Daisy Corporation received cash on account from Hamilton's Music Store, $1,164, covering Sales Invoice No. 88 for CDs, $1,200 ($1,000 plus sales tax $200), less a 3% discount, $36, Receipt No. 81. The journal entry to record the transaction is:

debit Cash $1,164, Sales Discount-CDs, $36; credit Accounts Receivable/Hamilton's Music Store, $1,200.

debit Sales, $1,200; credit Cash, $1,200.

debit Sales, $1,164; credit Cash, $1,164.

debit Accounts Receivable/Hamilton's Music Store, $1,200; credit Cash, $1,164, Sales Discount-CDs, $36.

Blastin' Sound Music shop has $2,000 in Salaries-Audio, $2,500 in Salaries-Video, $325 in Social Security withholding, $85 in Medicare withholding, $400 in federal income tax withholding, $300 in state income tax withholding, and $240 in life insurance premiums withholding. The correct entry for recording this company payroll is:

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500; credit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240, Cash $3,150.

debit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240; credit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Cash, $3,150.

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Cash, $3,150; credit Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240.

debit Salary Expense-Audio, $2,000, Salary Expense-Video, $2,500, Social Security Tax Payable, $325, Medicare Tax Payable, $85, Federal Income Tax Payable, $400, State Income Tax Payable, $300, Life Insurance Premiums Payable, $240; credit Cash, $3,150.

Darlings Incorporated sold baby equipment on account to Nanny's Boutique, $1,000 plus sales tax, $150, for a total of $1,150, Sales Invoice No. 11. The correct entry to record this transaction is:

debit Account Receivable/Nanny's Boutique, $1,150; credit Sales-Baby Equipment, $1,000, Sales Tax Payable, $150.

debit Sales, $1,000; credit Cash, $1,000.

debit Cash, $1,000; credit Sales, $1,000.

debit Sales-Baby Equipment, $1,000, Sales Tax Payable, $150; credit Account Receivable/Nanny's Boutique, $1,150.

Jones Corporation paid cash for Administrative Supplies, $500, Check No. 24. The journal entry to record the transaction is:

debit Supplies-Administrative, $500; credit Cash, $500.

debit Purchases, $500; credit Cash, $500.

debit Cash, $500; credit Purchases, $500.

debit Cash, $500; credit Supplies-Administrative, $500.

Bertha's Bookstore has $1,000 in Salaries-Books, $2,000 in Salaries-Audio, $200 in Social Security withholding, $80 in Medicare, $300 in federal income tax withholding, $280 in state income tax withholding, and $150 in life insurance premiums. The correct entry for recording the company payroll is:

debit Salary Expense-Books, $1,000, Salary Expense-Audio, $2,000, Cash, $1,990; credit Social Security Tax Payable, $200, Medicare Tax Payable, $80, Federal Income Tax Payable, $300, State Income Tax Payable, $280, Life Insurance Premiums Payable, $150.

debit Social Security Tax Payable, $200, Medicare Tax Payable, $80, Federal Income Tax Payable, $300, State Income Tax Payable, $280, Life Insurance Premiums Payable, $150; credit Salary Expense-Books, $1,000, Salary Expense-Audio, $2,000, Cash, $1,990.

debit Salary Expense-Books, $1,000, Salary Expense-Audio, $2,000; credit Social Security Tax Payable, $200, Medicare Tax Payable, $80, Federal Income Tax Payable, $300, State Income Tax Payable, $280, Life Insurance Premiums Payable, $150, Cash, $1,990.

debit Salary Expense-Books, $1,000, Salary Expense-Audio, $2,000, Social Security Tax Payable, $200, Medicare Tax Payable, $80, Federal Income Tax Payable, $300, State Income Tax Payable, $280, Life Insurance Premiums Payable, $150; credit Cash, $1,990.

Hal-Mart Corporation paid cash for video department advertising expense, $500, Check No. 89. The correct journal entry to record the transaction is:

debit Advertising Expense-Video, $500; credit Cash, $500.

debit Cash, $500; credit Advertising Expense-Video, $500.

debit Expenses, $500; credit Accounts Payable, $500.

debit Cash, $500; credit Accounts Payable, $500.

Zack’s Corporation gave credit to Bill’s Boot Shack for shoes returned, $250, plus sales tax, $20, for a total of $270, Sales Invoice No. 34 and Credit Memo No. 89. The journal entry to record the transaction is:

debit Sales Returns and Allowances-Shoes, $250, Sales Tax Payable, $20; credit Accounts Receivable/Bill’s Boot Shack, $270.

debit Accounts Receivable/Bill’s Boot Shack, $270; credit Sales Returns and Allowances-Shoes, $250, Sales Tax Payable, $20.

debit Cash, $270; credit Sales, $270.

debit Sales, $250; credit Cash, $250.

