Question 1 of 20 0.0/ 5.0 points the accounts receivable account has

Question 1 of 20

0.0/ 5.0 Points

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an

[removed] A. $800 debit.
[removed] B. $800 credit.
[removed] C. $2,600 credit.
[removed] D. $2,600 debit.

Question 2 of 20

5.0/ 5.0 Points

The business incurred an expense and paid it immediately. To record this transaction,

[removed] A. an expense is debited, and a liability is credited.
[removed] B. an expense is debited, and an asset is credited.
[removed] C. an expense is debited, and Capital is credited.
[removed] D. None of the above

Question 3 of 20

0.0/ 5.0 Points

The owner invested personal equipment in the business. To record this transaction,

[removed] A. debit Equipment and credit Accounts Payable.
[removed] B. debit Accounts Payable and credit Equipment.
[removed] C. debit Equipment and credit Capital.
[removed] D. credit Equipment and debit Capital.

Question 4 of 20

0.0/ 5.0 Points

When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be

[removed] A. $325.
[removed] B. $0.
[removed] C. $975.
[removed] D. $650.

Question 5 of 20

5.0/ 5.0 Points

Which entry records the investment of cash by John, owner of a sole proprietorship?

[removed] A. Debit John, Capital; credit Cash
[removed] B. Debit Cash; credit John, Withdrawals
[removed] C. Debit John, Withdrawals; credit Cash
[removed] D. Debit Cash; credit John, Capital

Question 6 of 20

0.0/ 5.0 Points

A debit increases the balance in all of the following accounts except for which one?

[removed] A. Cash
[removed] B. Withdrawals
[removed] C. Expenses
[removed] D. Accounts payable

Question 7 of 20

5.0/ 5.0 Points

Which statement about the rules of debit and credit is true?

[removed] A. If accounts receivable is decreased with a credit, the normal balance is a credit.
[removed] B. If accounts payable is increased with a credit, the normal balance is a credit.
[removed] C. If capital is increased with a debit, the normal balance is a debit.
[removed] D. If cash is decreased with a debit, the normal balance is a debit.

Question 8 of 20

0.0/ 5.0 Points

Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is a

[removed] A. $55 debit.
[removed] B. $55 credit.
[removed] C. $95 debit.
[removed] D. $95 credit.

Question 9 of 20

0.0/ 5.0 Points

The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is

[removed] A. $2,000.
[removed] B. $6,000.
[removed] C. $4,500.
[removed] D. $3,000.

Question 10 of 20

0.0/ 5.0 Points

Which type of account has a normal credit balance?

[removed] A. Withdrawals
[removed] B. Assets
[removed] C. Expenses
[removed] D. Revenues

Question 11 of 20

0.0/ 5.0 Points

A chart of accounts

[removed] A. is set up in alphabetical order.
[removed] B. includes account balances.
[removed] C. is a listing of all the accounts used by a company.
[removed] D. All of the above

Question 12 of 20

5.0/ 5.0 Points

Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to

[removed] A. revenue.
[removed] B. accounts receivable.
[removed] C. accounts payable.
[removed] D. cash.

Question 13 of 20

0.0/ 5.0 Points

An account that would be increased by a credit is

[removed] A. cash.
[removed] B. accounts receivable.
[removed] C. utilities expense.
[removed] D. accounts payable.

Question 14 of 20

0.0/ 5.0 Points

The business bought supplies on account. To record this transaction,

[removed] A. an expense is debited, and a liability is credited.
[removed] B. an asset is debited, and an asset is credited.
[removed] C. an asset is debited, and a liability is credited.
[removed] D. None of the above

Question 15 of 20

5.0/ 5.0 Points

A category that is not in the chart of accounts is

[removed] A. assets.
[removed] B. liabilities.
[removed] C. cash flows.
[removed] D. revenue.

Question 16 of 20

0.0/ 5.0 Points

What would be the effect on accounts if the owner withdrew cash?

[removed] A. An asset would be debited, and an expense would be credited.
[removed] B. Withdrawals would be debited, and an asset would be credited.
[removed] C. An asset would be debited, and a revenue would be credited.
[removed] D. An asset would be debited, and Capital would be credited.

Question 17 of 20

0.0/ 5.0 Points

The owner of BobCats R Us paid his personal MasterCard bill using a company check. What is the correct entry to record the transaction?

[removed] A. Credit Cash; debit Capital
[removed] B. Credit Cash; debit Supplies Expense
[removed] C. Credit Cash; debit Withdrawals
[removed] D. Credit Cash; debit Accounts Receivable

Question 18 of 20

5.0/ 5.0 Points

One asset would be debited and another would be credited if the business

[removed] A. provided services to a cash customer.
[removed] B. paid a creditor.
[removed] C. bought supplies paying cash.
[removed] D. provided services to a credit customer.

Question 19 of 20

0.0/ 5.0 Points

The beginning balance in the Computers account was $2,000. The company purchased an additional $1,000 worth of computers. The balance in the account is a

[removed] A. debit of $2,000.
[removed] B. credit of $3,000.
[removed] C. debit of $3,000.
[removed] D. credit of $2,000.

Question 20 of 20

5.0/ 5.0 Points

A debit balance is a normal balance for which type of account?

[removed] A. Accounts payable
[removed] B. Revenue
[removed] C. Accounts receivable
[removed] D. Owner’s capital

Question 1 of 20 0.0/ 5.0 points the accounts receivable account has

Related

Leave a Reply

Leave a Reply

DISCLAIMER

QUICK LINKS

PAYMENT METHODS

CONTACT US

Talk to us