Aquisha's Bookkeeping paid cash for the telephone bill, $134. The journal entry to record this transaction is:

debit Telephone Expense, $134; credit Cash, $134.

debit Purchases, $134; credit Cash, $134.

debit Cash, $134; credit Purchases, $134.

debit Cash, $134; credit Telephone Expense, $134.

Digital Electronics paid $189 cash for supplies from We Deliver Supplies. The journal entry for Digital Electronics to record this transaction is:

debit Cash, $189; credit Supplies, $189.

debit Cash, $189; credit Supplies Expense, $189.

debit Supplies Expense, $189; credit Cash, $189.

debit Supplies, $189; credit Cash, $189.

The correct journal entry for the transaction PAID CASH FOR POSTAGE (MISCELLANEOUS EXPENSE) is:

debit Cash; credit Miscellaneous Expense.

Curt's Cabinets paid cash on account to Phil's Fasteners, $441; covering Purchase Invoice No. 54 for $450, less a 2% discount, $9. The journal entry for Curt's Cabinets to record this transaction is:

debit Accounts Payable/Phil's Fasteners, $450; credit Purchases Discount, $9, Cash, $441.

debit Accounts Payable/Phil's Fasteners, $441; credit Cash, $441.

debit Accounts Payable/Phil's Fasteners, $450; credit Cash, $450.

debit Purchases Discount, $9, Cash, $441; credit Accounts Payable/Phil's Fasteners, $450.

Allen discovered that a sale on account to Jones Company on June 5 for $560 was incorrectly charged to the account of Jackson Company. The journal entry to correct this error is:

debit Accounts Receivable/Jackson Company, $560; credit Accounts Receivable/Jones Company, $560.

debit Accounts Payable/Jones Company, $560; credit Accounts Payable/Jackson Company, $560.

debit Accounts Receivable/Jones Company, $560; credit Accounts Receivable/Jackson Company, $560.

debit Accounts Payable/Jackson Company, $560; credit Accounts Payable/Jones Company, $560.

Rubber Compounds sold merchandise for cash to The Shoe Maker for $773, plus sales tax of $56. The journal entry for Rubber Compounds to record this transaction is:

debit Cash, $829; credit Sales, $773, Sales Tax Payable, $56.

debit Sales, $773, Sales Tax Payable, $56; credit Cash, $829.

debit Accounts Receivable/The Shoe Maker, $829; credit Cash, $829.

debit Cash, $829; credit Accounts Receivable/The Shoe Maker, $829.

Sonny's Skateboard Shop paid cash on account to Boards Unlimited, $795, covering Purchase Invoice No. 290. The journal entry for Sonny's Skateboard Shop to record this transaction is:

debit Cash, $795; credit Accounts Payable/Boards Unlimited, $795.

debit Accounts Payable/Boards Unlimited, $795; credit Cash, $795.

debit Accounts Receivable/Boards Unlimited, $795; credit Cash, $795.

debit Cash, $795; credit Accounts Receivable/Boards Unlimited, $795.

Busters' Department Store sold merchandise for $65, plus sales tax of $4, to Jake Coble who charged the sale on his bank credit card. Mr. Coble later returned the merchandise. The journal entry for Busters' Department Store to record the returned merchandise is:

debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; credit Accounts Receivable/Jake Coble, $69.

debit Accounts Receivable/Jake Coble, $69; credit Sales Returns and Allowances, $65, Sales Tax Payable, $4.

debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; credit Cash, $69.

debit Cash, $69; credit Sales Returns and Allowances, $65, Sales Tax Payable, $4.

Wanda's Wigs paid cash on account to Wig Warehouse, $323; covering Purchase Invoice No. 812 for $340, less a 5% discount, $17.00. The journal entry for Wanda's Wigs to record this transaction is:

debit Accounts Payable/Wig Warehouse, $340; credit Purchases Discount, $17 and credit Cash, $323.

debit Accounts Payable/Wig Warehouse, $323; credit Cash, $323.

debit Accounts Payable/Wig Warehouse, $340; credit Cash, $340.

debit Purchases Discount, $17 and debit Cash, $323; credit Accounts Payable/Wig Warehouse, $340.

