Quiz_Recording process

Entering data into a jurnal is called journalizing

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Which account has a normal debit balance?

• Liability

• Assets

• Owner's Equity

• Revenue

These accounts have a credit balance, except...

• Liabilities

• Owner's Equity

• Revenue

• Expense

What happens when the company purchases equipment for $200 on account?

• Cash $200 (D); Account Receivable $200 (K)

• Equipment $200 (D); Account Receivable $200 (K)

• Equipment $200 (D); Account payable $200 (K)

• Cash $2,000 (D); Equipment $2,000 (K)

What is the effects of paying office rent for $500 on cash?

• Cash $500 (D); Rent Expense $500 (K)

• Account Payable $500 (D); Rent Expense $500 (K)

• Rent Expense $500 (D); Account Payable $500 (K)

• Rent Expense $500 (D); Cash $500 (K)

What happens when a company receives cash $1,000 for services provided?

• Cash $1,000 (D); Account Payable $1,000 (K)

• Cash $1,000 (D); Account Receivable $1,000 (K)

• Account Receivable $1,000 (D); Cash $1,000 (K)

• Account Payable $1,000 (D); Cash $1,000 (K)

What happens when the company pays salaries $200 to employees?

• Salaries Expense $200 (D); Cash $200 (K)

• Cash $200 (D); Salaries Expense $200 (K)

• Salaries Expense $200 (D); Account Payable $200 (K)

• Account Payable $200 (D); Salaries Expense $200 (K)

What happens when the company receives service revenue $2,000 on cash?

• Account Receivable $2,000 (D); Cash $2,000 (K)

• Cash $2,000 (D); Account Receivable $2,000 (K)

• Cash $2,000 (D); Revenue $2,000 (K)

• Revenue $2,000 (D); Cash $2,000 (K)

When a company records a revenue, which accounts are affected?

• Assets and Liabilities

• Liabilities and Owner's Equity

• Owner's Equity and Revenue

• Assets and Revenue

When a company records an expense, which accounts are affected?

• Assets and Liabilities

• Liabilities and Owner's Equity

• Assets and Expenses

• Owner's Equity and Revenue