WorksheetsQ3 Summative Test 3
Total questions: 10
Worksheet time: 5mins
What type of account is drawing?
Asset
Capital
Expense
Income
What does withdraw mean?
A. Invest cash in the business
B. Borrow cash from the bank
A. Invest cash in the business
B. Borrow cash from the bank
Pay liability to debtor of the business
D. The owner get cash for personal use
Pay liability to debtor of the business
D. The owner get cash for personal use
Which item is recorded in the debit column?
Cash
Drawing
P 5,000
Withdrew cash.
In a journal entry dated Feb. 7, 2018, which item is NOT written in the date
column?
2018
7
P 5,000
Feb.
Where do we record Drawing when it increases?
Credit
Date
Debit
Explanation
Which item is the account debited?
Cash
Macapagal, Drawing
supplies
withdrew cash
Which item is the account credited?
Cash
Macapagal, Drawing
Supplies
Withdrew cash.
Which item is the explanation for the business transaction dated February 7?
Cash
Macapagal, Drawing
Paid water expense
Withdrew cash
What happens to cash when the owner withdrew cash?
Cash decreases
Cash increases
No effect on cash
None of the above
Where does the drawing is recorded when the owner withdrew cash?
Credit
Debit
Both debit and credit
It will not be recorded
