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Worksheets04 Chapter 2 Recording transactions
Total questions: 10
Worksheet time: 7mins
The degree of _____ is one of the methods used to quantify a company’s financial risk (the risk associated with how the company finances its operations).
financial leverage
prepaid expense
general ledger
bank statements
Which of the followings does not belong to source documents?
sales invoices
purchase orders
customer bills
receipt voucher
Translation: unearned revenue
(a)
Translation: credit revenue
(a)
According to ______principle, revenue is recorded when earned.
matching
full-disclosure
materiality
revenue recognition
The normal balance of repaid insurance is a credit balance.
True
False
What is the journal entry to record the collection of cash for completed chiropractic work?
Debit Cash $2,400, Credit Service Revenue
Debit Accounts Receivable $2,400, Credit Cash $2,400
Debit Cash $2,400, Credit Accounts Payable $2,400
Debit Revenue $2,400, Credit Cash $2,400
What is the journal entry to record the purchase of medical supplies on credit?
Debit Medical Supplies $580, Credit Cash $580
Debit Accounts Payable580, Credit Medical Supplies $580
Debit Medical Supplies $580, Credit Accounts Payable $580
Debit Accounts Payable $580, Credit Cash $580
What is the journal entry to record Jay Ball’s investment of cash and medical equipment at the beginning of the month?
Debit Cash $27,000, Debit Medical Equipment $27,000, Credit Accounts Payable $54,000
Debit Cash $27,000, Credit Medical Equipment $27,000
Debit Medical Equipment $27,000, Credit Cash $27,000
Debit Cash $27,000, Debit Medical Equipment $27,000, Credit Owner’s Equity $54,000
Which of the following statements is correct?
The chart of accounts is a list of all accounts with their balances
The trial balance is a list of all accounts with their balances , divided as debit or credit
The ledger is maintained in chart-of-accounts order
Both B and C are correct
