WorksheetsAccounting I Final Review
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250?
a)
Debit Cash and credit Miscellaneous Expense
b)
Debit Cash and credit Repair Expense
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Repair Expense and credit Cash
2.
What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES?
a)
Debit Owner's drawing and credit Cash
b)
Debit Cash and credit Owner's Capital
c)
Debit Supplies and credit Cash
d)
Debit Miscellaneous Expense and credit Cash
3.
Joe's Taxi Service purchased a new taxi on January 1, 2010 for $22,000.00. The estimated salvage (disposal) value is $1,000.00 and the estimated useful life is 3 years. What is the annual depreciation expense?
a)
$7,333.33
b)
$7,000.00
c)
$3,500.00
d)
$1,000.00
4.
Creative Art Supplies purchased a delivery van on March 1, 2009 for $12,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the accumulated depreciation at the end of 2011?
a)
$1,200.00
b)
$2,400.00
c)
$3,400.00
d)
$3,600.00
5.
Creative Art Supplies has depreciation expense of $950.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
a)
Debit Accumulated Depreciation $950.00; credit Depreciation Expense $950.00
b)
Debit Depreciation Expense $950.00; credit Accumulated Depreciation $950.00
c)
Debit Depreciation Expense $950.00; credit Equipment $950.00
d)
Debit Equipment $950.00; credit Accumulated Depreciation $950.00
6.
Steve's Auto Parts purchased a display case on January 1, 2009 for $3,400.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 10 years. What is the accumulated straight-line depreciation at the end of 2011?
a)
$320.00
b)
$640.00
c)
$680.00
d)
$960.00
7.
Mountain Business Services purchased a computer on January 1, 2009 for $3,600.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 5 years. What is the annual depreciation expense?
a)
$200.00
b)
$360.00
c)
$680.00
d)
$720.00
8.
NC Office Supply has depreciation expense of $7,525.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
a)
Debit Equipment $7,525.00; credit Accumulated Depreciation $7,525.00
b)
Debit Depreciation Expense $7,525.00; credit Equipment $7,525.00
c)
Debit Depreciation Expense $7,525.00; credit Accumulated Depreciation $7,525.00
d)
Debit Accumulated Depreciation $7,525.00; credit Depreciation Expense $7,525.00
9.
Western Textile Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $5,275,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
a)
$52.75
b)
$527.50
c)
$5,275.00
d)
$52,750.00
10.
Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500.00. What is the correct entry to record the estimated uncollectible accounts expense?
a)
Debit Uncollectible Accounts Expense, $1,500.00; credit Accounts Receivable, $1,500.00
b)
Debit Uncollectible Accounts Expense, $1,500.00; credit Allowance for Uncollectible Accounts, $1,500.00
c)
Debit Accounts Receivable, $1,500.00; credit Uncollectible Accounts Expense, $1,500.00
d)
Debit Allowance for Uncollectible Accounts, $1,500.00; credit Uncollectible Accounts Expense, $1,500.00
11.
Workman Tools estimates its uncollectible accounts expense for the year to be $950.00. What is the correct entry to record the estimated uncollectible accounts expense?
a)
Debit Uncollectible Accounts Expense, $950.00; credit Accounts Receivable, $950.00
b)
Debit Uncollectible Accounts Expense, $950.00; credit Allowance for Uncollectible Accounts, $950.00
c)
Debit Accounts Receivable, $950.00; credit Uncollectible Accounts Expense, $950.00
d)
Debit Allowance for Uncollectible Accounts, $950.00; credit Uncollectible Accounts Expense, $950.00
12.
