WorksheetsÔN TẬP KTHP NGUYÊN LÝ KẾ TOÁN
Total questions: 57
Worksheet time: 29mins
A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a
proprietorship.
service business.
partnership.
corporation.
The resources owned by a business are called:
assets.
liabilities.
the accounting equation.
owners equity.
On August 25, Gallatin Repair Service extended an offer of $125,000 for land that had been priced for sale at $150,000. On September 3, Gallatin Repair Service accepted the sellers counteroffer of $137,000. On October 20, the land was assessed at a value of 598,000 for property tax purposes. On December 4, Gallatin Repair Service was offered $160,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records?
125,000
150,000
137,000
98,000
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in owner's equity for that period is a(n):
$32,000 increase.
$32,000 decrease.
$8,000 increase.
$58,000 decrease.
If revenue was $45,000, expenses were $37,500, and the dividend were $10,000, the amount of net income or net loss would be:
$45,000 net income.
$7,500 net income.
$37,500 net loss.
$2,500 net loss.
When a corporation received investment of $25,000 from stockholders in exchange for common stock, which accounting elements are affected?
Asset (Cash) increases by $25,000; Common Stock increases by $25,000.
Asset (Cash) decreased by $25,000; Common Stock increases by $25,000.
Asset (Cash) increases by $25,000; Common Stock decreased by $25,000.
Asset (Cash) decreased by $25,000; Common Stock decreased by $25,000.
When a corporation paid creditors on account, $3,750, which accounting elements are affected?
Asset (Cash) increased by $3,750; Liability (Accounts Payable) increased by $3,750
Asset (Cash) decreased by $3,750; Liability (Accounts Payable) increased by $3,750
Asset (Cash) decreased by $3,750; Liability (Accounts Payable) decreased by $3,750
Asset (Cash) increased by $3,750; Liability (Accounts Payable) decreased by $3,750
When a corporation received cash from customers on account, $11,300, which accounting elements are affected?
Asset (Cash) increased by $11,300; Asset (Accounts Receivable) increased by $11,300)
Asset (Cash) decreased by $11,300; Asset (Accounts Receivable) increased by $11,300
Asset (Cash) decreased by $11,300; Asset (Accounts Receivable) decreased by $11,300
Asset (Cash) increased by $11,300; Asset (Accounts Receivable) decreased by $11,300
Purchased supplies on account $1,000
Asset (Supplies) increased by $1,000; Asset (Cash) increased by $1,000
Asset (Supplies) Increased by $1,000; Liability (Accounts Payable) increased by $1,000
Asset (Supplies) increased by $1,000; Asset (Cash) increased by $1,000
Asset (Supplies) increased by $1,000; Liability (Accounts Payable) decreased by $1,000
Billed customers for fees earned $19,000
Assets (Accounts Receivable) increased $19,000; Revenues (Fees Earned) decreased by $19,000
Assets (Accounts Receivable) decreased $19,000; Revenues (Fees Earned) increased by $19,000
Assets (Accounts Receivable) increased $19,000; Revenues (Fees Earned) increased by $19,000
Assets (Accounts Receivable) decreased $19,000; Revenues (Fees Earned) decreased by $19,000
Retained Earnings Is:
Liability
Asset
Stockholders Equity
Revenue
Accounts Payable and Accounts Receivable are
Liabilities
Assets
Stockholders Equity
different types of accounting elements
Paid rent for the month, $4,200.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner's equity.
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in owner's equity.
Determined that the cost of supplies on hand was $900; therefore, $1,600 of supplies had been used during the month.
Increase in an asset, decrease in another asset
Increase in an asset, increase in owners equity.
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in owner's equity.
Paid creditors on account, $9,280.
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owners equity-
Decrease in an asset, decrease in a liability.
Paid utilities expenses $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owners equity.
Decrease in an asset, decrease in owner's equity.
Paid annual insurance premium $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owners equity.
Decrease in an asset, decrease in owners equity.
Paid supplies for cash $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset increase in owner's equity.
Decrease in an asset, decrease in owners equity
A debit may signify an:
increase in an asset account.
decrease in an asset account.
increase in a liability account
Increase in the stockholders' equity (common stock) account.