Hollis Corporation received cash on account from Hear All Supply Company, $1,372.80, covering Sales Invoice No. 33 for audio equipment for $1,430.00 ($1,300.00 plus sales tax $130.00) less 4% discount, $57.20, Receipt No. 34. The journal entry to record this transaction is:

debit Cash, $1,372.80 and Sales Discount-Audio, $57.20; credit Accounts Receivable/Hear All Supply Company, $1,430.00.

debit Accounts Receivable/Hear All Supply Company, $1,430.00; credit Cash, $1,372.80 and Sales Discount-Audio, $56.20.

debit Sales, $1,430.00; credit Cash, $1,430.00.

debit Sales, $1,372.80; credit Cash, $1,372.80.

Bella’s Boutique has $5,000 in Salaries-Shoes, $3,500 in Salaries-Purses, $2,000 in Salaries-Perfume, $375 in Social Security withholding, $116 in Medicare withholding, $350 in federal income tax withholding, $170 in state income tax withholding, and $500 in health insurance premiums. The correct entry for recording the company’s payroll is:

debit Salary Expense-Shoes, $5,000, Salary Expense-Purses, $3,500, Salary Expense-Perfume, $2,000; credit Social Security Tax Payable, $375, Medicare Tax Payable, $116, Federal Income Tax Payable, $350, State Income Tax Payable, $170, Health Insurance Premiums Payable, $500, Cash, $8,989.

debit Salary Expense-Shoes, $5,000, Salary Expense-Purses, $3,500, Salary Expense-Perfume, $2,000, Cash, $8,989; credit Social Security Tax Payable, $375, Medicare Tax Payable, $116, Federal Income Tax Payable, $350, State Income Tax Payable, $170, Health Insurance Premiums Payable, $500.

debit Salary Expense-Shoes, $5,000, Salary Expense-Purses, $3,500, Salary Expense-Perfume, $2,000; credit Social Security Tax Payable, $375, Medicare Tax Payable, $116, Federal Income Tax Payable, $350, State Income Tax Payable, $170, Health Insurance Premiums Payable, $500; credit Cash $8,989.

debit Social Security Tax Payable, $375, Medicare Tax Payable, $116, Federal Income Tax Payable, $350, State Income Tax Payable, $170, Health Insurance Premiums Payable, $500; credit Salary Expense-Shoes, $5,000, Salary Expense-Purses, $3,500, Salary Expense-Perfume, $2,000, Cash $8,989.

BA20 1.02

Authored by Ashley Faulkner

Business

10th Grade

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Betty Lou's Variety Store recorded cash and credit card sales of shoes, $500, pocketbooks, $300, and sales tax, $50, for a total of $850, Tape 33. The journal entry to record the transaction is:

debit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50; credit Cash, $850.

debit Cash, $850; credit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50.

Sales Tax Payable, $50.

debit Cash, $800; credit Sales, $800.

debit Sales, $800; credit Cash, $800.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Booming Corporation purchased CDs on account from Hear All Supply Company, $500, Purchase Invoice No. 5. The correct entry to record the transaction is:

debit Cash, $500; credit Hear All Supply Company, $500.

debit Hear All Supply Company, $500; credit Cash, $500.

debit Purchases-CDs, $500; credit Accounts Payable/Hear All Supply Company, $500.

debit Accounts Payable/Hear All Supply Company, $500; credit Purchases-CDs, $500.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Booming Corporation returned some cracked CDs to Hear All Supply Company, $100, from Purchase Invoice No. 5, Debit Memo No. 55. The journal entry to record the transaction is:

debit Accounts Payable, $100; credit Cash, $100.

debit Cash, $100; credit Accounts Payable, $100.

debit Accounts Payable/Hear All Supply Company, $100; credit Purchases Returns and Allowances-CDs, $100.

debit Purchases Returns and Allowances-CDs, $100; credit Accounts Payable/Hear All Supply Company, $100.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Smith Corporation paid cash for audio department supplies, $800, Check No. 56. The journal entry to record the transaction is:

debit Cash, $800; credit Supplies-Audio, $800.

debit Cash, $800; credit Purchases, $800.

debit Purchases, $800; credit Cash, $800.

debit Supplies-Audio, $800; credit Cash, $800.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Starling Corporation paid cash for rent expense, $700, Check No. 58. The correct journal entry for the transaction is:

debit Expenses, $700; credit Accounts Payable, $700.

debit Accounts Payable, $700; credit Cash, $700.

debit Rent Expense, $700; credit Cash, $700.

debit Cash, $700; credit Rent Expense, $700.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jan's Corporation paid cash for Utilities Expense, $600, Check No. 36. The journal entry for the transaction is:

debit Accounts Payable, $600; credit Cash, $600.

debit Cash, $600; credit Utilities Expense, $600.

debit Expenses, $600; credit Accounts Payable, $600.

debit Utilities Expense, $600; credit Cash, $600.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Candy Corporation issued a credit to Sweet Shop for damaged candy, $50, plus sales tax, $6, total $56, from Sales Invoice No. 5, Credit Memo No. 46. The journal entry to record the transaction is:

debit Cash, $56; credit Sales, $56.

debit Sales, $50; credit Cash, $50.

debit Sales Returns and Allowances-Candy, $50, Sales Tax Payable, $6; credit Accounts Receivable/Sweet Shop, $56.

debit Accounts Receivable/Sweet Shop, $56; credit Sales Returns and Allowances-Candy, $50, Sales Tax Payable, $6.

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