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- Fill in the BlankPlease save your changes before editing any questions.
J. Gibson started a business with $70,000 which was deposited into the business' bank account. The two accounts being affected are bank and ______
- Multiple ChoicePlease save your changes before editing any questions.
D. Michaels paid rent in the amount of $5000, using funds from the company's bank account. In their books bank will be
Debited
Credited
- Multiple ChoicePlease save your changes before editing any questions.
G. Hobbs bought goods from us on credit and therefore owes us money. In our books we will _____ G. Hobbs' account
Debit
Credit
- Multiple ChoicePlease save your changes before editing any questions.
We bought goods from D. Davidson and paid $500 in cash. Which two accounts are being affected?
Purchases and Cash
Sales and cash
Purchases and D. Davidson
Sales and D. Davidson
- Multiple ChoicePlease save your changes before editing any questions.
We took a loan from S. Lorry and they paid us cash $10,000. How would this be recorded in our books?
Debit Cash
Credit S. Lorry
Debit S. Lorry
Credit Cash
Debit bank
Credit S. Lorry
Credit S. Lorry
Debit bank
- Multiple ChoicePlease save your changes before editing any questions.
When we started our business, in order to record the $100k invested in capital we _____ the capital account
Debited
Credited
- Multiple ChoicePlease save your changes before editing any questions.
When we paid $500 in insurance, how did we record this?
Debit Cash
Credit Insurance
Debit Insurance
Credit Cash
Debit Bank
Credit Insurance
Debit Insurance
Credit Bank
- Multiple ChoicePlease save your changes before editing any questions.
We sold goods to L. Higgs on credit. Which two accounts are being affected?
L. Higgs and Purchases
L. Higgs and Sales
Sales and Cash
Purchases and Cash
- Multiple ChoicePlease save your changes before editing any questions.
When we purchased goods, how did we record this?
Debit purchases
Credit purchases
Debit inventory
Credit inventory
- Multiple ChoicePlease save your changes before editing any questions.
When we bought stationery and paid cash, how did we record this ?
Debit cash
Credit stationery
Debit Stationery
Credit cash
Debit inventory
Credit Cash
Debit Cash
Credit Inventory