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WorksheetsAccounting Transactions and Journal Entries
Total questions: 20
Worksheet time: 15mins
Mr. Davis used his credit card to cover his barbershop's $600 rent for the month. This transaction increases ( ).
liabilities
cash
owner's equity
assets
Mr. Davis purchased $120 worth of hair clippers for his shop with his company credit card. This transaction increases in ( ) and ( ).
owner's equity, assets
assets, liabilities
cash, liabilities
assets, owner's equity
On January 12, Bella Beauty Salon received $ 100 cash from Rebecca after washing styling her hair that day. What is the account name for debit? (a)
On January 16th, Rebecca's friend, Leona, received $85 worth of services from the salon because she loved Rebecca's hairstyle. Shepaid with a credit card instead of cash. What is account name for Credit?
Cash
Service Revenue
Unearned Service Revenue
Salary Payable
Ms. Harvey started off her business with $ 20,000 cash. Record $20,000 as the account name "Owner's Capital. This transaction is recorded in ( ). Type your answer staring with Capital letter.
(a)
Match the following
I purchased lamps to sell customers with cash, $2000
Inventory
Debit 2000
Cash
Credit 2000
I purchased a van for the business and paid on credit, $2000.
Van
Debit 2000
Account Payable
Credit 2000
I received the payment of $100 immediately after the job was completed
Cash
Debit 100
Service Revenue
Credit 100
I purchased a van for the business and paid with the cash. $2000
Van
Debit 2000
Cash
Credit 2000
I started off the business with $2000.
Cash
Debit 2000
Owner's Equity
Credit 2000
The customer paid for our service in advanced. We will complete the job in 3 months. What is the account name? We already recorded cash in debit. Start with the Capital Letter and two blanks between words.
(a)
Paid monthly amount due on credit card bills.
Account Payable
Debit
Inventory
Credit
Cash
Debit
Inventory
Credit
Account Receivable
Debit
Account Payable
Credit
Account Payable
Debit
Cash
Credit
Retuned all supplies purchased.
Cash -
Supplies -
Start with the capital letter and one blank between each word.
(a)
On November 22, Mary bought $75 worth of supplies. After a long week of working, on November 27, she only had $ 30 worth of supplies remaining. What is the initial journal entry?
11/22 Inventory Debit 75
Account Receivable 75
11/22 Supplies Debit 75
Account Payable Credit 75
11/22 Supplies Debit 75
Cash Credit 75
11/22 Cash Debit 75
Supplies Credit 75
Capital increase
debit
credit
What is the effect on the accounting equation if a business incurs an expense paid in cash?
Assets increase; Liabilities decrease
Assets decrease; Owner's Equity decreases
Assets decrease; Liabilities increase
Liabilities decrease; Owner's Equity increases
Which of the following accounts would typically have a debit balance?
Revenue
Liability
Asset
Equity
Which account is typically debited when a company receives cash from a customer?
Revenue
Cash
Accounts Receivable
Accounts Payable
What is the primary purpose of using debit and credit in accounting?
To track inventory levels
To record financial transactions
To calculate tax liabilities
To manage employee payroll
The purchase of a desk on account will increase Office Furniture and will also increase
Accounts Payable
Cash in Bank
Accounts Receivable
Marie Krabish, Capital
Purchase good on cash will effect
Cash and Good
Cash Good and Creditor
Cash and Creditor
Cash Creditor and Owner's Equity
When a company makes a cash sale, which accounts are affected?
Cash and Accounts Receivable
Cash and Sales Revenue
Inventory and Sales Revenue
Accounts Payable and Sales Revenue
If Company A has:
$2,300 in Cash
$400 in Accounts Payable
$500 in Accounts Receivable
$1,100 in Bank Loans
What is Company A's Owners Equity?
What is this?
Balance Sheet
Income Statement (Profit and Loss Statement)
ProForma
Statement of Cash Flow
