Accounting I - Unit 3 Review

In the transaction RECEIVED CASH FROM SALES, the source document is a/an:

• bank statement

• check stub

• invoice

• receipt

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

• Accounts Receivable/Oakdale School

• Accounts Payable/Jones Supply

• Mary Johnson, Capital

• Sales

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

• Cash

• Office Equipment

• Sales

• Supplies

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

• Cash

• Accounts Payable/Jones Supply

• Prepaid Insurance

• Supplies

Accounts Payable/Dale's Office Supplies, Accounts Payable/McCormick Equipment Company, and Accounts Payable/John's Office Repair Service are all classified as:

• assets

• liabilities

• owner's equity

• revenue

The correct journal entry for the transaction RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT is:

• debit Cash; credit Dana Jackson, Capital

• debit Cash; credit Dana Jackson, Drawing

• debit Dana Jackson, Capital; credit Cash

• debit Miscellaneous Expense; credit Dana Jackson, Capital

The transaction RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT would result in the journal entry:

• debit Accounts Receivable/Parker, Inc.; credit Cash

• debit Cash; credit Accounts Receivable/Parker, Inc.

• debit Cash; credit Supplies

• debit Supplies; credit Cas

The correct entry for the transaction PAID CASH FOR ADVERTISING is:

• debit Miscellaneous Expense and credit Advertising Expense

• debit Advertising Expense and credit Cash

• debit Cash and credit Advertising Expense

• debit Cash and credit Miscellaneous Expense

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:

• owner's equity

• expenses

• liabilities

• revenue

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

• debit Cash and credit Owner's Capital

• debit Cash and credit Owner's Drawing

• debit Accounts Payable/Avis Supply Company and credit Cash

• debit Accounts Receivable/Avis Supply Company and credit Cash