Accounting Chapter 3.1 Worksheet 4

Which account is used for recording cash received from the owner as an investment?

• Cash

• Accounts Receivable - ABC Corp

• Accounts Payable - Supply Mania

• Johnson, Drawing

Match the following transactions with their descriptions:

• Transaction on March 2 involving Supply Mania

• Bought Supplies on account, $10,000

• Transaction involving owner investment

• Paid Cash for Supplies, $80

• Transaction involving a small cash purchase

• Paid Cash for insurance, $3,000

• Transaction involving insurance payment

• Received cash from owner, $11,500

What is the transaction code for paying cash for supplies on March 3?

• C201

• C202

• C203

• C204

The amount of cash received from the owner on March 4 was (a)  

• $11,500
• $2,500
• $3,000
• $5,500

The transaction code for paying cash for insurance on March 6 is (a)  

• C201
• C202
• C203
• C204

On March 7, how much cash was paid on account to Supply Mania?

• $7,000

• $3,000

• $5,500

• $600

What is the transaction code for paying cash for supplies on March 8?

• C201

• C202

• C203

• C204

On March 9, what was the amount for supplies bought on account from Supply Mania?

• $600

• $10,000

• $5,500

• $3,000

What is the transaction code for paying cash on account to Supply Mania on March 10?

• C201

• C202

• C203

• C205

Which account is used for recording prepaid insurance?

• Prepaid Insurance

• Rent Expense

• Utilities Expense

• Misc. Expense