Mother Goose Children's Clothing received a check for $125.00 from Little Angels, whose account was previously written off. Mother Goose Children's Clothing uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Little Angels?
a)
Debit Accounts Receivable/Little Angels, $125.00; credit Allowance for Uncollectible Accounts, $125.00
b)
Debit Accounts Receivable/Little Angels, $125.00; credit Uncollectible Accounts Expense, $125.00
c)
Debit Uncollectible Accounts Expense, $125.00; Credit Accounts Receivable/Little Angels, $125.00
d)
Debit Uncollectible Accounts Expense, $125.00; credit Allowance for Uncollectible Accounts, $125.00
13.
Maple Tree Candy Factory estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $185,000.00. In the past, actual uncollectible accounts expense has been about 0.5% of total sales on account. What is the estimated uncollectible accounts expense for the year?
a)
$9.25
b)
$92.50
c)
$925.00
d)
$9,250.00
14.
Marty Smith dishonored a 180-day, 5% note for $5,000.00. What is the journal entry to record the dishonored note receivable?
a)
Debit Notes Receivable $5,125.00; debit Interest Expense $125.00; credit Accounts Receivable/Marty
Smith $5,125.00.
Smith $5,125.00.
b)
Debit Accounts Receivable/Marty Smith $5,000.00; credit Notes Receivable $5,000.00
c)
Debit Accounts Receivable/Marty Smith $5,125.00; credit Interest Income $125.00; credit Notes Receivable $5,000.00
d)
Debit Notes Receivable $5,125.00; credit Accounts Receivable/Marty Smith $5,125.00
15.
Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. What is the journal entry for the issuance of the note payable?
a)
Debit Cash $3,037.50; credit Notes Payable $3,037.50
b)
Debit Cash $3,000.00; credit Notes Payable $3,000.00
c)
Debit Notes Payable $3,000.00; credit Cash $3,000.00
d)
Debit Notes Payable $3,150.00; credit Cash $3,150.00
16.
Sneakers Snack Shop signed a $30,000, 90-day, 8%, interest-bearing note on August 1, 2009. Using a 360-day year, what is the maturity value of the note?
a)
$30,400.00
b)
$30,592.00
c)
$30,600.00
d)
$32,400.00
17.
Master Marketing signed a $40,000, 90-day note at 6% on June 1, 2009. Master Marketing uses a 360-day year. What is the maturity date of the note payable?
a)
September 1, 2009
b)
August 30, 2009
c)
August 29, 2009
d)
August 28, 2009
18.
Grandfather Tours signed a $12,000, 180-day note at 9% on March 1, 2009. Grandfather Tours uses a 360-day year. What is the total amount of interest to be paid on this note?
a)
$ 108.00
b)
$ 535.60
c)
$ 540.00
d)
$1,080.00
19.
Carson's Candy Shoppe has $2,000.00 in wages, $124.00 in Social Security withholding, $29.00 in Medicare withholding, $500.00 in federal income tax withholding, and $100.00 in state income tax withholding. The federal unemployment tax
rate is 0.8%. What is the employer's Social Security tax amount for the pay period?
rate is 0.8%. What is the employer's Social Security tax amount for the pay period?
a)
$ 12.40
b)
$124.00
c)
$153.00
d)
$248.00
20.
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
a)
$34.67
b)
$68.74
c)
$84.67
d)
$160.33
21.
Brandon worked 7 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 4 hours on Saturday. Brandon's rate of pay is $12 per hour. Calculate Brandon's regular, overtime and total hours for the week.
a)
30 Regular Hours, 18 Overtime Hours, and 48 Total Hours
b)
35 Regular Hours, 13 Overtime Hours, and 48 Total Hours
c)
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
d)
48 Regular Hours, No Overtime Hours, and 48 Total Hours
22.
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
a)
$34.67
b)
$68.74
c)
$84.67
d)
$160.33
23.
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
a)
$426.75
b)
$226.25
c)
$175.00
d)
$173.25
24.
