Accounting Quiz Review
Authored by Nicole Johnson
Life Skills
10th - 12th Grade
Used 36+ times
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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is an example of an account
that carries a normal credit balance?
Cash
Joan Brown, Drawing
Supplies
Tyler Jackson, Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The transaction RECEIVED CASH ON ACCOUNT FROM TOM PARKER would result in which journal entry
debit Accounts Receivable/Tom Parker and credit Cash
debit Cash and credit Accounts Receivable/Tom Parker
debit Cash and debit Accounts Receivable/Tom Parke
debit Tom Parker/Capital and credit Cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY is:
debit Cash and credit Owner's Capital.
debit Cash and credit Owner's Drawing.
debit Accounts Payable/Avis Supply Company and credit Cash.
debit Accounts Receivable/Avis Supply Company and credit Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The correct journal entry for the transaction PAID CASH FOR REPAIRS is:
debit Cash and credit Miscellaneous Expense
debit Cash and credit Repair Expense
debit Miscellaneous Expense and credit Cash
debit Repair Expense and credit Cash.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The correct journal entry for the transaction BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY is:
debit Accounts Payable/Steinman Company and credit Cash.
debit Accounts Payable/Steinman Company and credit Supplies
debit Supplies and credit Accounts Payable/Steinman Company
debit Supplies and credit Cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of an account that has a normal debit balance?
Accounts Receivable/Oakdale School
Accounts Payable/Jones Supply
Mary Johnson, Capital
Sales
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct entry for the transaction HANS SCHMIDT INVESTED $2,000 OF HIS OWN MONEY INTO THE BUSINESS?
HANS SCHMIDT, Capital; credit Cash
debit Miscellaneous Expense; credit HANS SCHMIDT, Capital
debit Cash; credit HANS SCHMIDT, Capital
debit Cash; credit Hans Schmidt, Drawing
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