The Jungle Gym returned merchandise that was purchased on account to Footware Wholesale, $750. The journal entry for The Jungle Gym to record this transaction is:

debit Purchases Returns and Allowances, $750; credit Accounts Payable/F Wholesale, $750.

debit Accounts Receivable/ Wholesale, $750; credit Purchases Returns and Allowances, $750.

debit Accounts Payable/ Wholesale, $750; credit Purchases Returns and Allowances, $750.

debit Purchases Returns and Allowances, $750; credit Purchases, $750.

Cara's CDs paid cash on account to Willie's Wholesale, $595, covering Purchase Invoice No. 60. The journal entry for Cara's CDs to record this transaction is:

debit Accounts Payable/Willie's Wholesale, $595; credit Cash, $595.

debit Accounts Receivable/Willie's Wholesale, $595; credit Cash, $595.

debit Cash, $595; credit Accounts Payable/Willie's Wholesale, $595.

debit Cash, $595; credit Accounts Receivable/Willie's Wholesale, $595.

Linen Supply sold Nites Inn merchandise on account for $551, plus sales tax of $31. The journal entry for Linen Supply to record this transaction is:

debit Accounts Receivable/Nites Inn, $582; credit Sales, $551, Sales Tax Payable, $31.

debit Accounts Receivable/Nites Inn, $582; credit Purchases $582.

debit Sales, $551, Sales Tax Payable, $31; credit Accounts Receivable/Nites Inn, $582.

debit Purchases, $582; credit Accounts Receivable/Nites Inn, $582.

Lonneisha's Quilt Shop purchased merchandise for cash from Patch Quilt Distributors for $550. The journal entry for Lonneisha's Quilt Shop to record this transaction is:

debit Purchases, $550; credit Cash, $550.

debit Cash, $550; credit Supplies $550.

debit Supplies, $550; credit Cash, $550.

debit Cash, $550; credit Purchases, $550.

Dollar Arcade paid cash on account to Cola Distributors, $245; covering Purchase Invoice No. 4131 for $250, less a 2% discount, $5.00. The journal entry for Dollar Arcade to record this transaction is:

debit Accounts Payable/Cola Distributors, $250; credit Purchases Discount, $5 and credit Cash, $245.

debit Accounts Payable/Cola Distributors, $245; credit Cash, $245.

debit Accounts Payable/Cola Distributors, $250; credit Cash, $250.

debit Purchases Discount, $5 and debit Cash, $245; credit Accounts Payable/Cola Distributors, $250.

Valley Products paid cash on account to Carolina Distributors, $882; covering Purchase Invoice No. 1734 for $900, less a 2% discount, $18.00. The journal entry for Valley Products to record this transaction is:

debit Accounts Payable/Carolina Distributors, $882; credit Cash, $882.

debit Accounts Payable/Carolina Distributors, $900; credit Cash, $900.

debit Accounts Payable/Carolina Distributors, $900; credit Purchases Discount, $18, Cash, $882.

debit Purchases Discount, $18, Cash, $882; credit Accounts Payable/Carolina Distributors $900.

Starz Transport paid cash on account to Avery Aircraft, $995, covering Purchase Invoice No. 1691. The journal entry for Starz Transport to record this transaction is:

debit Accounts Payable/Avery Aircraft, $995; credit Cash, $995.

debit Accounts Receivable/Avery Aircraft, $995; credit Cash, $995.

debit Cash, $995; credit Accounts Payable/Avery Aircraft, $995.

debit Cash, $995; credit Accounts Receivable/Avery Aircraft, $995.

Delacom Communications accepted returned merchandise purchased on account by Wave Com for $997, plus sales tax of $62. The journal entry for Delacom Communications to record this transaction is:

debit Sales Returns and Allowances, $997, Sales Tax Payable, $62; credit Accounts Receivable/Wave Com, $1,059.

debit Sales, $1,059; credit Accounts Receivable/Wave Com, $1,059.

debit Accounts Receivable/Wave Com, $1,059; credit Sales, $1,059.

debit Accounts Receivable/Wave Com, $1,059; credit Sales Returns and Allowances, $997, Sales Tax Payable, $62.