The type of account with a normal debit balance is
an asset.
stockholders' equity (dividend).
a revenue.
an expense.
The receipt of cash from customers in payment of their accounts would be recorded by:
a debit to Cash and a credit to Accounts Receivable.
a debit to Accounts Receivable and a credit to Cash.
a debit to Cash and a credit to Accounts Payable.
a debit to Accounts Payable and a credit to Cash.
The form listing the titles and balances of the accounts in the ledger on a given date is the:
income statement.
balance sheet.
retained earnings statement.
trial balance
Accounts Receivable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Commissions Earned is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Notes Payable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Common Stock is likely to have
debit entries only
credit entries only
both debit and credit entries
None of the above
Rent Revenue is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
A debit may signify a(n):
increase in an asset account.
decrease in an asset account.
increase in a liability account.
increase in the stockholders equity (common stock) account.
The type of account with a normal credit balance is:
an asset.
stockholders equity (dividend).
a revenue.
an expense.
A debit balance in which of the following accounts would indicate a likely error?
Accounts Receivable
Cash
Fees Earned
Miscellaneous Expense
Which of the following accounts would indicate a likely error?
Accounts Receivable
Cash
Fees Earned
Miscellaneous Expense
The form listing the titles and balances of the accounts in the ledger on a given date is the:
income statement.
balance sheet.
retained earnings statement.
trial balance.
Accounts Receivable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Notes Payable is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Common Stock is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
Rent Revenue is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and supplies on hand at May 31 totaled $950, the adjusting entry would be:
Debit Supplies $950; Credit Supplies Expense $950.
Debit Supplies, $1,300; Credit Supplies Expense, $1,300.
Debit Supplies Expense, $950; Credit Supplies, $950.
Debit Supplies Expense, $1,300; Credit Supplies, $1,300.
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be:
Debit Depreciation Expense, $2,000; Credit Equipment, $2,000.
Debit Equipment, $2,000; Credit Depreciation Expense, $2,000.
Debit Depreciation Expense, $2,000; Credit Accumulated Depreciation, $2,000.
Debit Accumulated Depreciation, $2,000; Credit Depreciation Expense, $2,000.
Paid rent for period of July 4 to end of month, $1,750. Journalize the entry:
Dr Rent expense: $1,750, Cr Cash: $1,750
Dr Cash: $1,750, Cr Rent expense: $1,750
Dr Prepaid rent: $1,750, Cr Cash: $1,750
Dr Cash: $1,750, Cr Prepaid rent: $1,750
Purchased a truck for $15,000, paying $1,000 cash and giving a note payable for the remainder, Journalize the entry:
Dr Truck: $15,000, Dr Cash: $1,000, Cr Account payable: $16,000
Dr Truck: $15,000, Cr Cash: $1,000, Cr Notes payable: $14,000
Dr Truck: $15,000, Cr Cash: $1,000, Cr Account payable: $14,000
None of above
Purchased equipment on account, $7,000. Journalize the entry:
Dr Equipment: $7,000, Cr Cash: $7,000
Dr Account payable: $7,000, Cr Cash: $7,000
Dr Equipment: $7,000, Cr Notes payable: $7,000
Dr Equipment: $7,000, Cr Account payable: $7,000
Purchased supplies for cash, $1,200, Journalize the entry:
Dr Supplies expense: $1,200, Cr Cash: $1,200
Dr Cash: $1,200, Cr Supplies: $1,200
Dr Supplies: $1,200, Cr Cash: $1,200
Dr Supplies: $1,200, Cr Account payable: $1,200
Paid annual premiums on property and casualty insurance, $2,700. Journalize the entry
