WorksheetsFerg POP QUIZ 12/16 50Q
Total questions: 50
Worksheet time: 25mins
CREDIT always means ___________.
Right side
Left side
DEBIT always means ______________.
Left side
Right side
Utilities Expense is which type of account?
Equity
Asset
Liability
Salaries Expense is which type of account?
Equity
Asset
Liability
Rent Expense is which type of account?
Equity
Asset
Liability
Advertising Expense would be which type of account?
Equity
Asset
Liability
Interest Revenue is which type of account?
Equity
Asset
Liability
Product Revenue is which type of account?
Equity
Asset
Liability
Service Revenue is which type of account?
Equity
Asset
Liability
Owner's Withdrawal is which type of account?
Equity
Asset
Revenue
Liability
Owner's Capital is which type of account?
Equity
Asset
Liability
Revenue
Notes Payable is which type of account?
Liability
Asset
Revenue
Equity
Interest Payable is which type of account?
Liability
Expense
Asset
Expense
Salaries Payable is which type of account?
Liability
Asset
Revenue
Expense
Accounts Payable is which type of account?
Liability
Asset
Revenue
Expense
Unearned Revenue is which type of account?
Liability
Asset
Equity
Expense
Land is which type of account?
Asset
Equity
Liability
Revenue
Office Supplies is which type of account?
Asset
Liability
Expense
Equity
Accounts Receivable is which type of account?
Asset
Liability
Equity
Revenue
Cash is which type of account?
Asset
Liability
Revenue
Equity
You have the following balances: Cash $15,000, Accounts Payable $500, Service Revenue $6,000, Accounts Receivable $2,500, Office Supplies $1,500, Salaries Expense $2,000, Unearned Revenue $3,000, Rent Expense $7,500. Are you in balance?
Yes, each side equals $19,000
Yes, each side equals $12,000
No, there is a $2,700 error
No, there is a $3,400 error
Which is the correct formula for Gross Income in a department store?
Men's wear Revenue + Women's wear Revenue + Children's wear Revenue + Jewelry Revenue
Men's wear Revenue + Women's wear Revenue + Children's wear Revenue + Jewelry Revenue - Rent Expense
Men's wear Revenue + Women's wear Revenue + Children's wear Revenue + Jewelry Revenue - Owner's Withdrawals
Men's wear Revenue + Women's wear Revenue + Children's wear Revenue + Jewelry Revenue - Total of Liabilities
You have the following balances for your department store: Men's wear Revenue $15,000, Women's wear Revenue $12,000, Jewelry Revenue $3,500, Salaries Expense $4,000, Rent Expense $1,500. What is the Gross Income amount?
$30,500
$25,000
$50,300
$42,500
To calculate Net Income, which is the correct formula?
Total Revenues - Total Expenses
Total Revenues - Current Expenses
Current Revenues - Owner's Withdrawals
Total Revenues - Current Revenues
To calculate the owner's current investment in a company, which is the correct formula?
Owner's Capital - Owner's Withdrawals
Cash - Owner's Withdrawals
Owner's Withdrawals - Owner's Capital
Owner's Withdrawals - Cash
Liabilities have the following balances: Accounts Payable DB $500, Unearned Revenue CR $4,000, Notes Payable CR $55,000. What is the balance?
$58,500 DB
$58,500 CR
$51,500 DB
$51,500 CR
Assets have the following balances: Cash DB $18,000, Accounts Receivable CR $2,500, Office Supplies DB $750, Furniture DB $3,400, Building DB $35,000, Land DB $30,000. What is the balance?
$84,650
$81,650
$86,350
$89,350
Which is the correct sequence of events?
Record transactions, journalize transactions, prepare trial balance
Record transactions, prepare trial balance, journalize transactions
Prepare trial balance, record transactions, journalize transactions
Journalize transactions, record transactions, prepare trial balance
You have these accounts: Cash, Accounts Payable, Service Revenue, Product Revenue, Salaries Expense, Interest Expense, Notes Payable, Utilities Expense, Furniture, Land, Advertising Expense and Accounts Receivable. Which are Liabilities?
Accounts Payable, Notes Payable
Cash, Service Revenue, Product Revenue
Salaries Expense, Interest Expense, Advertising Expense
Notes Payable, Furniture, Land
You have these accounts: Cash, Service Revenue, Rent Expense, Interest Expense, Office Supplies, Furniture, Land, Advertising Expense and Accounts Receivable. Which accounts are assets?
Cash, Accounts Receivable, Office Supplies, Furniture, Land
Cash, Interest Expense, Land, Advertising Expense
Office Supplies, Furniture, Land, Rent Expense
Service Revenue, Furniture, Land, Advertising Expense and Accounts Receivable
A concrete company had the following income and expenses for August. Paving Revenue $25,000, Landscaping Revenue $4,500, Salaries Expense $7,500, Materials Expense $9,000, Rent Expense $1,000, Equipment Rental Expense $2,500. What is the Net Income?
$9,500
$8,500
$10,500
$7,500
The following revenues were recorded for a department store: Men's Wear $2,500, Ladies Wear $4,000, Children's Wear $1,500, Jewelry $10,000. Expenses were: Salaries: $8,000, Rent for Store Space $3,000. What is the Net Income amount?
$7,000
$8,000
$9,000
$6,000
You have the following balances: Cash $20,000, Accounts Receivable $12,000, Office Supplies $2,500, Land $40,000, Accounts Payable $5,750, Notes Payable $35,000, Unearned Revenue $3,550, Owner's Capital $55,000, Owner's Withdrawal $10,000, Revenue $20,000 and Expenses total $15,000. What is the amount of liabilities?
