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WorksheetsLil' Gumdrops Transactions
Total questions: 10
Worksheet time: 5mins
Transaction #1: Lil' Gumdrops purchases $10,000 for playground equipment and pays with a check
Which account is credited?
Cash in bank
Playground equipment
Accounts Payable
Summer Program, Revenue
Transaction #3: Colin Andre withdrawals $300 for personal use
What account is debited? credited?
Cash in bank; Colin Andre, Capital
Colin Andre, Capital; Colin Andre, Colin Andre, Withdrawals
Colin Andre, Withdrawals; Cash in bank
Accounts Receivable; Colin Andre, Capital
Transaction #2: Business buys $500 in diapers from Pull-Ups on account.
True or False: $500 is debited in cash in bank
True
False
Transaction #4: Jayden Salmon invests $300 into business
Which account is debited? Is it on the normal balance side?
Jayden Salmon, Capital; yes
Jayden Salmon, withdrawals; no
Cash in bank; no
Cash in bank; yes
Transaction #7: Lil' Gumdrops purchases $500 for toys and games in cash
Which two accounts are affected?
Cash in bank and toys and games
Cash in bank and crafting supplies expense
Toys and games and accounts payable
Accounts payable and classroom supplies
Transaction #10: Business pays off $500 on account to pull-ups.
What account is credited?
Accounts Payable- Pull ups, Inc
Diapers and baby wipes expense
Cash in bank
Playground Equipment
Transaction #5: Business pays $150 for monthly cleaning fee/supplies
Does this affect a revenue or expense account?
Expense
Revenue
Both revenue and expense
Neither revenue nor expense
Transaction #6: Lil' Gumdrops receives $15,000 in revenue for summer program
What account is credited and for how much?
Cash in bank; $15,000
Summer camp revenue, $1,500
Accounts receivable, $1,500
Summer camp revenue, $15,000
Transaction #9: Business pays $200 in advertising for business
True or False: Both advertising expense AND cash in bank are affected
True
False
Transaction #8: Business received $350 from lunch and snack sales.
What account is affected on the normal balance side
Cash in bank
Lunch and snack sales expense
Lunch and snack sales revenue
Both cash in bank and lunch and snack sales revenue
