Accounting 1.02 VoCats Test Review

Check Stub Invoice Memorandum Receipt ANSWER: B In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: Check Stub Invoice Memorandum Receipt ANSWER: B

Check Stub Invoice Memorandum Receipt ANSWER: B In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an: Check Stub Invoice Memorandum Receipt ANSWER: B

Calculator Tape Check Stub Invoice Receipt ANSWER: D In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: Calculator Tape Check Stub Invoice Receipt ANSWER: D

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? Debit Cash and credit Miscellaneous Expense Debit Cash and debit Miscellaneous Expense Debit Miscellaneous Expense and credit Cash Debit Supplies and credit Miscellaneous Expense ANSWER: C

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? Assets Owner’s Equity (CASH $$) CREDIT Misc. Exp. DEBIT

Debit Accounts Receivable/Beth Parker and credit Cash The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? Debit Accounts Receivable/Beth Parker and credit Cash Debit Accounts Receivable/Beth Parker and credit Sales Debit Cash and credit Accounts Receivable/Beth Parker Debit Cash and credit Sales ANSWER: B

(Accounts Receivable/ Beth Parker) The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? Assets Owners Equity REVENUE CREDIT (Accounts Receivable/ Beth Parker) DEBIT

Debit Cash and credit Utilities Expense The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? Debit Cash and credit Utilities Expense Debit Cash and credit Ted Bright, Drawing Debit Ted Bright, Drawing and credit Cash Debit Utilities Expense and credit Cash ANSWER: D

The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? Assets Owners Equity (CASH $$) CREDIT Utilities Exp. DEBIT

Debit Cash and credit Miscellaneous Expense The transaction, PAID CASH FOR RENT, would result in which journal entry? Debit Cash and credit Miscellaneous Expense Debit Cash and credit Rent Expense Debit Miscellaneous Expense and credit Cash Debit Rent Expense and credit Cash ANSWER: D

The transaction, PAID CASH FOR RENT, would result in which journal entry? Assets Owners Equity (CASH $$) CREDIT Rent Exp. DEBIT

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? Debit Cash and credit Insurance Expense Debit Cash and credit Prepaid Insurance Debit Insurance Expense and credit Cash Debit Prepaid Insurance and credit Cash ANSWER: D

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? Assets Assets Prepaid Insurance DEBIT (CASH $$) CREDIT

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? Debit Accounts Payable/Davis Supply Store and credit Supplies Debit Supplies and credit Accounts Payable/Davis Supply Store Debit Supplies and credit Supplies Expense Debit Supplies Expense and credit Supplies ANSWER: B

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? Assets Liability Acts Pay. CREDIT (Supplies) DEBIT

Debit Cash and credit Legal Expenses Debit Cash and credit Legal Fees The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? Debit Cash and credit Legal Expenses Debit Cash and credit Legal Fees Debit Legal Fees and credit Cash Debit Miscellaneous Expense and credit Legal Fees ANSWER: B

The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? Assets Owners Equity REVENUE CREDIT (CASH $$) DEBIT

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? Debit Cash and credit Frank Harper, Capital Debit Cash and credit Frank Harper, Drawing Debit Frank Harper, Capital and credit Cash Debit Frank Harper, Drawing and credit Cash ANSWER: A

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? Assets Owners Equity (CASH $$) DEBIT CREDIT

Debit Accounts Receivable/Parker INC., and credit Cash The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? Debit Accounts Receivable/Parker INC., and credit Cash Debit Cash and credit Accounts Receivable/Parker, INC. Debit Cash and credit Supplies Debit Supplies and credit Cash ANSWER: B

The transaction, RECEIVED CHECK FROM PARKER, INC The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? Assets Assets Accounts Rec. CREDIT (CASH $$) DEBIT