Objective type questions in relation to passing of journal

Assignment Help Financial Accounting

Reference no: EM13356558

Objective Type questions in relation to passing of Journal Entries.

1. A credit may signify a _____

a. decrease in assets

b. decrease in liabilities

c. decrease in capital

d. decrease in revenue

2. Which of the following applications of the rules of debit and credit is true?

a. decrease Prepaid Insurance with a credit and the normal balance is a credit

b. increase Accounts Payable with a credit and the normal balance is a debit

c. increase Supplies Expense with a debit and the normal balance is a debit

d. decrease Cash with a debit and the normal balance is a credit

3. Which of the following entries records the receipt of cash from patients on account?

a. Accounts Payable, debit; Fees Earned, credit

b. Accounts Receivable, debit; Fees Earned, credit

c. Accounts Receivable, debit; Cash, credit

d. Cash, debit; Accounts Receivable, credit

4. A cash payment is recorded on the cash account as a _____

a. either a debit or a credit

b. credit

c. debit

d. either a debit or a credit

5. Prepare a journal entry for the purchase of office equipment on November 23 for $13,750,

paying $5,000 cash and the reminder on account

what is the debit amount for the transaction?

a. $5,000

b. $8,750

c. $13,750

d. None of the above

6. Prepare a journal entry on february 2 for fees earned on account, $6,300

what is the journal entry?

a. Debit Cash $6,300; Credit Fees Earned $6,300

b. Debit Accounts Receivable $6,300; Credit Fees Earned $6,300

c. Fees Earned $6,300; Credit Cash $6,300

d. Debit Fees Earned $6,300; Credit Accounts Receivable $6,300

a. Kara transferred cash from a personal bank acc to an acc to be used for the business

b. paid rent on office and equipment for the month $2,500

c. Purchased supplies on acc $850

d. paid creditor on acc $ 400

e. Earned sales commissions, receiving cash $ 15,750

f. paid auto expenses (incl rental charge)for month $2,400, and misc expenses $ 600

g. paid office salaries $ 3,250

h. Determined that the cost of supplies used was $575

i. withdrew cash for personal use $ 1,000

what is the ending balance of the cash account?

a. $20,600

b. $21,400

c. $15,000

d. $15,750

8. From the same problem above (7). what is the ending balance of unadjusted the trial

balance? (Points: 7)

a. $27,200

b. $28,200

c. $29,200

d. $31,200

Reference no: EM13356558

Questions Cloud

Calculating annuity future value1 calculating future : calculating annuity future value.1. calculating future valuesnbspwhat is the future value of 1400 in 20 years assuming

Calculating annuity payments amp annuity present value of : calculating annuity payments amp annuity present value of the project.1. calculating annuity cash flowsnbspif you put

Calculating annuity payments perpetuity present value : calculating annuity payments perpetuity present value perpetuity required rate and effective interest rate.1.

Preparing multi-step amp single-step income statements by : preparing multi-step amp single-step income statements by finding out sales amp cost of goods figures.bizkid companys

Objective type questions in relation to passing of journal : objective type questions in relation to passing of journal entries.1. a credit may signify a

Calculating revenue profit amp capital profit and passing : calculating revenue profit amp capital profit and passing journal entry.bon air inc. acquired 70 percent 2800 shares of

Calculating missing values to be disclosed in final : calculating missing values to be disclosed in final financial statements.bon air inc. acquired 70 percent 2800 shares

Calculating ending inventory under retail inventory method : calculating ending inventory under retail inventory method and calculation of loss from shrinkage at cost amp

Calculating ending inventory in both units amp dollars cost : calculating ending inventory in both units amp dollars cost of goods sold commission to manager amp gross profit for

User Account

All Pages