Accounting Transactions Quiz

Owner invested an additional $5,000 cash in the business.$

• Credit Cash $5000

• Debit Cash $5000

• Credit Capital $5000

• Debit Capital $5000

What was the effect of paying the telephone bill, $600?

• Credit Cash

• Debit Cash

• Debit Utilities Expense which is Capital

• Credit Utilities Expense which is Capital

Paid cash for rent, $500.00.

• Debit Rent Expens

• Credit Rent Expense

• Credit Cash

• Debit Cash

What was the effect of buying supplies on account, $150?

• Debit Accounts Payable

• Credit Accounts Payable

• Debit Supplies

• Credit Supplies

Received cash from sales, $850.00

• Debit Cash $850

• Credit Cash $850

• Credit Sales which is revenue

• Debit Sales which is revenue

Paid cash for repairs, $75.00.

• Debit Cash $7,5

• Credit Cash $75

• Debit Repair Expense $75 which is capital

• Credit Repair Expense $75 which is capital

Sold services on account to Alston Goff, $700.00

• Debit Accounts Receivable $700

• Credit Accounts Receivable $700

• Debit Sales $700 which is capital

• Credit Sales $700 which is capital

Paid cash for electric bill (utilities expense), $55.00

• Debit Cash $55

• Credit Cash $55

• Debit Utilities Expense $55

• Credit Utilities $55

Received cash on account from Alston Goff, $500.00.

• Debit Cash $500

• Credit Cash $500

• Debit Accounts Receivable $500

• Credit Accounts Receivable $500

Paid cash to owner for personal use, $400.00.

• Debit the owner drawing account $400

• Credit the owner drawing account $400

• Debit Cash $400

• Credit Cash $400