Quiz
UNIT 2 PRATICE TEST
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Fragen in diesem Quiz (42)
1What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250?
- AA. Debit Cash and credit Miscellaneous Expense
- BB. Debit Cash and credit Repair Expense
- CC. Debit Miscellaneous Expense and credit Cash
- DD. Debit Repair Expense and credit Cash
2What is the correct entry for the transaction, PAID $150 FOR ADVERTISING?
- AA. Credit Cash and credit Advertising Expense
- BB. Debit Advertising Expense and credit Cash
- CC. Debit Cash and credit Advertising Expense
- DD. Debit Cash and credit Miscellaneous Expense
3What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125?
- AA. Debit Equipment and credit Cash
- BB. Debit Utilities Expense and credit Cash
- CC. Debit Cash and credit Equipment
- DD. Debit Cash and credit Utilities Expense
4What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN
- ADebit Accounts Payable/Steinman Company and credit Cash
- BDebit Accounts Payable/Steinman Company and credit Supplies
- CDebit Supplies and credit Accounts Payable/Steinman Company
- DDebit Supplies and credit Cash
5William 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?- ABalancing the journal.
- BProving cash.
- CRecord a new account balance.
- DRecord an account number in the journal.
6Bill 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?- ADebit Utilities Expense, $250; credit Cash, $250
- BDebit Utilities Expense, $250; credit Repairs Expense, $250
- CDebit Repair Expense, $250; credit Utilities Expense, $250
- DDebit Cash, $250; debit Utilities Expense, $250
7What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150?
- ADebit Miscellaneous Expense and credit Sales
- BDebit Sales and credit Cash
- CDebit Cash and credit Sales
- DDebit Cash and debit Sales
8What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES?
- ADebit Owner's drawing and credit Cash
- BDebit Cash and credit Owner's Capital
- CDebit Miscellaneous Expense and credit Cash
- DDebit Supplies and credit Cash
9James 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?- ADebit Advertising Expense, $200; credit Cash, $200
- BDebit Advertising Expense, $200; credit Miscellaneous Expense, $200
- CDebit Miscellaneous Expense, $200; credit Advertising Expense, $200
- DDebit Cash, $200; credit Advertising Expense, $200
10What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375?
- ADebit Cash and credit Rental Fees
- BDebit Miscellaneous Expense and credit Cash
- CDebit Rental Fees and credit Cash
- DDebit Rental Fees and credit Miscellaneous Expense
11What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS
EXPENSE), $25?- ADebit Supplies and credit Miscellaneous Expense
- BDebit Miscellaneous Expense and credit Cash
- CDebit Cash and credit Miscellaneous Expense
- DDebit Cash and credit Truck Expense
12What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500?
- ADebit Cash and credit Accounts Receivable/Bill's Limos
- BDebit Accounts Receivable/Bills Limos and credit Cash
- CDebit Accounts Receivable/Bill's Limos and credit Jane Smith, Capital
- DDebit Cash and debit Accounts Receivable/Bill's Limos
13What is the correct journal entry for the transaction, PAID THE GAS BILL, $125?
- ACredit Cash and credit Equipment
- BDebit Cash and credit Utilities Expense
- CDebit Equipment and credit Cash
- DDebit Utilities Expense and credit Cash
14A 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:- ACash debit column is incorrect
- BJournal does not prove.
- CGeneral credit column is incorrect
- DJournal proves.
15What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700?
- ADebit Cash and credit Rent Expense
- BDebit Cash and credit Utilities Expense
- CDebit Miscellaneous Expense and credit Cash
- DDebit Rent Expense and credit Cash
16What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400?
- ADebit Insurance Expense and credit Cash
- BDebit Prepaid Insurance and credit Cash
- CDebit Cash and credit Prepaid Insurance
- DDebit Cash and credit Insurance Expense
17What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR
PERSONAL USE, $900?- ADebit Cash and credit Mark Johnson, Capital
- BDebit Cash and credit Mark Johnson, Drawing
- CDebit Mark Johnson, Capital, and credit Cash
- DDebit Mark Johnson, Drawing and credit Cash
18Mike 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?- AWrite the account number
- BRecord the account number that the entry was posted to in the journal in the post reference column.
- CWrite the debit amount
- DRecord the source document in the Document Number Column
19What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250?
- ADebit Cash and credit Sales
- BDebit Cash and debit Sales
- CDebit Miscellaneous Expense and credit Sales
- DDebit Sales and credit Cash
20What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200?
- ADebit Cash and credit Prepaid Insurance
- BDebit Cash and credit Insurance Expense
- CDebit Insurance Expense and credit Cash
- DDebit Prepaid Insurance and credit Cash
21What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO
THE BUSINESS?- ADebit HANS SCHMIDT, Capital and credit Cash
- BDebit Miscellaneous Expense and credit HANS SCHMIDT, Capital
- CDebit Cash and credit HANS SCHMIDT, Capital
- DDebit Cash and credit Hans Schmidt, Drawing
22What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY,
$500?- ADebit Cash and credit Owner's Capital
- BDebit Accounts Receivable/Avis Supply Company and credit Cash
- CDebit Accounts Payable/Avis Supply Company and credit Cash
- DDebit Cash and credit Owner's Drawing
23What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER?
