The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?

Debit Utilities Expense and credit Cash

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?

Debit Supplies and credit Accounts Payable/Davis Supply Store

The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?

Debit Cash and Credit Legal Fees

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?

Debit Prepaid Insurance and Credit Cash

The transaction, PAID CASH FOR RENT, would result in which journal entry?

Debit Rent Expense and credit Cash

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?

Debit Cash and credit Frank Harper, Capital

The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?

Debit Cash and credit Accounts Receivable/Parker, Inc.

The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?

Debit Accounts Receivable/Beth Parker and credit Sales

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

Debit Miscellaneous Expense and credit Cash

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ACC1 1.02 TestBank

Accounting questions for Objective 1.02

Question	Answer
The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?	Debit Utilities Expense and credit Cash
The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?	Debit Supplies and credit Accounts Payable/Davis Supply Store
The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?	Debit Cash and Credit Legal Fees
The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?	Debit Prepaid Insurance and Credit Cash
In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:	receipt
The transaction, PAID CASH FOR RENT, would result in which journal entry?	Debit Rent Expense and credit Cash
The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?	Debit Cash and credit Frank Harper, Capital
The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?	Debit Cash and credit Accounts Receivable/Parker, Inc.
The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?	Debit Accounts Receivable/Beth Parker and credit Sales
The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?	Debit Miscellaneous Expense and credit Cash
In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an:	invoice
In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an:	memorandum/invoice

Created by: denise.stevens5

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