WorksheetsIntrotoAcctg_Journal Entries
Total questions: 15
Worksheet time: 8mins
What type of account is Cash
Asset
Liability
Income Statement
Owner's Equity
What type of account is Accounts Payable?
Asset
Liability
Income Statement
Owner's Equity
What type of account is Accounts Receivables?
Asset
Liability
Income Statement
Owner's equity
What type of account is Sales?
Asset
Liability
Income Statement - Revenue
Owner's Equity
What type of account is Prepaid Insurance?
Asset
Liability
Income statement
Owner's Equity
What type of account is Utilities expenses?
Asset
Liability
Income statement
Owner's Equity
What type of account is Capital?
Asset
Liability
Income Statement
Owner's Equity
When a company receives cash for something, how is it recorded in a journal entry?
debit
credit
The company pays $5,000 cash for new equipment. What is the proper journal entry?
debit equipment $5,000,
credit cast $5,000
debit Cash $5,000
credit equipment $5,000
The company buys $800 worth of office supplies on account, meaning it will pay later. What is the proper journal entry?
Debit Office Supplies $800
Credit Accounts Payable $800
Debit Accounts Payable $800
Credit Office Supplies $800
The company provides a service to a client and immediately receives $1,500 in cash. What is the proper journal entry?
Debit Cash for $1,500
Credit Service Revenue for $1,500
Credit Cash for $1,500
Debit Service Revenue for $1,500
The company provides a service to a client for $1,000 and sends them a bill, to be paid later. What is the correct journal entry?
Debit Accounts Receivable for $1,000
Credit Service Revenue for $1,000
Credit Accounts Receivable for $1,000
Debit Service Revenue for $1,000
A withdrawal of cash from business by the proprietor is credited to __________
Cash
Drawing
Capital
Business
When you get your $1,500.00 Initial investment what is the transaction?
Debit Cash; Credit Revenue
Debit Revenue; Credit Cash
Debit Cash; Credit Owner's Capital
Debit Owner's Capital; Credit Cash
Bob's Burgers received $100 for sale of burgers. What is the journal entry?
Debit Cash $100, Credit Sales Revenue $100
Debit Sales Revenue $100, Credit Cash $100
Debit Accounts Receivable $100, Credit Sales Revenue $100
Debit Sales Revenue $100, Credit Accounts Receivable
