WorksheetsACC I Unit 3
Total questions: 15
Worksheet time: 8mins
In the transaction BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY COMPANY, the source document is a/an:
check stub
invoice
memorandum
receipt
The correct journal entry for the transaction RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT is:
debit Cash; credit Dana Jackson, Capital
debit Cash; credit Dana Jackson, Drawing
debit Dana Jackson, Capital; credit Cash
debit Miscellaneous Expense; credit Dana Jackson, Capital
The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY is:
debit Cash and credit Owner's Capital
debit Cash and credit Owner's Drawing
debit Accounts Payable/Avis Supply Company and credit Cash
debit Accounts Receivable/Avis Supply Company and credit Cash
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result represent?
The Total Assets are less than the Owner's Equity
The Total Assets plus Total Liabilities Owner's Equity
The Total Assets should equal Total Liabilities plus Owner's Equity
The Total Assets should equal Total Liabilities minus Owner's Equity
In the transaction RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:
calculator tape
check stub
invoice
receipt
Mariah Smith, Capital and Mariah
Smith, Drawing are both classified as:
owner's equity
expenses
liabilities
revenue
The correct journal entry for the transaction PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900 is:
debit Cash and credit Mark Johnson, Capital
debit Cash and credit Mark Johnson, Drawing
debit Mark Johnson, Capital, and credit Cash
debit Mark Johnson, Drawing, and credit Cash
What is an example of an account
that has a normal debit balance?
Accounts Payable/Ray's Office Equipment
Insurance Expense
Ray Smith, Capital
Sales
What is an example of an account that has a normal credit balance?
Cash
Accounts Payable/Jones Supply
Prepaid Insurance
Supplies
What is the effect on owner's equity when a business receives $2,000 cash from sales?
Owner's equity is decreased by $2,000
Owner's equity is increased by $2,000
Owner's equity is decreased by $4,000
Owner's equity is increased by $4,000
Rent, the telephone bill, and advertising costs are all classified as:
assets
expenses
liabilities
revenue
What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?
Assets are decreased by $1,000
Assets are decreased by $2,000
Assets are increased by $1,000
Assets are increased by $2,000
Sales is classified as:
assets
expenses
liabilities
revenue
The transaction RECEIVED CASH ON ACCOUNT FROM TOM PARKER would result in which journal entry?
debit Accounts Receivable/Tom Parker and credit Cash
debit Cash and credit Accounts Receivable/Tom Parker
debit Cash and debit Accounts Receivable/Tom Parker
debit Tom Parker/Capital and credit Cash
When a liability is decreased by a payment made of $100, the effect on assets is a/an:
no change
decrease of $200
decrease of $100
increase of $100
