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ACC1 2.01 TestBank

Questions for Accounting Objective 2.01

QuestionAnswer
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $350; Cash Debit, $1,000; Cash Credit, $950. This means that the: Journal proves
What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95? Debit Repair Expense and credit Cash
What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250? Debit Office Equipment and Credit Cash
William has almost finished updating the Supplies account at the end of the month. He has transferred all of the information in the General Journal to the General Ledger. What is the LAST step for William to do? Record an account number in the journal
What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200? Debit Prepaid Insurance and credit Cash
What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? Debit Supplies and credit Cash
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? Debit Accounts Payable/Jones Supply and credit Cash
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150? Debit Cash and credit Sales
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? Debit Cash and credit Sales
What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? Debit Miscellaneous Expense and Credit Cash
What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? Debit Miscellaneous Expense and credit Cash
What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? Debit Utilities Expense and credit Cash
What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? Debit Accounts Payable/Avis Supply Company and credit Cash
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit $1,000; Cash Credit, $600. This means that the: Journal does not prove
What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000? Debit Cash and credit Dana Jackson, Capital
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? Debit Cash and credit Sales
What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? Debit Mark Johnson, Drawing and credit Cash
What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? Debit Cash and credit Accounts Receivable/Burke Supply
What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375? Debit Cash and credit Rental Fees
What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? Debit Miscellaneous Expense and credit Cash
Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure? Record the account number that the entry was posted to in the journal in the post reference column
What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250? Debit Repair Expense and credit Cash
James discovered that a transaction for an Advertising Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200. What is the entry to correct the error? Debit Advertising Expense, $200; credit Miscellaneous Expense, $200
Created by: denise.stevens5
 

 



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