$44,300
$99,300
$62,300
$19,300
Your balances are: Cash $5,000, Office Supplies $250, Land $30,000, Accounts Payable $500, Unearned Revenue $500, Notes Payable $1,500, Owner's Capital $10,000, Owner Withdrawal $2,000, Service Revenue $25,000. Are your accounts in balance?
No, there is a $250 error.
Yes, Assets = $35,000 and Liab + Equity = $35,000
Yes, Assets = $35,500 and Liab + Equity = $35,500
No, there is a $750 error
You have the following balances: Cash $9,000, Accounts Receivable $3,000, Office Supplies $500, Land $25,000, Accounts Payable $250, Notes Payable $12,000, Unearned Revenue $950, Owner's Capital $15,000, Owner's Withdrawal $5,000. What is the balance of equity?
$10,000
$15,000
$5,000
$20,000
You have the following balances: Cash $8,000, Accounts Receivable $2,000, Office Supplies $500, Land $20,000, Accounts Payable $750, Notes Payable $12,000, Unearned Revenue $750, Owner's Capital $5,000, Owner's Withdrawal $1,000. What is the total amount of assets?
$30,500
$30,200
$31,250
$31,750
You have a loan that is shown in Notes Payable with a beginning balance of $80,000. In Jan, Feb, Mar, April and May you pay $2,500 each month. What is your balance June 1st?
$67,500
$49,500
$75,500
$54,500
Which is the correct balance of owner's investment? Owner's previous balance was $15,000, he invests $50,000 in April, $20,000 in May, $10,000 in June, $25,000 in July and withdraws $60,000 in August.
$60,000
$50,000
$70,000
$40,000
Which is the correct balance of the owner's investment? Owner invests $50,000 January 1, withdraws $10,000 in Feb, withdraws $10,000 in March and invests $5,000 in April.
$35,000
$45,000
$25,000
$15,000
A landlord rents and pays for office space to run his business. His business is to rent houses and apartments to other people. He pays $500 per month for his office space and earns $10,000 per month renting houses and apartments. Which is correct?
He needs a Rent Revenue and Rent Expense account.
He only needs a Rent Expense account.
He only needs a Rent Revenue account.
He really doesn't need either account, this is a Service Revenue.
You take out a loan and immediately purchase land without the use of cash. Which account will be Debited?
Land
Notes Payable
Accounts Payable
Cash
You babysit Friday night and will also babysit Saturday and Sunday night. After babysitting Friday night, the customer pays you $150, ($50 per night). Which is correct?
DB $150 Cash, CR $50 Service Revenue and CR $100 Unearned Revenue
DB $150 Unearned Revenue, CR $150 Cash
DB $50 Service Revenue, CR $50 Cash and CR $100 Unearned Revenue
DB $50 Unearned Revenue, CR $100 Cash and CR $50 Service Revenue
You provided 3 nights of babysitting for $75 each and the customer paid cash. Which is the correct transaction?
DB $225 Cash, CR $225 Service Revenue
DB $225 Service Revenue, CR $225 Cash
DB $225 Unearned Revenue, CR $225 Cash
DB $225 Cash, CR $225 Unearned Revenue
You pay the $250 interest that is due on the loan from the bank. Which is the correct transaction?
DB $250 Interest Expense, CR $250 Cash
DB $250 Cash, CR $250 Interest Expense
DB $250 Accounts Payable, CR $250 Interest Expense
DB $250 Interest Expense, CR $250 Notes Payable
A customer walks into your business and pays a bill that he has owed for 2 months of $75. Which is the correct transaction?
DB $75 Cash, CR $75 Accounts Receivable
DB $75 Accounts Receivable, CR $75 Cash
DB $75 Accounts Receivable, CR $75 Accounts Payable
DB $75 Accounts Payable, CR $75 Accounts Receivable
A customer pays you $1,500 today to remove the snow from their parking lot in December, January and February. Which is the correct transaction?
DB $1,500 Cash, CR $1,500 Unearned Revenue
DB $1,500 Unearned Revenue, CR $1,500 Cash
DB $1,500 Cash, CR $1,500 Accounts Receivable
DB $1,500 Accounts Receivable, CR $1,500 Cash
You pay your 5 employees $1,000 each at the end of the month. Which is the correct transaction?
DB to Salaries Expense, CR to Cash
DB to Cash, CR to Salaries Expense
DB to Accounts Payable, CR to Salaries Expense
DB to Cash, CR to Accounts Payable
You make a payment on a loan that you obtained from the bank last month. Which is the correct transaction?
DB Notes Payable, CR to Cash
DB to Cash, CR to Notes Payable
DB to Accounts Payable, CR to Cash
DB to Cash, CR to Accounts Payable
You own a lawn mowing service and purchase a new lawn tractor on credit (you will pay at a later time). Which transaction is correct?
DB to Equipment, CR to Accounts Payable
DB to Accounts Payable, CR to Equipment
DB to Service Revenue, CR to Equipment
DB to Accounts Payable, CR to Cash
You wash a house for a customer but the customer does not pay that day. Which is the correct transaction?
DB to Accounts Receivable, CR to Service Revenue
DB to Service Revenue, CR to Accounts Receivable
DB to Cash, CR to Service Revenue
DB to Accounts Receivable, CR to Cash