Just Pens sold office supplies to Sunny Day Preschool for $25 cash. The journal entry for Just Pens to record this transaction is:

debit Cash, $25; credit Sales, $25.

debit Accounts Receivable/Sunny Day Preschool, $25; credit Sales $25.

debit Accounts Receivable/Sunny Day Preschool, $25; credit Cash, $25.

debit Cash, $25; credit Accounts Receivable/Sunny Day Preschool, $25.

Terry's Tree Removal paid cash on account to Sam's Sharpening Service, $735, covering Purchase Invoice No. 1415 for $750, less a 2% discount, $15. The journal entry for Terry's Tree Removal to record this transaction is:

debit Accounts Payable/Sam's Sharpening Service, $750; credit Purchases Discount, $15, and credit Cash, $735.

debit Accounts Payable/Sam's Sharpening Service, $735; credit Cash, $735.

debit Accounts Payable/Sam's Sharpening Service, $750; credit Cash, $750.

debit Purchases Discount, $15, and debit Cash, $735; credit Accounts Payable/Sam's Sharpening Service, $750.

Piggy's Butcher House received $114 cash from Jimmy's Barbeque for payment on account. The journal entry for Piggy's Butcher House to record this transaction is:

debit Cash, $114; credit Accounts Receivable/Jimmy's Barbeque, $114.

debit Cash, $114; credit Sales, $114.

debit Sales, $114; credit Cash, $114.

debit Accounts Receivable/Jimmy's Barbeque, $114; credit Cash, $114.

Icy Treats purchased merchandise for cash from Flavor Supply for $100. The journal entry for Icy Treats to record this transaction is:

debit Purchases, $100; credit Cash, $100.

debit Purchases, $100; credit Accounts Payable/Flavor Supply, $100.

debit Accounts Payable/Flavor Supply, $100; credit Cash, $100.

debit Cash, $100; credit Purchases, $100.

Tony’s Tires returned merchandise that was purchased on account to Tire Warehouse, $1,400. The journal entry for Tony’s Tires to record this transaction is:

debit Accounts Payable/Tire Warehouse, $1,400; credit Purchases Returns and Allowances, $1,400.

debit Accounts Receivable/Tire Warehouse, $1,400; credit Purchases Returns and Allowances, $1,400.

debit Purchases Returns and Allowances, $1,400; credit Purchases, $1,400.

debit Purchases Returns and Allowances, $1,400; credit Accounts Payable/Tire Warehouse, $1,400.

Susan discovered that a sale on account to Michelle Company on February 12 for $800 was incorrectly charged to the account of Michael Company. The journal entry to correct this error is:

debit Accounts Receivable/Michelle Company, $800; credit Accounts Receivable/Michael Company, $800.

debit Accounts Payable/Michael Company, $800; credit Accounts Payable/Michelle Company, $800.

debit Accounts Receivable/Michael Company, $800; credit Accounts Receivable/Michelle Company, $800.

debit Accounts Payable/Michelle Company, $800; credit Accounts Payable/Michael Company, $800.

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

In the Adjustments columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

In the Adjustments columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.

In the Income Statement columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

In the Trial Balance columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.

On February 28 of the current year, Yancey Company received a bank statement dated February 27. The following information is obtained from the bank statement and from the records of the business. Bank statement balance: $3,500.00 Outstanding checks: No. 234 - $100.00 No. 235 - $90.00 Bank service charge: $3.50 Outstanding deposits: February 27, $500.00 February 28, $200.00 Checkbook balance on Check Stub No. 237: $3,873.00 Does the bank statement reconcile?

Yes, the adjusted checkbook balance and the adjusted bank balance agree.

No, the adjusted checkbook balance is $140.50 too low.

No, the adjusted checkbook balance is $913.50 too high.

Yes, the adjusted checkbook balance is more than the adjusted bank balance.

At the end of the year, Super Shipping has calculated its federal income tax amount for the year to be $10,000. Super Shipping has already made federal income tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000.

In the Adjustments columns, debit Federal Income Tax Expense, $4,000; credit Federal Income Tax Payable, $4,000.

In the Adjustments columns, debit Federal Income Tax Expense, $10,000; credit Federal Income Tax Payable, $10,000.

In the Adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000.

Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,200 is on hand. How is the adjusting entry to Supplies-Store recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Supplies Expense-Store, $1,000; credit Supplies-Store, $1,000.

