Insurance Transaction Quiz

What is the correct way to write the date if this is the first transaction of the month?

• Jan.

• Jan. 3

• 3

• January 3

What column does C2 go in?

• Credit

• Account Title

• Doc. No.

• Post Ref

Which account is credited in the transaction?

• Prepaid Insurance

• Cash

• Accounts Payable

• Accounts Receivable

Where would the words Accounts Payable- Apple be written?

• Debit column

• Credit column

• Date column

• Account Title column

What is the title of the account debited in the transaction?

• Cash

• Insurance

• Prepaid Insurance

• Accounts Receivable

What is the amount debited for the supplies purchased?

• $220.00

• $200.00

• $250.00

• $300.00

What does M1 stand for?

• Receipt #1

• Invoice #1

• Memorandum #1

• Check #1

If you pay cash on account to Cherokee Trail High School, which account is being debited?

• Cash

• A/P

• Accounts Payable

• A/P-Cherokee Trail High School

I am paying Dion's Pizza. I would write which of the these?

• Invoice

• Receipt

• Check

• Memo

What is the purpose of writing the date in the Date column?

• To record when the transaction occurred

• To calculate the total amount

• To identify the source document

• To determine the account balance