WorksheetsJournalizing Business Transactions Quiz
Total questions: 15
Worksheet time: 8mins
ABC Company sold merchandise for $500 cash. What is the correct journal entry?
Debit: Cash $500, Credit: Sales Revenue $500
Debit: Sales Revenue $500, Credit: Cash $500
Debit: Merchandise Inventory $500, Credit: Cash $500
Debit: Cash $500, Credit: Accounts Receivable $500
XYZ Corporation purchased office supplies on account for $200. What is the correct journal entry?
Debit: Office Supplies $200, Credit: Cash $200
Debit: Office Supplies $200, Credit: Accounts Payable $200
Debit: Accounts Payable $200, Credit: Office Supplies $200
Debit: Cash $200, Credit: Office Supplies $200
A business owner withdrew $300 for personal use. What is the correct journal entry?
Debit: Cash $300, Credit: Owner's Drawings $300
Debit: Owner's Drawings $300, Credit: Cash $300
Debit: Cash $300, Credit: Capital $300
Debit: Owner's Drawings $300, Credit: Revenue $300
DEF Services provided consulting services and billed the client $1,000. What is the correct journal entry?
Debit: Cash $1,000, Credit: Service Revenue $1,000
Debit: Accounts Receivable $1,000, Credit: Service Revenue $1,000
Debit: Service Revenue $1,000, Credit: Accounts Receivable $1,000
Debit: Cash $1,000, Credit: Accounts Payable $1,000
GHI Company paid $150 for utility expenses. What is the correct journal entry?
Debit: Utility Expense $150, Credit: Accounts Payable $150
Debit: Cash $150, Credit: Utility Expense $150
Debit: Utility Expense $150, Credit: Cash $150
Debit: Accounts Payable $150, Credit: Cash $150
JKL Retail received cash of $2,000 from a customer for a prior sale. What is the correct journal entry?
Debit: Cash $2,000, Credit: Sales Revenue $2,000
Debit: Cash $2,000, Credit: Accounts Receivable $2,000
Debit: Accounts Receivable $2,000, Credit: Cash $2,000
Debit: Sales Revenue $2,000, Credit: Cash $2,000
MNO Corporation purchased a computer for $1,200, paying $300 in cash and the rest on account. What is the correct journal entry?
Debit: Equipment $1,200, Credit: Cash $300, Credit: Accounts Receivable $900
Debit: Equipment $1,200, Credit: Cash $300, Credit: Accounts Payable $900
Debit: Cash $300, Credit: Equipment $1,200, Credit: Accounts Payable $900
Debit: Accounts Payable $900, Credit: Equipment $1,200, Credit: Cash $300
PQR Company paid $75 for a business lunch. What is the correct journal entry?
Debit: Lunch Expense $75, Credit: Cash $75
Debit: Meals and Entertainment Expense $75, Credit: Cash $75
Debit: Cash $75, Credit: Meals and Entertainment Expense $75
Debit: Meals and Entertainment Expense $75, Credit: Accounts Payable $75
STU Corporation issued $5,000 in common stock for cash. What is the correct journal entry?
Debit: Cash $5,000, Credit: Common Stock $5,000
Debit: Common Stock $5,000, Credit: Cash $5,000
Debit: Cash $5,000, Credit: Revenue $5,000
Debit: Common Stock $5,000, Credit: Revenue $5,000
VWX Enterprises borrowed $10,000 from the bank, signing a note payable. What is the correct journal entry?
Debit: Cash $10,000, Credit: Notes Payable $10,000
Debit: Notes Payable $10,000, Credit: Cash $10,000
Debit: Cash $10,000, Credit: Accounts Payable $10,000
Debit: Cash $10,000, Credit: Loans Payable $10,000
YZA Company paid $250 for a one-year insurance policy. What is the correct journal entry?
Debit: Insurance Expense $250, Credit: Cash $250
Debit: Prepaid Insurance $250, Credit: Cash $250
Debit: Cash $250, Credit: Prepaid Insurance $250
Debit: Cash $250, Credit: Insurance Expense $250
BCD Company received $400 for a service that will be provided next month. What is the correct journal entry?
Debit: Cash $400, Credit: Service Revenue $400
Debit: Cash $400, Credit: Unearned Revenue $400
Debit: Unearned Revenue $400, Credit: Cash $400
Debit: Service Revenue $400, Credit: Accounts Receivable $400
EFG Corporation sold equipment for $800, which had a book value of $600. What is the correct journal entry?
Debit: Cash $800, Credit: Equipment $600, Credit: Loss on Sale of Equipment $200
Debit: Cash $800, Credit: Equipment $600, Credit: Gain on Sale of Equipment $200
Debit: Cash $800, Credit: Loss on Sale of Equipment $200, Credit: Equipment $600
Debit: Equipment $600, Credit: Cash $800, Credit: Gain on Sale of Equipment $200
HIJ LLC paid $50 in interest on a loan. What is the correct journal entry?
Debit: Interest Payable $50, Credit: Cash $50
Debit: Interest Expense $50, Credit: Cash $50
Debit: Cash $50, Credit: Interest Expense $50
Debit: Cash $50, Credit: Loans Payable $50
KLM Inc. recorded depreciation expense of $400 for the month. What is the correct journal entry?
Debit: Accumulated Depreciation $400, Credit: Depreciation Expense $400
Debit: Depreciation Expense $400, Credit: Accumulated Depreciation $400
Debit: Depreciation Expense $400, Credit: Cash $400
Debit: Cash $400, Credit: Depreciation Expense $400
