Kathleen Keller
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Sole Proprietorship and Banking

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Kathleen Keller
Erstellt von Kathleen Keller vor mehr als 6 Jahre
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UNIT 2 PRATICE TEST

Frage 1 von 42

1

What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250?

Wähle eine der folgenden:

  • A. Debit Cash and credit Miscellaneous Expense

  • B. Debit Cash and credit Repair Expense

  • C. Debit Miscellaneous Expense and credit Cash

  • D. Debit Repair Expense and credit Cash

Erklärung

Frage 2 von 42

1

What is the correct entry for the transaction, PAID $150 FOR ADVERTISING?

Wähle eine der folgenden:

  • A. Credit Cash and credit Advertising Expense

  • B. Debit Advertising Expense and credit Cash

  • C. Debit Cash and credit Advertising Expense

  • D. Debit Cash and credit Miscellaneous Expense

Erklärung

Frage 3 von 42

1

What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125?

Wähle eine der folgenden:

  • A. Debit Equipment and credit Cash

  • B. Debit Utilities Expense and credit Cash

  • C. Debit Cash and credit Equipment

  • D. Debit Cash and credit Utilities Expense

Erklärung

Frage 4 von 42

1

What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN

Wähle eine der folgenden:

  • Debit Accounts Payable/Steinman Company and credit Cash

  • Debit Accounts Payable/Steinman Company and credit Supplies

  • Debit Supplies and credit Accounts Payable/Steinman Company

  • Debit Supplies and credit Cash

Erklärung

Frage 5 von 42

1

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?

Wähle eine der folgenden:

  • Balancing the journal.

  • Proving cash.

  • Record a new account balance.

  • Record an account number in the journal.

Erklärung

Frage 6 von 42

1

Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to
Repair Expense, $250. What is the entry to correct the error?

Wähle eine der folgenden:

  • Debit Utilities Expense, $250; credit Cash, $250

  • Debit Utilities Expense, $250; credit Repairs Expense, $250

  • Debit Repair Expense, $250; credit Utilities Expense, $250

  • Debit Cash, $250; debit Utilities Expense, $250

Erklärung

Frage 7 von 42

1

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150?

Wähle eine der folgenden:

  • Debit Miscellaneous Expense and credit Sales

  • Debit Sales and credit Cash

  • Debit Cash and credit Sales

  • Debit Cash and debit Sales

Erklärung

Frage 8 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES?

Wähle eine der folgenden:

  • Debit Owner's drawing and credit Cash

  • Debit Cash and credit Owner's Capital

  • Debit Miscellaneous Expense and credit Cash

  • Debit Supplies and credit Cash

Erklärung

Frage 9 von 42

1

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?

Wähle eine der folgenden:

  • Debit Advertising Expense, $200; credit Cash, $200

  • Debit Advertising Expense, $200; credit Miscellaneous Expense, $200

  • Debit Miscellaneous Expense, $200; credit Advertising Expense, $200

  • Debit Cash, $200; credit Advertising Expense, $200

Erklärung

Frage 10 von 42

1

What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375?

Wähle eine der folgenden:

  • Debit Cash and credit Rental Fees

  • Debit Miscellaneous Expense and credit Cash

  • Debit Rental Fees and credit Cash

  • Debit Rental Fees and credit Miscellaneous Expense

Erklärung

Frage 11 von 42

1

What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS
EXPENSE), $25?

Wähle eine der folgenden:

  • Debit Supplies and credit Miscellaneous Expense

  • Debit Miscellaneous Expense and credit Cash

  • Debit Cash and credit Miscellaneous Expense

  • Debit Cash and credit Truck Expense

Erklärung

Frage 12 von 42

1

What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500?

Wähle eine der folgenden:

  • Debit Cash and credit Accounts Receivable/Bill's Limos

  • Debit Accounts Receivable/Bills Limos and credit Cash

  • Debit Accounts Receivable/Bill's Limos and credit Jane Smith, Capital

  • Debit Cash and debit Accounts Receivable/Bill's Limos

Erklärung

Frage 13 von 42

1

What is the correct journal entry for the transaction, PAID THE GAS BILL, $125?

Wähle eine der folgenden:

  • Credit Cash and credit Equipment

  • Debit Cash and credit Utilities Expense

  • Debit Equipment and credit Cash

  • Debit Utilities Expense and credit Cash

Erklärung

Frage 14 von 42

1

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:

Wähle eine der folgenden:

  • Cash debit column is incorrect

  • Journal does not prove.

  • General credit column is incorrect

  • Journal proves.

Erklärung

Frage 15 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700?

Wähle eine der folgenden:

  • Debit Cash and credit Rent Expense

  • Debit Cash and credit Utilities Expense

  • Debit Miscellaneous Expense and credit Cash

  • Debit Rent Expense and credit Cash

Erklärung

Frage 16 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400?

