WorksheetsAccounting I 1-11-18
Total questions: 100
Worksheet time: 50mins
Name
Class
Date
1.
What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply?
a)
Assets decrease $300 and owner's equity decreases $300
b)
Assets increase $300 and owner's equity increases $300
c)
Assets increase $300 and liabilities decreases $300
d)
Assets decrease $300 and liabilities decrease $300
2.
Cash, Office Equipment, and Prepaid Insurance are all classified as:
a)
assets.
b)
liabilities.
c)
owner's equity.
d)
revenue.
3.
What is an example of an account that has a normal debit balance?
a)
Accounts Payable/Adam's Office Supply
b)
Advertising Expense
c)
Mary Johnson, Capital
d)
Sales
4.
What is an example of an account that has a normal credit balance?
a)
Cash
b)
Joan Brown, Drawing
c)
Supplies
d)
Tyler Jackson, Capital
5.
What is the effect when $200 cash is paid to an advertising agency for advertisements for the business?
a)
Assets decrease $200 and owner's equity decreases $200
b)
Assets increase $200 and owner's equity increases $200
c)
Assets increase $200 and owner's equity decreases $200
d)
Liabilities increase $200 and owner's equity decreases $200
6.
What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?
a)
Decreased by $1,000
b)
Decreased by $2,000
c)
Increased by $1,000
d)
Increased by $2,000
7.
What is an example of an account that has a normal credit balance?
a)
Advertising Expense
b)
Accounts Receivable/Davis Company
c)
Delivery Revenue
d)
Samuel Johnson, Drawing
8.
Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:
a)
owner's equity.
b)
expenses.
c)
liabilities.
d)
revenue.
9.
Sales are classified as:
a)
assets.
b)
expenses.
c)
liabilities.
d)
revenue.
10.
What is an example of an account that has a normal debit balance?
a)
Accounts Receivable/St. Stephens High School
b)
Accounts Payable/Jones Supply
c)
Mary Johnson, Capital
d)
Sales
11.
Rent, telephone bills, and advertising costs are all classified as:
a)
assets.
b)
expenses.
c)
liabilities.
d)
revenue.
12.
What is the effect on owner's equity when a business receives $2000 cash from sales?
a)
Decreased by $2000
b)
Increased by $2000
c)
Decreased by $4,000
d)
Increased by $4,000
13.
What is an example of an account that has a normal debit balance?
a)
Mary Johnson, Capital
b)
Accounts Payable/Ray's Office Equipment
c)
Rent Expense
d)
Sales
14.
What is an example of an account that has a normal credit balance?
a)
Cash
b)
Accounts Payable/Jones Supply
c)
Prepaid Insurance
d)
Supplies
15.
What is an example of an account that has a normal credit balance?
a)
Cash
b)
Office Equipment
c)
Sales
d)
Supplies
16.
The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?
a)
Debit Cash and credit Utilities Expense
b)
Debit Cash and credit Ted Bright, Drawing
c)
Debit Ted Bright, Drawing and credit Cash
d)
Debit Utilities Expense and credit Cash
17.
The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?
a)
Debit Cash and credit Legal Expenses
b)
Debit Cash and credit Legal Fees
c)
Debit Legal Fees and credit Cash
d)
Debit Miscellaneous Expense and credit Legal Fees
18.
The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?
a)
Debit Accounts Payable/Davis Supply Store and credit Supplies
b)
Debit Supplies and credit Accounts Payable/Davis Supply Store
c)
Debit Supplies and credit Supplies Expense
d)
Debit Supplies Expense and credit Supplies
19.
The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?
a)
Debit Cash and credit Insurance Expense
b)
Debit Cash and credit Prepaid Insurance
c)
Debit Insurance Expense and credit Cash
d)
Debit Prepaid Insurance and credit Cash
20.
In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:
a)
calculator tape.
b)
check stub.
c)
invoice.
d)
receipt.
21.
The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?
a)
Debit Cash and credit Frank Harper, Capital
b)
Debit Cash and credit Frank Harper, Drawing
c)
Debit Frank Harper, Capital and credit Cash
d)
Debit Frank Harper, Drawing and credit Cash
22.
The transaction, PAID CASH FOR RENT, would result in which journal entry?
a)
Debit Cash and credit Miscellaneous Expense
b)
Debit Cash and credit Rent Expense
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Rent Expense and credit Cash
23.
