Accounting I-Week 2 Quiz

You invest $200,000 in a new business

• Debit Cash, Credit Capital

• Debit Capital, Credit Cash

• Debit Cash, Credit Revenue

• Debit Revenue, Credit Cash

You buy a building for $300,000 and take out a mortgage for the entire amount

• Debit Mortgage Payable, Credit Building

• Debit Building, Credit Mortgage Payable

• Debit Building, Credit Cash

• Debit Capital, Credit Mortgage Payable

You purchase a hearse for $25,000 and sign a note for the entire amount

• Debit Note Payable, Credit Hearse

• Debit Hearse, Credit Account Payable

• Debit Hearse, Credit Note Payable

• Debit Account Payable, Credit Hearse

You do a funeral for $15,000 and are paid in cash

• Debit Capital, Credit Cash

• Debit Cash, Credit Capital

• Debit Revenue, Credit Cash

• Debit Cash, Credit Revenue

You do a funeral for $5,000 and the family owes the entire balance.

• Debit Accounts Receivable, Credit Revenue

• Debit Revenue, Credit Accounts Receivable

• Debit Note Receivable, Credit Revenue

• Debit Revenue, Credit Note Receivable

You pay the utilities bill in the amount of $500

• Debit Utilities Payable, Credit Cash

• Debit Utilities Expense, Credit Cash

• Debit Cash, Credit Utilities Expense

• Debit Debit Cash, Credit Utilities Payable

You do a funeral for $6,000 and the family owes the entire balance and signs for it.

• Debit Notes Receivable, Credit Revenue

• Debit Revenue, Credit Notes Receivable

• Debit Accounts Receivable, Credit Revenue

• Debit Revenue, Credit Accounts Receivable

You pay the salaries in the amount of $5,000

• Debit Salaries Payable, Credit Cash

• Debit Cash, Credit Salaries Payable

• Debit Salaries Expense, Credit Cash

• Debit Cash, Credit Salaries Expense

You buy supplies for $200 in cash.

• Debit Supplies, Credit Cash

• Debit Cash, Credit Supplies

• Debit Supplies, Credit Accounts Receivable

• Debit Accounts Receivable, Credit Cash

You make a payment on the mortgage for $2,000

• Debit Mortgage Expense, Credit Cash

• Debit Mortgage Payable, Credit Cash

• Debit Cash, Credit Mortgage Payable

• Debit Cash, Credit Mortgage Expense