Dr Prepaid insurance: $2,700, Cr Cash: $2,700
Dr Insurance expense: $2,700, Cr Cash: $2,700
Dr Account payable: $2,700, Cr Cash: $2,700
Dr Cash: $2,700, Cr Prepaid insurance: $2,700
Fees earned and billed to customers for the month, $37,200, Journalize the entry
Dr Cash: $37,200, Cr Account receivable: $37,200
Dr Cash: $37,200, Cr Fees earned: $37,200
Dr Account receivable: $37,200, Cr Fees earned: $37,200
Dr Fees earned: $37,200, Cr Cash: $37,200
Received an invoice for truck expenses, to be paid in August, $800. Journalize the entry
Dr Truck expenses: $800, Cr Cash: $800
Dr Truck expenses: $800, Cr Account payable: $800
Dr Cash: $800, Cr Truck expenses
None of the above
Received cash from customers on account, $3,600. Journalize the entry:
Dr Cash: $3,600, Cr Account receivable: $3,600
Dr Cash: $3,600, Cr Account payable: $3,600
Dr Cash: $3,600, Cr Fees earned: $3,600
Dr Account receivable: $3,600, Cr Fees earned: $3,600
Paid wages of employees, $2,400, Journalize the entry:
Dr Wages: $2,400, Cr Cash: $2,400
Dr Wages: $2,400, Cr Wages payable: $2,400
Dr Wages expense: $2,400, Cr Cash: $2,400
Dr Wages expense: $2,400, Cr Wages payable: $2,000
Paid dividend, $2,000, journalize the entry:
Dr Dividend, $2,000, Cr Dividend payable, $2,000
Dr Dividend, $2,000, Cr Cash, $2,000
Dr Cash: $2,000, Cr Dividend $2,000
None of the above
Fees accrued but unbilled at July 31 are $9,560, Journalize the adjusting entry:
Dr Account receivable: $9,560, Cr Fees earned: $9,560
Dr Cash: $9,560, Cr Fees earned: $9,560
Cr Cash: $9,560, Cr Account receivable: $9,560
Dr Fees earned: $9,560, Cr Account receivable: $9,560
Wages accrued but not paid at July 31 are $1,200, Journalize the adjusting entry.
Dr Wages expense: $1,200, Cr Cash: $1,200
Dr Wages expense: $1,200, Cr Account payable: $1,200
Dr Wages expense: $1,200, Cr Wages payable: $1,200
Dr Wages payable: $1,200, Cr Wages expense: $1,200
The unearned rent account balance at July 31 is $9,375, representing the receipt of an advance payment on July 1 of three months' rent from tenants. Journalize the adjusting entry in July 31:
Dr Unearned rent: $3,125, Cr Rent revenue: $3,125
Dr Rent revenue: $3,125, Cr Unearned rent: $3,125
Dr Account receivable: $9,375, Cr Rent revenue: $9,375
Dr Account receivable: $9,375, Cr Fees earned: $9,375
Issued common stock in exchange for $30,000. Journalize the entry
Dr Common stock: $30,000, Cr Cash: $30,000
Dr Account receivable: $30,000, Cr Common stock: $30,000
Dr Common stock: $30,000, Cr Account receivable: $30,000
Dr Cash: $30,000, Cr Common stock: $30,000
Paid installment due on note payable $1,875. Journalize the entry
Dr Account payable: $1,875, Cr Cash: $1,875
Dr Notes payable: $1,875, Cr Cash: $1,875
Dr Cash: $1,875, Cr Notes payable: $1,875
Dr Cash: $1,875, Cr Account payable: $1,875
Recorded fees earned in January on plans delivered, payment to be received in February, $31,400. Journalize the entry
Dr Cash: $31,400, Cr fees earned: $31,400
Dr Account receivable: $31,400, Cr fees earned: $31,400
Dr fees earned: $31,400, Cr Account receivable: $31,400
Dr Account payable: $31,400, Cr fees earned: $31,400
Paid telephone bill for the month, $550, Journalize the entry
Dr Telephone bill: $550, Cr Cash: $550
Dr Cash: $550, Cr Utilities Expense: $550
Dr Utilities Expense: $550, Cr Cash: $550
Dr Telephone expense: $550, Cr Cash: $550
Received cash from customers on account $8,600, Journalize the entry
Dr Cash: $8,600, Cr Account receivable: $8,600
Dr Account payable: $8,600, Cr Cash: $8,600
Dr Account receivable: $8,600, Cr Cash: $8,600
Dr Cash: $8,600, Cr Fees earned: $8,600
A debit balance in which of the following accounts would indicate a likely error?
Accounts Receivable
Cash
Fees Earned
Miscellaneous Expense