The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?
a)
Debit Accounts Receivable/Parker INC., and credit Cash
b)
Debit Cash and credit Accounts Receivable/Parker, INC.
c)
Debit Cash and credit Supplies
d)
Debit Supplies and credit Cash
24.
In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an:
a)
check stub.
b)
invoice.
c)
memorandum.
d)
receipt.
25.
The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?
a)
Debit Accounts Receivable/Beth Parker and credit Cash
b)
Debit Accounts Receivable/Beth Parker and credit Sales
c)
Debit Cash and credit Accounts Receivable/Beth Parker
d)
Debit Cash and credit Sales
26.
The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?
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
27.
In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an:
a)
check stub.
b)
invoice.
c)
memorandum.
d)
receipt
28.
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $350; Cash Debit, $1,000; Cash Credit, $950. This means that the:
a)
Cash debit column is incorrect.
b)
General credit column is incorrect.
c)
Journal does not prove.
d)
Journal proves.
29.
What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95?
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
30.
What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200?
a)
Debit Cash and credit Advertising Expense
b)
Debit Cash and credit Miscellaneous Expense
c)
Credit Cash and credit Advertising Expense
d)
Debit Advertising Expense and credit Cash
31.
What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250?
a)
Debit Cash and credit Office Equipment
b)
Debit Cash and debit Office Equipment
c)
Debit Computer Supplies and credit Cash
d)
Debit Office Equipment and credit Cash
32.
What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250?
a)
Debit Accounts Payable/Jones Supply Company and credit Cash
b)
Debit Supplies and credit Accounts Payable/Jones Supply Company
c)
Debit Account Payable/Jones Supply Company and credit Supplies
d)
Debit Supplies and credit Cash
33.
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
34.
What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000?
a)
Debit Cash and credit Rent Expense
b)
Debit Cash and credit Utilities Expense
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Rent Expense and credit Cash
35.
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200?
a)
Debit Cash and credit Prepaid Insurance
b)
Debit Cash and credit Insurance Expense
c)
Debit Insurance Expense and credit Cash
d)
Debit Prepaid Insurance and credit Cash
36.
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
37.
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000?
a)
Debit Accounts Payable/Jones Supply and credit Cash
b)
Debit Cash and credit Accounts Payable/Jones Supply
c)
Debit Cash and credit Accounts Receivable/Jones Supply
d)
Debit Supplies and credit Cash
38.
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150?
a)
Debit Miscellaneous Expense and credit Sales
b)
Debit Sales and credit Cash
c)
Debit Cash and credit Sales
d)
Debit Cash and debit Sales
39.
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500?
a)
Debit Cash and credit Accounts Payable
b)
Debit Accounts Payable and credit Cash
c)
Debit Cash and credit Sales
d)
Debit Sales and credit Sales
40.
What is the correct entry for the transaction, PAID $150 FOR ADVERTISING?
a)
Credit Cash and credit Advertising Expense
b)
Debit Advertising Expense and credit Cash
c)
Debit Cash and credit Advertising Expense
d)
Debit Cash and credit Miscellaneous Expense
41.
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400?
a)
Debit Insurance Expense and credit Cash
b)
Debit Prepaid Insurance and credit Cash
c)
Debit Cash and credit Prepaid Insurance
d)
Debit Cash and credit Insurance Expense
42.
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
43.
What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125?
a)
Debit Equipment and credit Cash
b)
Debit Utilities Expense and credit Cash
c)
Debit Cash and credit Equipment
d)
Debit Cash and credit Utilities Expense
44.
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY
COMPANY, $500?
COMPANY, $500?
a)
Debit Cash and credit Owner's Capital
b)
Debit Accounts Receivable/Avis Supply Company and credit Cash
c)
Debit Accounts Payable/Avis Supply Company and credit Cash
d)
Debit Cash and credit Owner's Drawing
45.
What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?
a)
Debit Cash and credit Owner's Capital
b)
Debit Owner's Drawing and credit Cash
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Supplies and credit Cash
46.
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.
47.
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
48.
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250?
a)
Debit Cash and credit Sales
b)
Debit Cash and debit Sales
c)
Debit Miscellaneous Expense and credit Sales
d)
Debit Sales and credit Cash
49.
What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900?
a)
Debit Cash and credit Mark Johnson, Capital
b)
Debit Cash and credit Mark Johnson, Drawing
c)
Debit Mark Johnson, Capital, and credit Cash
d)
Debit Mark Johnson, Drawing and credit Cash
50.
