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WorksheetsFinal - Accounting
Total questions: 17
Worksheet time: 13mins
The accounting equation
assets=liabilities - owner's equity
assets=liabilities + owner's equity
assets + liabilities = owner's equity
assets + owner's equity = liabilities
Which account is a liability?
Supplies
Accounts Receivable - J. Herrera
Accounts Payable - Cenex
S. Flanders - Capital
Which accounts have a normal balance on the credit side? (Increase with a credit.)
liabilities and owner's capital
assets and expenses
assets and liabilities
assets and owner's capital
Received cash on account from M. Drapeau.
Cash-Credit; Accounts Payable - M.Drapeau Credit
Cash - Debit; Accounts Receivable - M. Drapeau - Credit
Cash - Debit; Accounts Payable - M. Drapeau - Debit
Cash - Credit; Accounts Receivable - M. Drapeau - Debit
Bought supplies on account from Walmart.
Supplies-credit; Accounts Receivable-Walmart - debit
Supplies-debit; Accounts Receivable-Walmart - credit
Supplies-debit; Accounts Payable-Walmart - credit
Supplies-credit; Accounts Payable-Walmart - debit
What columns are the separate amounts posted?
Sales Credit
General Debit and General Credit
Sales Credit, Cash Debit, and Cash Credit
Cash Debit and Cash Credit
What is the new balance after the last item posted?
$50 debit
$50 credit
$250 debit
$250 credit
Balance of Supplies on trial balance $2,500. Supplies on hand December 31 $2,000. Adjusting entry would be
Supplies Expense - $500 debit; Supplies - $500 credit
Supplies Expense - $2,000 debit; Supplies - $2,000 credit
Supplies - $500 debit; Supplies Expense - $500 credit
Supplies - $2,000 debit; Supplies Expense - $2,000 credit
Heading, assets, liabilities, and owner's equity are sections of the
general ledger
journal
income statement
balance sheet
Journal entries used to prepare temporary accounts for a new fiscal period
closing entries
adjusting entries
temporary entries
permanent entries
Sales has a credit balance of $2,345. What is recorded to close this account?
net income of $2,345
a credit of $2,345
a debit of $2,345
a net loss of $2,345
All of the transactions entered in a purchases journal are a _?_ to Purchases and a _?_ to Accounts Payable.
debit; debit
debit; credit
credit; credit
credit; debit
Purchased merchandise on account from CDW, $3,430; P480. Record in which journal?
cash receipts
sales
purchases
cash
Received cash on account from D. Christenson $1,000.00 less $20.00 discount; total $980.00. In which columns would amounts be recorded?
Cash Debit $980.00; Sales Discount Debit $20.00; Sales Credit $1,000
Cash Debit $980.00; Sales Discount Debit $20.00; Accounts Receivable Credit $1,000
Cash Debit $1,000; Sales Discount Debit $20.00; Accounts Receivable Credit $980
Cash Debit $1,000; Sales Discount Debit $20.00; Sales Credit $980
Sales Returns and Allowances is a contra-account to Sales. Sales Returns and Allowances has a normal _?_ balance
debit
credit
Which of the following tax(es) is collected until the employee's accumulated earnings reaches the tax base?
Social Security
Medicare
Social Security and Medicare
none of these
The difference between an asset's account balance and its related contra account balance is the
accounts receivable
book value
uncollectible account
depreciation
