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- 1. Multiple Choice
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
- 2. Multiple Choice
Paid rent for 3 months $1800, what is the journal entry? Select all that apply.
Debit Cash $1800, Credit Prepaid Rent $1800
Debit Prepaid Rent $1800, Credit Cash $1800
Debit Rent Expense $1800, Credit Cash $1800
Debit Prepaid Rent Expense$1800, Credit Cash $1800
- 3. Multiple Choice
What kind of account is unearned revenue?
Liability
Revenue
Asset
Expense
- 4. Multiple Choice
Collected $550 from TMNT Inc. for last month's services. What is the journal entry? Select all that apply.
Debit Accounts Receivable $550, Credit Cash $550
Debit Accounts Receivable $550, Credit Service Revenue $550
Debit Cash $550, Credit Accounts Receivable $550
Debit Accounts Payable $550, Credit Cash $550
- 5. Multiple Choice
What informal chart can you use to quickly check the balance of a single account?
T- Accounts
Trial Balance
Balance Sheet
General Ledger
- 6. Multiple Choice
What official paper is used to show the balance of a single account after journal entries?
General Ledger
T- Accounts
Balance Sheet
Trial Balance
- 7. Multiple Choice
Channing sold sold 40 DVDs for $20 each. He received $300 cash and sold the rest on account. Complete the journal entry. Select all that apply.
Debit Cash $300, Debit Accounts Receivable $500 , Credit Sales Revenue $800
Debit Cash $300, Credit Sales Revenue $300
Debit Accounts Receivable $500, Credit Sales Revenue $800
Debit Accounts Payable $500 , Debit Cash $300, Credit Sales Revenue $800
Debit Cash $20, Credit Sales Revenue $20
- 8. Multiple ChoiceA general journal page is complete when there is insufficient space to record any more entries.TRUEFALSE
- 9. Multiple ChoiceTo correct an error in a journal, one can simply erase the incorrect item and write the correct item.TRUEFALSE
- 10. Multiple ChoiceTransactions are recorded in a journal in chronological order.TRUEFALSE
- 11. Multiple ChoiceA complete journal entry consists of the date, the debit amount, the credit amount, and a source document.TRUEFALSE
- 12. Multiple ChoiceIn double-entry accounting, each transaction affects at least two accounts.TRUEFALSE
- 13. Multiple ChoiceThe accounting equation isAssets = Liabilities + Owner's EquityAssets = Liabilities - Owner's EquityAssets - Owner's Equity + Liability
- 14. Multiple Choice
To increase a liability account requires acreditdebit - 15. Multiple Choice
The first digit in the account number 120 means that the account is in the
expense division of the general ledger.
revenue division of the general ledger.
liability division of the general ledger.
asset division of the general ledger.
- 16. Multiple ChoiceThe normal balance side of any liability isdebit sidecredit sidethe left sidenone of the above
- 17. Multiple ChoiceThe normal balance side of any revenue account isthe debit sidethe credit sidethe left sidenone of the above
- 18. Multiple ChoiceWhen cash is paid for an expense, the expense account iscrediteddebitedzeronone of the above
- Answer choicesTagsAnswer choicesTags