Acct 3.0 Quizizz Review

In the transaction BOUGHT SUPPLIES ON ACCOUNT FROM ALLEN SUPPLY COMPANY, the source document is a/an:

• check stub

• invoice

• memorandum

• receipt

The transaction PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in the journal entry

• debit Cash and credit Utilities Expense

• debit Cash and credit Ted Bright, Drawing

• debit Ted Bright, Drawing and credit Cash

• debit Utilities Expense and credit Cash

In the transaction RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:

• calculator tape

• check stub

• invoice

• receipt

Maggie is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result represent?

• The Total Assets are less than the Owner's Equity

• The Total Assets plus Total Liabilities Owner's Equity

• The Total Assets should equal Total Liabilities plus Owner's Equity

• The Total Assets should equal Total Liabilities minus Owner's Equity

Mary Jones, Capital and Mary Jones, Drawing are both classified as:

• owner's equity

• expenses

• liabilities

• revenue

The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AXIS SUPPLY COMPANY is

• debit Cash and credit Owner's Capital

• debit Cash and credit Owner's Drawing

• debit Accounts Payable/Axis Supply Company and credit Cash

• debit Accounts Receivable/Axis Supply Company and credit Cash

In the transaction BILLED MADISON COMPANY FOR WORK COMPLETED, the source document is a/an:

• check stub

• invoice

• memorandum

• receipt

What is an example of an account that has a normal debit balance?

• Accounts Payable/Bob's Office Equipment

• Insurance Expense

• Bob Jones, Capital

• Sales

The correct journal entry for the transaction PAID CASH TO MACK SMITH, OWNER FOR PERSONAL USE, $900 is:

• debit Cash and credit Mack Smith, Capital

• debit Cash and credit Mack Smith, Drawing

• debit Mack Smith, Capital and credit Cash

• debit Mack Smith, Drawing and credit Cash

What is an example of an account that has a normal credit balance?

• Cash

• Accounts Payable/Smith Supply

• Prepaid Insurance

• Supplies