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Accounting I: Ch. 1-3 Transactions & Classification

Authored by Jeffrey Collins

Business

9th - 12th Grade

Accounting I: Ch. 1-3 Transactions & Classification
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53 questions

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1.

CATEGORIZE QUESTION

3 mins • 1 pt

Sort each of the accounts into their classification:

Groups:

(a) Asset

,

(b) Liability

,

(c) Owner's Equity

Cash

Owner's Capital

Accounts Payable

Prepaid Insurance

Supplies

Owner's Drawing

Accounts Receivable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Cash

Debit

Credit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Accounts Receivable

Debit

Credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Supplies

Debit

Credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Prepaid Insurance

Debit

Credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Owner's Drawing

Debit

Credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normal Balance: Advertising Expense

Debit

Credit

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