John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for
recording the company's payroll?
recording the company's payroll?
a)
Debit Salary Expense $1,500.00, Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal
Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Cash $1,105.25
Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Cash $1,105.25
b)
Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal
Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
c)
Debit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00,
State Income Tax Payable $80.00; credit Salary Expense $1,500.00, Cash $1,105.25
State Income Tax Payable $80.00; credit Salary Expense $1,500.00, Cash $1,105.25
d)
Debit Wages Expense $1,500.00, Cash $1,105.25; credit Social Security Tax Payable $93.00, Medicare Tax Payable
$21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00
$21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00
25.
David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36; and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Cash $63 and credit Miscellaneous Expense $63
b)
Debit Miscellaneous Expense $63 and credit Cash $63
c)
Debit Office Expense $27, debit Supplies $36 and credit Cash $63
d)
Debit Office Expense $27, debit Supplies $36 and credit Petty Cash $63
26.
Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction?
a)
Debit Cash $500 and credit Petty Cash $500
b)
Debit Miscellaneous Expense $500 and credit Cash $500
c)
Debit Petty Cash $500 and credit Cash $500
d)
Debit Petty Cash $500 and credit Miscellaneous Expense $500
27.
Emily wants to replenish the $300 petty cash fund. She has receipts for the following total payments: supplies, $55; and repairs, $35. A cash count shows $195 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $35, debit Supplies $55 and credit Cash $90
b)
Debit Repair Expense $35, debit Supplies $55 and credit Petty Cash $90
c)
Debit Repair Expense $35, debit Supplies $55, and credit Cash $90, credit Cash Short and Over $15
d)
Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105
28.
Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $76, debit Office Expense $34 and credit Cash $110
b)
Debit Repair Expense $76, debit Office Expense $34 and credit Petty Cash $110
c)
Debit Repair Expense $76, debit Office Expense $34, and credit Cash $110, credit Cash Short and Over $40
d)
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
29.
Scott wants to replenish the $225 petty cash fund. He has receipts for the following total payments: supplies, $35; and repairs, $15. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Cash $50 and credit Miscellaneous Expense $50
b)
Debit Miscellaneous Expense $50 and credit Cash $50
c)
Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
d)
Debit Repair Expense $15, debit Supplies $35 and credit Petty Cash $50
30.
Joseph wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $75; and repairs, $43. A cash count shows $40 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $43, debit Supplies $75 and credit Cash $118
b)
Debit Repair Expense $43, debit Supplies $75 and credit Petty Cash $118
c)
Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
d)
Debit Repair Expense $43, debit Supplies $75, debit Cash Short and Over $8, and credit Cash $126
31.
On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check?
a)
Debit Accounts Receivable-Hickory Hosiery $55.00, debit Bank Service Charge $25.00; credit Cash $80.00
b)
Debit Accounts Receivable-Hickory Hosiery $80.00, Credit Bank Service Charge $25.00, Credit Cash $55.00
c)
Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
d)
Debit Cash $80.00; credit Accounts Receivable-Hickory Hosiery $80.00
32.
On December 23, Wake Incorporated received notice from the bank of a dishonored check from Davie Company in the amount of $125.00. The bank charged a service fee of $25.00. What is the correct journal entry for Wake Incorporated to record the dishonored check?
a)
Debit Accounts Receivable-Davie Company $125.00, Debit Bank Service Charge $25.00, Credit Cash $150.00
b)
Debit Accounts Receivable-Davie Company $150.00, Credit Bank Service Charge $25.00, Credit Cash $125.00
c)
Debit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00
d)
Debit Cash $150.00, Credit Accounts Receivable-Davie Company $150.00
33.
The merchandise inventory account has a balance of $1,000. At the end of the month, a physical count of the inventory items shows $1,700 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
a)
Debit Merchandise Inventory, $700; credit Income Summary, $700
b)
Debit Income Summary, $700; credit Merchandise Inventory, $700
c)
Debit Merchandise Inventory, $1,700; credit Income Summary, $1,700
d)
Debit Income Summary, $1,700; credit Merchandise Inventory, $1,700
34.