What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800?
a)
Debit Accounts Receivable/Burke Supply and credit Cash
b)
Debit Accounts Receivable/Burke Supply and credit Jane Smith, Capital
c)
Debit Cash and credit Accounts Receivable/Burke Supply
d)
Debit Cash and debit Accounts Receivable/Burke Supply
51.
What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700?
a)
Debit Cash and credit Rent Expense
b)
Debit Cash and credit Utilities Expense
c)
Debit Miscellaneous Expense and credit Cash
d)
Debit Rent Expense and credit Cash
52.
What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR
PERSONAL USE, $500?
PERSONAL USE, $500?
a)
Debit Cash and credit John Smith, Capital
b)
Debit Cash and credit John Smith, Drawing
c)
Debit John Smith, Capital, and credit Cash
d)
Debit John Smith, Drawing and credit Cash
53.
What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25?
a)
Debit Supplies and credit Miscellaneous Expense
b)
Debit Miscellaneous Expense and credit Cash
c)
Debit Cash and credit Miscellaneous Expense
d)
Debit Cash and credit Truck Expense
54.
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
55.
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
56.
What is the correct journal entry for the transaction, PAID THE GAS BILL, $125?
a)
Credit Cash and credit Equipment
b)
Debit Cash and credit Utilities Expense
c)
Debit Equipment and credit Cash
d)
Debit Utilities Expense and credit Cash
57.
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
58.
What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM
STEINMAN COMPANY, $75?
STEINMAN COMPANY, $75?
a)
Debit Accounts Payable/Steinman Company and credit Cash
b)
Debit Accounts Payable/Steinman Company and credit Supplies
c)
Debit Supplies and credit Accounts Payable/Steinman Company
d)
Debit Supplies and credit Cash
59.
What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS?
a)
Debit HANS SCHMIDT, Capital and credit Cash
b)
Debit Miscellaneous Expense and credit HANS SCHMIDT, Capital
c)
Debit Cash and credit HANS SCHMIDT, Capital
d)
Debit Cash and credit Hans Schmidt, Drawing
60.
On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. he company has a:
a)
Net income of $4,550.
b)
Net income of $250.
c)
Net loss of $4,550.
d)
Net loss of $250.
61.
If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit:
a)
Insurance Expense and credit Prepaid Insurance $1,200.
b)
Insurance Expense and credit Prepaid Insurance $2,200.
c)
Prepaid Insurance and credit Insurance Expense $1,200.
d)
Prepaid Insurance and credit Insurance Expense $2,200.
62.
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
a)
The Total Assets are greater than the Total Liabilities.
b)
The Total Assets are less than the Owner's Equity.
c)
The Total Assets should equal Total Liabilities plus Owner's Equity.
d)
The Total Assets plus Total Liabilities equal Owner's Equity.
63.
If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit:
a)
Supplies and credit Supplies Expense $700.
b)
Supplies and credit Supplies Expense $1,500.
c)
Supplies Expense and credit Supplies $700.
d)
Supplies Expense and credit Supplies $1,500.
64.
If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit:
a)
Supplies and credit Supplies Expense $500.
b)
Supplies and credit Supplies Expense $1,000.
c)
Supplies Expense and credit Supplies $500.
d)
Supplies Expense and credit Supplies $1,500.
65.
The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:
a)
Net loss of $150.
b)
Net income of $150.
c)
Net income of $1,350.
d)
Net loss of $1,350.
66.
The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry will be to debit:
a)
Prepaid Insurance and credit Insurance Expense $1,500.
b)
Insurance Expense and credit Prepaid Insurance $1,500.
c)
Prepaid Insurance and credit Insurance Expense $3,700.
d)
Insurance Expense and credit Prepaid Insurance $3,700.
67.
Classic Cars, Inc. paid $500 cash for supplies from Wendy's Supplies. What is the journal entry for Classic Cars, Inc. to record this transaction?
a)
Debit Cash, $500; credit Supplies Expense, $500.
b)
Debit Cash, $500; credit Supplies, $500.
c)
Debit Supplies Expense, $500; credit Cash, $500.
d)
Debit Supplies, $500; credit Cash, $500.
68.
Mike's Music paid cash to Sheet Music Supply, $294; covering Purchase Invoice No. 54 for $300, less a 2% discount, $6.00. What is the journal entry for Mike's Music to record this transaction?
a)
Debit Accounts Payable/ Sheet Music Supply, $294; credit Cash, $294.
b)
Debit Accounts Payable/ Sheet Music Supply, $300; credit Cash, $300.
c)
Debit Accounts Payable/ Sheet Music Supply, $300; credit Purchases Discount $6 and credit Cash $294.
d)
Debit Purchases Discount $6 and debit Cash $294; credit Accounts Payable/ Sheet Music Supply $300.
