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Accounting I - Objective 3.01/3.02

Kathleen Keller 8 questions

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Questions in this quiz (8)

  1. 1The Good Tunes CD Store purchased merchandise on account from Music Supply for $600. What is the journal entry for the Good Tunes CD Store to record this transaction?
    1. ADebit Accounts Payable/Music Supply, $600; Credit Purchases, $600
    2. BDebit Accounts Receivable/Music Supply, $600; Credit Purchases $600
    3. CDebit Purchases, $600; Credit Accounts Payable/Music Supply, $600
    4. DDebit Purchases, $600; Credit Accounts Receivable/Music Supply, $600
  2. 2Cypress Golf Club purchases supplies on account from Turf Supplies for $1,250. What is the journal entry for Cypress Golf Club to record this transaction?
    1. ADebit Supplies, $1,250; Credit Accounts Receivable/Turf Supplies, $1,250
    2. BDebit Supplies, $1,250; Credit Accounts Payable/Turf Supplies, $1,250
    3. CDebit Accounts Receivable/Turf Supplies, $1,250; Credit Supplies $1,250
    4. DDebit Accounts Payable/Turf Supplies, $1,250; Credit Supplies, $1,250
  3. 3Leather Accessories returned merchandise that was purchased on account to Leather Distributing, $875. What is the journal entry for Leather Accessories to record this transaction?
    1. ADebit Accounts Payable/Leather Distributing, $875; Credit Purchases Returns and Allowances, $875
    2. BDebit Accounts Receivable/Leather Distributing, $875; Credit Purchases Returns and Allowances, $875
    3. CDebit Purchases Returns and Allowances, $875; Credit Accounts Payable/ Leather Distributing, $875
    4. DDebit Purchases Returns and Allowances, $875; Credit Purchases, $875
  4. 4Holland’s Plumbing paid cash for the electric bill, $175. What is the journal entry to record this transaction?
    1. ADebit Cash, $175; credit Purchasing, $175
    2. BDebit Cash, $175; credit Utilities Expense, $175
    3. CDebit Purchases, $175; credit Cash, $175
    4. DDebit Utilities Expense, $175; credit Cash, $175
  5. 5Mad River Rafting paid $400 cash for supplies from Cleaning Supply. What is the journal entry for Mad River Rafting to record this transaction?
    1. ADebit Supplies, $400; credit Cash, $400
    2. BDebit Purchases, $400; credit Cash, $400
    3. CDebit Cash, $400; credit Supplies, $400
    4. DDebit Cash, $400; credit Purchases, $400
  6. 6Nancy’s NASCAR Souvenirs purchased merchandise for cash from Daytona Racing Distributors for $350. What is the journal entry for Nancy's NASCAR Souvenirs to record this transaction?
    1. ADebit Cash, $350; credit Purchases, $350
    2. BDebit Cash, $350; credit Supplies $350
    3. CDebit Purchases, $350; credit Cash, $350
    4. DDebit Supplies, $350; credit Cash, $350
  7. 7Boretown EMS paid cash to ACME Bandages, $133; covering Purchase Invoice No. 229 for $140, less a 5% discount, $7.00. What is the journal entry for Boretown EMS to record this transaction?
    1. ADebit Accounts Payable/ ACME Bandages, $133; credit Cash, $133
    2. BDebit Accounts Payable/ ACME Bandages, $140; credit Cash, $140
    3. CDebit Accounts Payable/ ACME Bandages, $140; credit Purchases Discount $7 and credit Cash $133
    4. DDebit Purchases Discount $7 and debit Cash $133; credit Accounts Payable/ ACME Bandages $140
  8. 8Shatika’s Boutique paid cash on account to Great Purse Distributors, $195, covering Purchase Invoice No. 33. What is the journal entry for Shatika’s Boutique to record this transaction?
    1. ADebit Cash $195; credit Accounts Receivable/ Great Purse Distributors $195
    2. BDebit Cash $195; credit Accounts Payable/ Great Purse Distributors $195
    3. CDebit Accounts Receivable/ Great Purse Distributors, $195; credit Cash, $195
    4. DDebit Accounts Payable/ Great Purse Distributors $195; credit Cash, $195

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Description
This is a practice test for journals.
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English
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