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Chapter 2 Credits and Debits

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12th Grade

Used 35+ times

Chapter 2 Credits and Debits
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18 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Supplies $800, On Account $920

Debit Supplies $500, Credit On Account $500

After the Transaction what are the account balances?

$300 Supplies ; $420 On Account

$300 Supplies; $1,420 On Account

$1,300 Supplies; $420 On Account

$1,300 Supplies; $1,420 On Account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An account recorded on the right side of an account is called a

transaction

debit

credit

normal balance

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Cash Bal $4,000, Supplies $1,675

Credit Cash $425, Debit Supplies $425

After the Transaction what are the account balances?

$4,425 Cash ; $2,100 Supplies

$4,425 Cash; $1,200 Supplies

$3,575 Cash; $2,100 Supplies

$3,575 cash; $1,200 Supplies

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

A Transaction for amounts your company will pay in the future for Supplies received today would be

Credited to the Accounts Payable liability and Debited to Supplies

Debited to the Accounts Payable liability and Credited to Supplies

Credited ro the Accounts Receivables asset and Debited to Supplies

Debited to the Accounts Receivables asset and Credited to Supplies

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting device used to analyze transactions is called

a Transactions model

a T account

an Account balancer

a chart of accounts

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Cash Bal $1,800, Prepaid Insurance $0

Credit Cash $1,200, Debit Prepaid Insurance $1,200

After the Transaction what are the account balances?

$3,000 Cash ; $1,200 Prepaid Insurance

$600 Cash; $1,200 Prepaid Insurance

$600 Cash; -$1,200 Prepaid Insurance

$3,000 Cash; -$1,200 Supplies

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Cash $6,020, Owner's Equity $11,080

Credit Cash $2,050, Debit Owner's Equity $2,050

After the Transaction what are the account balances?

$3,970 Cash ; $13,130 Owner's Equity

$3,970 Cash; $9,030 Owner's Equity

$8,070 Cash; $13,130 Owner's Equity

$8,070 Cash; $9,030 Owner's Equity

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