69.
Carl's CD's purchased store supplies on account from Mason Supply for $425. What is the journal entry for Carl's CD's to record this transaction?
a)
Debit Accounts Payable/Mason Supply, $425; Credit Supplies, $425.
b)
Debit Accounts Receivable/Mason Supply, $425; Credit Supplies $425.
c)
Debit Supplies, $425; Credit Accounts Payable/Mason Supply, $425.
d)
Debit Supplies, $425; Credit Accounts Receivable/Mason Supply, $425.
70.
Jacob Doe Tractor purchased store supplies on account from Tractor Supply for $942. What is the journal entry for Jacob Doe Tractor to record this transaction?
a)
Debit Accounts Payable/Tractor Supply, $942; Credit Supplies, $942.
b)
Debit Accounts Receivable/Tractor Supply, $942; Credit Supplies $942.
c)
Debit Supplies, $942; Credit Accounts Payable/Tractor Supply, $942.
d)
Debit Supplies, $942; Credit Accounts Receivable/Tractor Supply, $942.
71.
Digital Electronics paid $189 cash for supplies from We Deliver Supplies. What is the journal entry for Digital Electronics to record this transaction?
a)
Debit Cash, $189; credit Supplies Expense, $189.
b)
Debit Cash, $189; credit Supplies, $189.
c)
Debit Supplies Expense, $189; credit Cash, $189.
d)
Debit Supplies, $189; credit Cash, $189.
72.
Wanda's Wigs paid cash to Wig Warehouse, $323; covering Purchase Invoice No. 812 for $340, less a 5% discount, $17.00. What is the journal entry for Wanda's Wigs to record this transaction?
a)
Debit Accounts Payable/ Wig Warehouse, $323; credit Cash, $323.
b)
Debit Accounts Payable/ Wig Warehouse, $340; credit Cash, $340.
c)
Debit Accounts Payable/ Wig Warehouse, $340; credit Purchases Discount $17 and credit Cash $323.
d)
Debit Purchases Discount $17 and debit Cash $323; credit Accounts Payable/ Wig Warehouse $340.
73.
Gill's Grills purchased store supplies on account from Sellers Warehouse for $829. What is the journal entry for Gill's Grills to record this transaction?
a)
Debit Accounts Payable/Sellers Warehouse, $829; Credit Supplies, $829.
b)
Debit Accounts Receivable/Sellers Warehouse, $829; Credit Supplies $829.
c)
Debit Supplies, $829; Credit Accounts Payable/Sellers Warehouse, $829.
d)
Debit Supplies, $829; Credit Accounts Receivable/Sellers Warehouse, $829.
74.
Loopers & Cybrand Accountants purchase office supplies on account from Quick's Supply for $50. What is the journal entry for Loopers & Cybrand Accountants to record this transaction?
a)
Debit Accounts Payable/Quick's Supply, $50; Credit Office Supplies, $50.
b)
Debit Accounts Receivable/Quick's Supply, $50; Credit Office Supplies $50.
c)
Debit Office Supplies, $50; Credit Accounts Payable/Quick's Supply, $50.
d)
Debit Office Supplies, $50; Credit Accounts Receivable/Quick's Supply, $50.
75.
Mike's Auto Shop purchases supplies on account from Automotive Supply for $435. What is the journal entry for Mike's Auto Shop to record this transaction?
a)
Debit Accounts Payable/Automotive Supply, $435; Credit Supplies, $435.
b)
Debit Accounts Receivable/Automotive Supply, $435; Credit Supplies $435.
c)
Debit Supplies, $435; Credit Accounts Payable/Automotive Supply, $435.
d)
Debit Supplies, $435; Credit Accounts Receivable/Automotive Supply, $435.
76.
Tiny's Toys returned merchandise that was purchased on account to Jonah's Distributing, $150. What is the journal entry for Tiny's Toys to record this transaction?
a)
Debit Accounts Payable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.
b)
Debit Accounts Receivable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.
c)
Debit Purchases Returns and Allowances, $150; Credit Purchases, $150.
d)
Debit Purchases Returns and Allowances, $150; Credit Accounts Payable/ Jonah's Distributing, $150.
77.
