Midterm Quiz II Fundamentals of Accounting 1
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 1: A company pays P1,200 for office rent for the month. What is the debit?
Accounts Receivable
Cash
Rent Expense
Sales Revenue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 1: A company pays P1,200 for office rent for the month. What is the credit?
Accounts Receivable
Cash
Rent Expense
Sales Revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 2: The company sells P3,500 worth of products on credit. What is the debit?
Accounts Receivable
Cash
Rent Expense
Sales Revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 2: The company sells P3,500 worth of products on credit. What is the credit?
Accounts Receivable
Cash
Rent Expense
Sales Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 3: The company purchases office supplies for P500 on account. What is the dedit?
Accounts Payable
Cash
Office Supplies
Unearned Revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 3: The company purchases office supplies for P500 on account. What is the credit?
Accounts Payable
Cash
Office Supplies
Unearned Revenue
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On November 4: The company receives P2,000 cash from a customer for services to be provided in the future. What is the debit?
Accounts Payable
Cash
Office Supplies
Unearned Revenue
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