- ADebit Cash and credit Owner's Capital
- BDebit Owner's Drawing and credit Cash
- CDebit Miscellaneous Expense and credit Cash
- DDebit Supplies and credit Cash
24What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS
INVESTMENT, $5000?- ADebit Cash and credit Dana Jackson, Capital
- BDebit Cash and credit Dana Jackson, Drawing
- CDebit Dana Jackson Capital and credit Cash
- DDebit Miscellaneous Expense and credit Dana Jackson, Capital
25What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250?
- ADebit Cash and credit Office Equipment
- BDebit Cash and debit Office Equipment
- CDebit Computer Supplies and credit Cash
- DDebit Office Equipment and credit Cash
26What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY,
$1000?- ADebit Accounts Payable/Jones Supply and credit Cash
- BDebit Cash and credit Accounts Payable/Jones Supply
- CDebit Cash and credit Accounts Receivable/Jones Supply
- DDebit Supplies and credit Cash
27What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400?
- ADebit Cash and credit Miscellaneous Expense
- BDebit Cash and debit Miscellaneous Expense
- CDebit Miscellaneous Expense and credit Cash
- DDebit Supplies and credit Miscellaneous Expense
28On 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?- A$4,350.00
- B$4,500.00
- C$4,525.00
- D$4,550.00
29On 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?- A$1,325.00
- B$1,474.00
- C$2,160.00
- D$2,345.00
30On 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?
- ADebit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash $225.00
- BDebit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash $200.00
- CDebit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
- DDebit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00
31On 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?
- ADebit Accounts Receivable-Hickory Hosiery $55.00, debit Bank Service Charge $25.00; credit Cash $80.00
- BDebit Accounts Receivable-Hickory Hosiery $80.00, Credit Bank Service Charge $25.00, Credit Cash $55.00
- CDebit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
- DDebit Cash $80.00; credit Accounts Receivable-Hickory Hosiery $80.00
32Timothy 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?
- ADebit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155
- BDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155
- CDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
- DDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5, and credit cash $160
33Jessica 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?
- ADebit Repair Expense $55, debit Supplies $85 and credit Cash $140
- BDebit Repair Expense $55, debit Supplies $85 and credit Petty Cash $140
- CDebit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
- DDebit Repair Expense $55, debit Supplies $85, debit Cash Short and Over $15, and credit Cash $155
34Daniel 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?
- ADebit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
- BDebit Repair Expense $76, debit Office Expense $34 and credit Cash $110
- CDebit Repair Expense $76, debit Office Expense $34 and credit Petty Cash $110
- DDebit Repair Expense $76, debit Office Expense $34, and credit Cash $110, credit Cash Short and Over $40
35Mary 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?- ADebit Cash $70 and credit Miscellaneous Expense $70
- BDebit Miscellaneous Expense $70 and credit Cash $70
- CDebit Repair Expense $45, debit Supplies $25 and credit Cash $70
- DDebit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70
36Michael 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?- ADebit Cash $500 and credit Petty Cash $500
- BDebit Miscellaneous Expense $500 and credit Cash $500
- CDebit Petty Cash $500 and credit Cash $500
- DDebit Petty Cash $500 and credit Miscellaneous Expense $500
37Michelle 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?- ADebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110
- BDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110
- CDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash Short and Over $15
- DDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
38Steve 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?- ADebit Repair Expense $32, debit Supplies $18 and credit Cash $50
- BDebit Repair Expense $32, debit Supplies $18 and credit Petty Cash $50
- CDebit Repair Expense $32, debit Supplies $18, and credit Cash $60, credit Cash Short and Over $5
- DDebit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
39What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL
USE, $500?- ADebit Cash and credit John Smith, Capital
- BDebit Cash and credit John Smith, Drawing
- CDebit John Smith, Capital, and credit Cash
- DDebit John Smith, Drawing and credit Cash
40On 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.- A$1,474.00
- B$1,325.00
- C$1,622.00
- D$1,925.00
41Given 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- A$1,080.00
- B$1,330.00
- C$1,370.00
- D$1,600.00
42On 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?- ADebit Transaction Fee $4.50, Credit Cash $4.50
- BDebit Cash $4.50, Credit Transaction Fee $4.50
- CDebit Miscellaneous Expense $4.50, Credit Cash $4.50
- DDebit Cash $4.50, Credit Miscellaneous Expense $4.50
Informationen
- Beschreibung
- Sole Proprietorship and Banking
- Autor
- Kathleen Keller
- Sprache
- English
- Aufrufe
- 422
- Schlagwörter
- Bewertung
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