Wähle eine der folgenden:

  • Debit Insurance Expense and credit Cash

  • Debit Prepaid Insurance and credit Cash

  • Debit Cash and credit Prepaid Insurance

  • Debit Cash and credit Insurance Expense

Erklärung

Frage 17 von 42

1

What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR
PERSONAL USE, $900?

Wähle eine der folgenden:

  • Debit Cash and credit Mark Johnson, Capital

  • Debit Cash and credit Mark Johnson, Drawing

  • Debit Mark Johnson, Capital, and credit Cash

  • Debit Mark Johnson, Drawing and credit Cash

Erklärung

Frage 18 von 42

1

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?

Wähle eine der folgenden:

  • Write the account number

  • Record the account number that the entry was posted to in the journal in the post reference column.

  • Write the debit amount

  • Record the source document in the Document Number Column

Erklärung

Frage 19 von 42

1

What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250?

Wähle eine der folgenden:

  • Debit Cash and credit Sales

  • Debit Cash and debit Sales

  • Debit Miscellaneous Expense and credit Sales

  • Debit Sales and credit Cash

Erklärung

Frage 20 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200?

Wähle eine der folgenden:

  • Debit Cash and credit Prepaid Insurance

  • Debit Cash and credit Insurance Expense

  • Debit Insurance Expense and credit Cash

  • Debit Prepaid Insurance and credit Cash

Erklärung

Frage 21 von 42

1

What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO
THE BUSINESS?

Wähle eine der folgenden:

  • Debit HANS SCHMIDT, Capital and credit Cash

  • Debit Miscellaneous Expense and credit HANS SCHMIDT, Capital

  • Debit Cash and credit HANS SCHMIDT, Capital

  • Debit Cash and credit Hans Schmidt, Drawing

Erklärung

Frage 22 von 42

1

What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY,
$500?

Wähle eine der folgenden:

  • Debit Cash and credit Owner's Capital

  • Debit Accounts Receivable/Avis Supply Company and credit Cash

  • Debit Accounts Payable/Avis Supply Company and credit Cash

  • Debit Cash and credit Owner's Drawing

Erklärung

Frage 23 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?

Wähle eine der folgenden:

  • Debit Cash and credit Owner's Capital

  • Debit Owner's Drawing and credit Cash

  • Debit Miscellaneous Expense and credit Cash

  • Debit Supplies and credit Cash

Erklärung

Frage 24 von 42

1

What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS
INVESTMENT, $5000?

Wähle eine der folgenden:

  • Debit Cash and credit Dana Jackson, Capital

  • Debit Cash and credit Dana Jackson, Drawing

  • Debit Dana Jackson Capital and credit Cash

  • Debit Miscellaneous Expense and credit Dana Jackson, Capital

Erklärung

Frage 25 von 42

1

What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250?

Wähle eine der folgenden:

  • Debit Cash and credit Office Equipment

  • Debit Cash and debit Office Equipment

  • Debit Computer Supplies and credit Cash

  • Debit Office Equipment and credit Cash

Erklärung

Frage 26 von 42

1

What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY,
$1000?

Wähle eine der folgenden:

  • Debit Accounts Payable/Jones Supply and credit Cash

  • Debit Cash and credit Accounts Payable/Jones Supply

  • Debit Cash and credit Accounts Receivable/Jones Supply

  • Debit Supplies and credit Cash

Erklärung

Frage 27 von 42

1

What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400?

Wähle eine der folgenden:

  • Debit Cash and credit Miscellaneous Expense

  • Debit Cash and debit Miscellaneous Expense

  • Debit Miscellaneous Expense and credit Cash

  • Debit Supplies and credit Miscellaneous Expense

Erklärung

Frage 28 von 42

1

On October 31, Cherokee Company received a bank statement showing the following information:
Bank statement balance $4,375.00
Bank service charge $25.00
The records of the business show the following information:
Outstanding deposit, Oct. 29 $500.00
Outstanding deposit, Oct. 30 $175.00
Outstanding checks: No. 329 $325.00, No. 330 $125.00, No. 331 $75.00
Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?

Wähle eine der folgenden:

  • $4,350.00

  • $4,500.00

  • $4,525.00

  • $4,550.00

Erklärung

Frage 29 von 42

1

On March 31, Iredell Company received a bank statement showing the following information.
Bank statement balance $2,345.00
Bank service charge $15.00
The records of the business show the following information:
Outstanding deposit, Mar. 29 $250.00
Outstanding checks:
No. 288 $225.00
No. 289 $25.00
Calculate the adjusted checkbook balance?

Wähle eine der folgenden:

  • $1,325.00

  • $1,474.00

  • $2,160.00

  • $2,345.00

Erklärung

Frage 30 von 42

1

On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?

Wähle eine der folgenden:

  • Debit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash $225.00

  • Debit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash $200.00

  • Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00

  • Debit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00

Erklärung

Frage 31 von 42

1

On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check?

