Chapter 4 - Double-entry Recording Quiz (mastercopy)

1. Bought motor vehicle $10 000 on credit from Swift

• Loan from Swift

• Trade payable - Swift

• Trade receivable - Swift

• Motor vehicles

2. Paid $800 cheque for computer for business use

• Cash in hand
• Cash at bank
• Office equipment
• Trade payable

3. Bought goods worth $1 300 on credit from supplier James

• Inventory
• Trade payable
• Trade payable - James
• Trade receivable - James

4. Returned goods worth $300 of the wrong specification to James

• Inventory
• Trade receivable
• Trade payable - James
• Trade receivable - James

5. Took a loan from Moolah Bank of $50 000 and deposited the money in the business bank account

• Cash in hand
• Bank loan
• Loan from Moolah Bank
• Cash at bank

6. Repaid $20 000 of the loan from Moolah Bank

• Cash in hand
• Bank loan
• Loan from Moolah Bank
• Cash at bank

7. Purchased equipment for $6 500 on credit from Stefan

• Office equipment
• Equipment
• Trade payable - Stefan
• Trade receivable - Stefan

8. Paid supplier Elvin $270 cash for goods previously bought on credit

• Cash in hand
• Trade payable - Elvin
• Cash at bank
• Inventory

9. Owner contributed a shelf worth $75 to the business for office use

• Office equipment
• Fixtures and fittings
• Capital
• Drawings

10. Owner withdrew $330 cash for personal use

• Cash in hand
• Cash at bank
• Capital
• Drawings