity, assets

• assets, liabilities

• cash, liabilities

• assets, owner's equity

On January 12, Bella Beauty Salon received $ 100 cash from Rebecca after washing ​ styling her hair that day. What is the account​ name for debit?​ ​ ​ (a)  

• Service Revenue
• Accounts Receivable
• Cash
• Rent Expense

On January 16th, Rebecca's friend, Leona, received $85 worth of services from the salon because she loved Rebecca's hairstyle. Shepaid with a credit card instead of cash. What is account name for Credit?

• Cash

• Service Revenue

• Unearned Service Revenue

• Salary Payable

Ms. Harvey started off her business with $ 20,000 cash. Record $20,000 as the account name "Owner's Capital. This transaction is recorded in ( ). Type your answer staring with Capital letter.

(a)  

Match the following

• Cash

  Debit 2000

  Owner's Equity

  Credit 2000

• I received the payment of $100 immediately after the job was completed

• Van

  Debit 2000

  Cash

  Credit 2000

• I purchased a van for the business and paid on credit, $2000.

• Cash

  Debit 100

  Service Revenue

  Credit 100

• I purchased lamps to sell customers with cash, $2000

• Van

  Debit 2000

  Account Payable

  Credit 2000

• I purchased a van for the business and paid with the cash. $2000

• Inventory

  Debit 2000

  Cash

  Credit 2000

• I started off the business with $2000.

The customer paid for our service in advanced. We will complete the job in 3 months. What is the account name? We already recorded cash in debit. Start with the Capital Letter and two blanks between words.

(a)  

Paid monthly amount due on credit card bills.

• Account Payable

  Debit

  Inventory

  Credit

• Cash

  Debit

  Inventory

  Credit

• Account Receivable

  Debit

  Account Payable

  Credit

• Account Payable

  Debit

  Cash

  Credit

Retuned all supplies purchased.

Cash -

Supplies -

Start with the capital letter and one blank between each word.

(a)  

On November 22, Mary bought $75 worth of supplies. After a long week of working, on November 27, she only had $ 30 worth of supplies remaining. What is the initial journal entry?

• 11/22 Inventory Debit 75

  Account Receivable 75

• 11/22 Supplies Debit 75

  Account Payable Credit 75

• 11/22 Supplies Debit 75

  Cash Credit 75

• 11/22 Cash Debit 75

  Supplies Credit 75