What is the debit entry for an initial investment by the owner?

Accounting Quiz: Debit and Credit Entries

Quiz
•
Mathematics
•
11th Grade
•
Hard
Evelyn Maligaya
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • Ungraded
Owner's Capital
Cash
Accounts Payable
Assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When assets are purchased with cash, what is the credit entry?
Assets
Cash
Accounts Receivable
Owner's Capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the debit entry when assets are bought on account?
Accounts Payable
Service Income
Assets
Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If assets are purchased on credit with notes, what is the credit entry?
Accounts Receivable
Cash
Notes Payable
Owner's Drawing
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the debit entry when paying for assets previously bought on account?
Service Income
Cash
Accounts Payable
Assets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When expenses are paid through cash, what is the credit entry?
Owner's Capital
Accounts Payable
Expenses
Cash
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the debit entry when cash is collected for services rendered?
Expenses
Accounts Receivable
Cash
Service Income
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