Wähle eine der folgenden:

  • Debit Accounts Receivable-Hickory Hosiery $55.00, debit Bank Service Charge $25.00; credit Cash $80.00

  • Debit Accounts Receivable-Hickory Hosiery $80.00, Credit Bank Service Charge $25.00, Credit Cash $55.00

  • Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00

  • Debit Cash $80.00; credit Accounts Receivable-Hickory Hosiery $80.00

Erklärung

Frage 32 von 42

1

Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155

  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155

  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15

  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5, and credit cash $160

Erklärung

Frage 33 von 42

1

Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Repair Expense $55, debit Supplies $85 and credit Cash $140

  • Debit Repair Expense $55, debit Supplies $85 and credit Petty Cash $140

  • Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15

  • Debit Repair Expense $55, debit Supplies $85, debit Cash Short and Over $15, and credit Cash $155

Erklärung

Frage 34 von 42

1

Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150

  • Debit Repair Expense $76, debit Office Expense $34 and credit Cash $110

  • Debit Repair Expense $76, debit Office Expense $34 and credit Petty Cash $110

  • Debit Repair Expense $76, debit Office Expense $34, and credit Cash $110, credit Cash Short and Over $40

Erklärung

Frage 35 von 42

1

Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and
repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Cash $70 and credit Miscellaneous Expense $70

  • Debit Miscellaneous Expense $70 and credit Cash $70

  • Debit Repair Expense $45, debit Supplies $25 and credit Cash $70

  • Debit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70

Erklärung

Frage 36 von 42

1

Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the
correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Cash $500 and credit Petty Cash $500

  • Debit Miscellaneous Expense $500 and credit Cash $500

  • Debit Petty Cash $500 and credit Cash $500

  • Debit Petty Cash $500 and credit Miscellaneous Expense $500

Erklärung

Frage 37 von 42

1

Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office
Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the correct
journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110

  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110

  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash Short and Over $15

  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125

Erklärung

Frage 38 von 42

1

Steve wants to replenish the $200 petty cash fund. He has receipts for the following total payments: supplies, $18; and
repairs, $32. A cash count shows $145 in the petty cash box. What is the correct journal entry to record the transaction?

Wähle eine der folgenden:

  • Debit Repair Expense $32, debit Supplies $18 and credit Cash $50

  • Debit Repair Expense $32, debit Supplies $18 and credit Petty Cash $50

  • Debit Repair Expense $32, debit Supplies $18, and credit Cash $60, credit Cash Short and Over $5

  • Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55

Erklärung

Frage 39 von 42

1

What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL
USE, $500?

Wähle eine der folgenden:

  • Debit Cash and credit John Smith, Capital

  • Debit Cash and credit John Smith, Drawing

  • Debit John Smith, Capital, and credit Cash

  • Debit John Smith, Drawing and credit Cash

Erklärung

Frage 40 von 42

1

On October 29 of the current year, McDowell Company received a bank statement dated October 28. The following information is obtained from the bank statement and from the records of the business:

Bank statement balance $1,625.00
Bank service charge 3.00

Outstanding checks: No. 123 $ 80.00
No. 125 75.00

Outstanding deposit: October 28 $300.00

Checkbook balance on Check Stub No. 126 $1,477.00

Given the information above, calculate the adjusted checkbook balance.

Wähle eine der folgenden:

  • $1,474.00

  • $1,325.00

  • $1,622.00

  • $1,925.00

Erklärung

Frage 41 von 42

1

Given the below information, calculate the adjusted bank balance. On July 31 of the current year,
Beaufort Brothers received a bank statement dated July 30. The following information is obtained
from the bank statement and from the records of the business:
Bank statement balance $1,350.00
Bank service charge $5.00
Outstanding checks:
No. 250 $95.00
No. 251 $175.00
Outstanding deposits: July 30 $250.00
Checkbook balance on Check Stub No. 252: $1,335.00

Wähle eine der folgenden:

  • $1,080.00

  • $1,330.00

  • $1,370.00

  • $1,600.00

Erklärung

Frage 42 von 42

1

On December 3, Union Manufacturing Company received a bank statement dated November 30. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $3,425.00
Bank service charge $4.50
Outstanding deposits:
November 29 $300.00
November 30 $400.00
Outstanding checks:
No. 290 $187.50
No. 294 $67.50
Checkbook balance on Check Stub No. 296: $3,874.50
What is the journal entry to record the bank service charge, using the above information?

Wähle eine der folgenden:

  • Debit Transaction Fee $4.50, Credit Cash $4.50

  • Debit Cash $4.50, Credit Transaction Fee $4.50

  • Debit Miscellaneous Expense $4.50, Credit Cash $4.50

  • Debit Cash $4.50, Credit Miscellaneous Expense $4.50

Erklärung

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