NEW
Font size
WorksheetsHonors Journal Entry Review
Total questions: 20
Worksheet time: 7mins
What account do you debit when you ship Merchandise?
Purchases
Shipping Expense
Transportation In
Purchases R&A
When a customer returns merchandise, this results in a:
Debit to Sales R&A
Credit to Sales R&A
Debit to Purchases R&A
Credit Purchase R&A
When the business returns merchandise, this results in a:
Debit to Sales R&A
Credit to Sales R&A
Debit to Purchases R&A
Credit Purchase R&A
When a business sells Merchandise you:
Credit Merchandise Inventory
Credit Sales
Debit Merchandise Inventory
Debit Sales
The source document you can expect to see when a business receives cash in the store is a:
check
credit memo
debit memo
register tape
The source document you can expect to see when a business returns merchandise is a:
check
credit memo
debit memo
register tape
When a business pays their payroll the account debited is:
Payroll Tax Expense
Salaries Expense
Cash in Bank
Hospital Insurance Premiums Payable
When a business records their gross earnings they place it in an account called:
Payroll Tax Expense
Salaries Expense
Cash in Bank
Hospital Insurance Premiums Payable
What is the discount taken when the terms are n/30?
Zero
$30.00
$3.00
$.30
What is the discount taken when the terms are 3/15, n/30 and the invoice is $1,000.
$150
$15
$300
$30
How many days must you pay in order to take the discount when the terms are: 3/15, n/30.
3
30
15
0
What is the account you debit when the bank takes money from your account for processing your debit cards.
Misc. Expense
Cash in Bank
Bankcard Fee Expense
Bank Statement Expense
When a customer returns merchandise what happens to the Sales Tax?
You credit it
You debit it
Nothing
When you purchase merchandise what happens to the merchandise account?
You credit it
You debit it
Nothing
When your bank charges you for a wire transfer what happens to the bankcard fee expense account?
You credit it
You debit it
Nothing
All of the following source documents can result in an increase to cash except:
Tape
Receipt
Memo
Sales Slip
All of the following source documents can result in an decrease to cash except:
Check
Invoice
Memo
Bank Statement
When a customer pays you what they owe you what is recorded?
A debit to A/R
A credit to A/R
A debit to A/P
A credit A/P
When a business pays what they owe a creditor what is recorded?
A debit to A/R
A credit to A/R
A debit to A/P
A credit A/P
What account do you debit for bankcard sales?
Cash in Bank
A/R
Sales
Bankcard sales
