WorksheetsDebit and Credit Quiz
Total questions: 10
Worksheet time: 5mins
When cash is received from a customer, which account is debited?
Cash
Accounts Receivable
Accounts Payable
Bank Loan
A company pays $2,000 to settle part of its bank loan. Which account is credited?
Cash
Accounts Payable
Bank Loan
Equity
Assets are increased with a debit entry.
True
False
A credit entry increases equity accounts.
True
False
A business purchases office equipment worth $5,000 on credit. What is the correct journal entry?
Debit: Office Equipment, Credit: Accounts Payable
Debit: Cash, Credit: Office Equipment
Debit: Accounts Payable, Credit: Office Equipment
Debit: Office Equipment, Credit: Cash
A business owner invests $10,000 into the company. Which accounts are affected?
Debit: Cash, Credit: Owner's Equity
Debit: Owner's Equity, Credit: Cash
Debit: Bank Loan, Credit: Cash
Debit: Cash, Credit: Accounts Payable
A company receives $3,000 from a customer to pay off their outstanding balance. What is the journal entry?
Debit: Cash, Credit: Accounts Receivable
Debit: Accounts Payable, Credit: Cash
Debit: Accounts Receivable, Credit: Sales
Debit: Cash, Credit: Equity
The company buys a building for $100,000 and pays $50,000 in cash, with the rest financed through a loan. What is the correct journal entry?
Debit: Building $100,000, Credit: Cash $50,000, Credit: Bank Loan $50,000
Debit: Cash $50,000, Credit: Building $100,000, Credit: Bank Loan $50,000
Debit: Building $50,000, Credit: Bank Loan $50,000
Debit: Cash $50,000, Credit: Building $50,000
A business transfer $1,000 from its cash to the bank account. Which account is credited?
Rent Expense
Cash
Accounts Payable
Revenue
The owner withdraws $2,000 for personal use. What is the correct journal entry?
Debit: Capital, Credit: Cash
Debit: Bank, Credit: Cash
Debit: Cash, Credit: Capital
Debit: Accounts Payable, Credit: Cash