The merchandise inventory account has a balance of $1,500. At the end of the month, a physical count of the inventory items shows $2,200 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
a)
Debit Merchandise Inventory, $700; credit Income Summary, $700
b)
Debit Income Summary, $700; credit Merchandise Inventory, $700
c)
Debit Merchandise Inventory, $3,700; credit Income Summary, $3,700
d)
Debit Income Summary, $3,700; credit Merchandise Inventory, $3,700
35.
The Hot Spot Donut Shop sold donuts on account to The Corner Church for $50. What is the journal entry for Hot Spot Donut Shop to record this transaction?
a)
Debit Accounts Receivable/The CornerChurch, $50; Credit Purchases, $50.
b)
Debit Accounts Receivable/ The Corner Church, $50; Credit Sales $50.
c)
Debit Purchases, $50; Credit Accounts Receivable/The Corner Church, $50.
d)
Debit Sales, $50; Credit Accounts Receivable/The CornerChurch, $50.
36.
Moped, Inc. sold merchandise for cash to Molly's Mopeds for $312, plus sales tax of $25. What is the journal entry for Moped, Inc. to record this transaction?
a)
Debit Cash, $337; Credit Sales, $312, Sales Tax Payable, $25.
b)
Debit Accounts Receivable/Molly's Mopeds, $337; Credit Sales $312, Sales Tax Payable, $25.
c)
Debit Accounts Receivable/Molly's Mopeds, $337; Credit Cash, $337.
d)
Debit Sales, $312, Sales Tax Payable, $25; Credit Accounts Receivable/ Molly's Mopeds, $337.
167.
167.
37.
Linen Supply sold Nites Inn, merchandise on account for $551, plus sales tax of $31. What is the journal entry for Linen Supply to record this transaction?
a)
Debit Accounts Receivable Nites Inn, $582; Credit Sales, $551, Sales Tax Payable, $31.
b)
Debit Accounts Receivable/Nites Inn, $582; Credit Purchases $582.
c)
Debit Sales, $551, Sales Tax Payable, $31; Credit Accounts Receivable/Nites Inn, $582.
d)
Debit Purchases, $82; Credit Accounts Receivable/Nites Inn, $582.
38.
The Trough Restaurant received $195 cash from 1st Bank for payment on account. What is the journal entry for The Trough Restaurant to record this transaction?
a)
Debit Accounts Receivable/1st Bank, $195; credit Cash, $195.
b)
Debit Sales, $195; credit Cash, $195.
c)
Debit Cash, $195; credit Accounts Receivable/1st Bank, $195.
d)
Debit Cash, $195; credit Sales, $195
39.
Bill's Grocery sold merchandise on account to Jones High Booster Club for $237. What is the journal entry for Bill's Grocery to record this transaction?
a)
Debit Accounts Payable/Jones High Booster Club, $237; Credit Sales $237.
b)
Debit Accounts Receivable/Jones High Booster Club, $237; Credit Sales $237.
c)
Debit Sales $237; Credit Accounts Payable/Jones High Booster Club, $237.
d)
Debit Sales $237; Credit Accounts Receivable/Jones High Booster Club, $237.
40.
The All Wet Pet House sold Quiet Pets, fish on account for $145, plus sales tax of $10. What is the journal entry for The All Wet Pet House to record this transaction?
a)
Debit Accounts Receivable/Quiet Pets, $155; Credit Sales, $145, Sales Tax Payable, $10.
b)
Debit Accounts Receivable/Quiet Pets, $155; Credit Purchases $155.
c)
Debit Sales, $145, Sales Tax Payable, $10; Credit Accounts Receivable/Quiet Pets, $155.
d)
Debit Purchases, $155; Credit Accounts Receivable/Quiet Pets, $155.
41.