In the Adjustments columns, debit Supplies-Store, $1,000; credit Supplies Expense-Store, $1,000.

In the Adjustments columns, debit Supplies-Store, $1,200; credit Supplies Expense-Store, $1,200.

In the Adjustments columns, debit Supplies Expense-Store, $1,200; credit Supplies-Store, $1,200.

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $235 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

In the Adjustments columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.

In the Adjustments columns, debit Prepaid Insurance, $235; credit Insurance Expense, $235.

In the Income Statement columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.

In the Trial Balance columns, debit Prepaid Insurance, $235; credit Insurance Expense, $235.

If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is to:

debit Supplies Expense and credit Supplies, $1,500.

debit Supplies and credit Supplies Expense, $700.

debit Supplies Expense and credit Supplies, $700.

debit Supplies and credit Supplies Expense, $1,500.

When closing the Advertising Expense account:

debit Income Summary and credit Advertising Expense.

debit Owner's Equity and credit Advertising Expense.

debit Advertising Expense and credit Income Summary.

debit Advertising Expense and credit Owner's Equity.

The correct closing entry for the Advertising Expense account is to:

debit Income Summary, $450.00; credit Advertising Expense, $450.00.

debit Advertising Expense, $450.00; credit Amos Maxwell, Capital, $450.00.

debit Advertising Expense, $450.00; credit Income Summary, $450.00.

debit Amos Maxwell, Capital, $450.00; credit Advertising Expense, $450.00.

James is closing the Income Summary account. His company had a net income of $900. The correct journal entry is:

debit Income Summary, $900; credit Owner's Equity, $900.

debit Owner's Equity, $900; credit Income Summary, $900.

debit Income Summary, $900; credit Drawing, $900.

debit Sales, $900; credit Income Summary, $900.

Unit 4 Apply accounting procedures for journal entries (Pretest)

Authored by Shamika Archer

Business

9th Grade

Used 5+ times

Unit 4 Apply accounting procedures for journal entries (Pretest)

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taco Home paid cash for advertising, $400. The journal entry to record this transaction is:

debit Advertising, $400; credit Cash, $400.

debit Advertising Expense, $400; credit Cash, $400.

debit Cash, $400; credit Advertising, $400.

debit Cash, $400; credit Advertising Expense, $400.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The correct journal entry for the transaction PAID CASH FOR PRINTER CARTRIDGES is:

debit Owner's Drawing and credit Cash.

debit Cash and credit Owner's Capital.

debit Supplies and credit Cash.

debit Miscellaneous Expense and credit Cash.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The correct journal entry for the transaction RECEIVED A CHECK FOR BIKE RENTAL FEES is:

debit Cash and credit Rental Fees.

debit Miscellaneous Expense and credit Cash.

debit Rental Fees and credit Cash.

debit Rental Fees and credit Miscellaneous Expense.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pesky Termite received $85 cash from Bad Wood Hotel for payment on account. The journal entry for Pesky Termite to record this transaction is:

debit Accounts Receivable/Bad Wood Hotel, $85; credit Cash, $85.

debit Cash, $85; credit Accounts Receivable/Bad Wood Hotel, $85.

debit Cash, $85; credit Sales, $85.

debit Sales, $85; credit Cash, $85.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The correct journal entry for the transaction PAID CASH FOR RENT is:

debit Miscellaneous Expense; credit Cash.

debit Rent Expense; credit Cash.

debit Cash; credit Rent Expense.

debit Cash; credit Utilities Expense.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jones's Hardware paid $750 cash for supplies from Miner's Supply. The journal entry for Jones's Hardware to record this transaction is:

debit Cash, $750; credit Purchases, $750.

debit Cash, $750; credit Supplies, $750.

debit Purchases, $750; credit Cash, $750.

debit Supplies, $750; credit Cash, $750.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The transaction SOLD SERVICES ON ACCOUNT TO BETH PARKER would result in the journal entry:

debit Accounts Receivable/Beth Parker and credit Cash.

debit Accounts Receivable/Beth Parker and credit Sales.

debit Cash and credit Accounts Receivable/Beth Parker.

debit Cash and credit Sales.

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