Wally's Watches returned merchandise that was purchased on account to Timer's Distributing, $400. What is the journal entry for Wally's Watches to record this transaction?
a)
Debit Accounts Payable/Timer's Distributing, $400; Credit Purchases Returns and Allowances, $400.
b)
Debit Accounts Receivable/Timer's Distributing, $400; Credit Purchases Returns and Allowances, $400.
c)
Debit Purchases Returns and Allowances, $400; Credit Purchases, $400.
d)
Debit Purchases Returns and Allowances, $400; Credit Accounts Payable/ Timer's Distributing, $400.
78.
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.
79.
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction?
a)
Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100
b)
Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550
c)
Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky
Builders, $15,550
Builders, $15,550
d)
Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550
80.
ABC Computers received $489 cash from Quality Electronics for payment on account. What is the journal entry for ABC Computers to record this transaction?
a)
Debit Accounts Receivable/Quality Electronics, $489; credit Cash, $489.
b)
Debit Sales, $489; credit Accounts Receivable/Quality Electronics, $489.
c)
Debit Cash, $489; credit Accounts Receivable/Quality Electronics, $489.
d)
Debit Accounts Receivable/Quality Electronics, $489; credit Sales, $489.
81.
Always On Electric received $177 cash from Emma Smith for payment on account. What is the journal entry for Always On Electric to record this transaction?
a)
Debit Accounts Receivable/Emma Smith, $177; credit Cash, $177
b)
Debit Sales, $177; credit Accounts Receivable/Emma Smith, $177
c)
Debit Cash, $177; credit Accounts Receivable/Emma Smith, $177
d)
Debit Accounts Receivable/Emma Smith, $177; credit Sales, $177
82.
On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?
a)
Debit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash
$225.00
$225.00
b)
Debit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash
$200.00
$200.00
c)
Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
d)
Debit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00
83.
Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $55, debit Supplies $85 and credit Cash $140
b)
Debit Repair Expense $55, debit Supplies $85 and credit Petty Cash $140
c)
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
d)
Debit Repair Expense $55, debit Supplies $85, debit Cash Short and Over $15, and credit Cash $155
84.
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
85.
Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box.
What is the correct journal entry to record the transaction?
What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155
b)
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155
c)
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash
Short and Over $15
Short and Over $15
d)
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5,
and credit cash $160
and credit cash $160
86.
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
87.
Claire wants to establish a $250 petty cash fund for her business. She requested a check for $250. What is the correct journal entry to record the transaction?
a)
Debit Cash $250 and credit Petty Cash $250
b)
Debit Miscellaneous Expense $250 and credit Cash $250
c)
Debit Petty Cash $250 and credit Cash $250
d)
Debit Petty Cash $250 and credit Miscellaneous Expense $250
88.
Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?
a)
Debit Cash $70 and credit Miscellaneous Expense $70
b)
Debit Miscellaneous Expense $70 and credit Cash $70
c)
Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
d)
Debit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70
89.
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?
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
90.
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?
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
$40
d)
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash
$150
$150
91.
Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box.
What is the correct journal entry to record the transaction?
What is the correct journal entry to record the transaction?
a)
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110
b)
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110
c)
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash
Short and Over $15
Short and Over $15
d)
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over
$15, and credit Cash $125
$15, and credit Cash $125
92.
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
93.
Burger Barn paid the following taxes: Social Security $240.00, Medicare $110.00, Federal Income Tax $250.00. What is the entry to journalize the payment of the payroll taxes?
a)
Debit Cash $600.00; credit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal
Income Tax Payable $250.00
Income Tax Payable $250.00
b)
Debit Payroll Tax Expense $600.00; credit Cash $600.00
c)
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable
$250.00; credit Cash $600.00
$250.00; credit Cash $600.00
d)
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable
$250.00; credit Payroll Tax Expense $600.00
$250.00; credit Payroll Tax Expense $600.00
94.
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.
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
95.
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
96.
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
97.
High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 2009. What is the maturity value of the note?
a)
$82,500.00
b)
$78,750.00
c)
$75,000.00
d)
$72,250.00
98.
Tucker's Cafe signed a $15,000, 180-day, 10%, interest-bearing note on May 1, 2009. Using a 360-day year, what is the maturity value of the note?
a)
$15,750.00
b)
$16,040.00
c)
$16,500.00
d)
$16,750.00
99.
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
100.
Hair Design Supply Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $1,200,000.00. In the past, actual uncollectible
accounts expense has been about 2.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
accounts expense has been about 2.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
a)
$24.00
b)
$240.00
c)
$2,400.00
d)
$24,000.00
100 %