Overseas Oil Co. sold merchandise for $665, plus sales tax of $48, to Auto Plastics, who paid for the merchandise with a bank credit card at the time of the sale. What is the journal entry for Overseas Oil Co. to record this transaction?
a)
Debit Cash, $713; Credit Sales, $665, Sales Tax Payable, $48.
b)
Debit Sales, $665, Sales Tax Payable, $48; Credit Cash $713.
c)
Debit Accounts Receivable/Auto Plastics, $713; Credit Cash, $713.
d)
Debit Sales, $665, Sales Tax Payable, $48; Credit Accounts Receivable/Auto Plastics, $713.
42.
Pesky Termite received $85 cash from Bad Wood Hotel for payment on account. What is the journal entry for Pesky Termite to record this transaction?
a)
Debit Accounts Receivable/Bad Wood Hotel, $85; credit Cash, $85.
b)
Debit Sales, $85; credit Cash, $85.
c)
Debit Cash, $85; credit Accounts Receivable/Bad Wood Hotel, $85.
d)
Debit Cash, $85; credit Sales, $85
43.
Automotive Supply sold merchandise for cash to Billy Bob's Auto Shop for $775, plus sales tax of $48. What is the journal entry for Automotive Supply to record this transaction?
a)
Debit Cash, $823; Credit Sales, $775, Sales Tax Payable, $48.
b)
Debit Accounts Receivable/Billy Bob's Auto Shop, $823; Credit Sales $775, Sales Tax Payable, $48.
c)
Debit Sales, $775, Sales Tax Payable, $48; Credit Cash, $823.
d)
Debit Sales, $775, Sales Tax Payable, $48; Credit Accounts Receivable/Billy Bob's Auto Shop, $823.
44.
City Observer received $48 cash from Kevin Grayson for payment on account. Kevin Grayson took a $2 discount for paying early. What is the journal entry for City Observer to record this transaction?
a)
Debit Cash, $48; debit Sales Discounts $2; credit Accounts Receivable/ Kevin Grayson, $50.
b)
Debit Cash, $48; credit Sales Discounts $2; credit Accounts Receivable/Kevin Grayson, $46.
c)
Debit Accounts Receivable/Kevin Grayson, $50, credit Cash, $48;credit Sales Discounts $2.
d)
Debit Sales Discounts $2; Debit Accounts Receivable/Kevin Grayson, $46; credit Cash, $48.
45.
Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error?
a)
Debit Utilities Expense, $250; credit Cash, $250
b)
Debit Utilities Expense, $250; credit Repairs Expense, $250
c)
Debit Repair Expense, $250; credit Utilities Expense, $250
d)
Debit Cash, $250; debit Utilities Expense, $250
46.
What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000?
a)
Debit Cash and credit Dana Jackson, Capital
b)
Debit Cash and credit Dana Jackson, Drawing
c)
Debit Dana Jackson Capital and credit Cash
d)
Debit Miscellaneous Expense and credit Dana Jackson, Capital
47.
What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500?
a)
Debit Accounts Receivable/Bills Limos and credit Cash
b)
Debit Accounts Receivable/Bill's Limos and credit Jane Smith, Capital
c)
Debit Cash and credit Accounts Receivable/Bill's Limos
d)
Debit Cash and debit Accounts Receivable/Bill's Limos
48.
James discovered that a transaction for an Advertising Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200. What is the entry to correct the error?
a)
Debit Advertising Expense, $200; credit Cash, $200
b)
Debit Miscellaneous Expense, $200; credit Advertising Expense, $200
c)
Debit Advertising Expense, $200; credit Miscellaneous Expense, $200
d)
Debit Cash, $200; credit Advertising Expense, $200
49.
What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400?
a)
Debit Cash and credit Miscellaneous Expense
b)
Debit Cash and debit Miscellaneous Expense
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Supplies and credit Miscellaneous Expense
50.
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit, $1,000; Cash Credit, $600. This means that the:
a)
Cash debit column is incorrect.
b)
General credit column is incorrect.
c)
Journal does not prove.
d)
Journal proves.
100 %
