Accounting I - Objective 3.01/3.02

Kathleen Keller
Quiz by Kathleen Keller, updated more than 1 year ago
Kathleen Keller
Created by Kathleen Keller over 5 years ago
281
1

Description

This is a practice test for journals.

Resource summary

Question 1

Question
The 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?
Answer
  • Debit Accounts Payable/Music Supply, $600; Credit Purchases, $600
  • Debit Accounts Receivable/Music Supply, $600; Credit Purchases $600
  • Debit Purchases, $600; Credit Accounts Payable/Music Supply, $600
  • Debit Purchases, $600; Credit Accounts Receivable/Music Supply, $600

Question 2

Question
Cypress 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?
Answer
  • Debit Supplies, $1,250; Credit Accounts Receivable/Turf Supplies, $1,250
  • Debit Supplies, $1,250; Credit Accounts Payable/Turf Supplies, $1,250
  • Debit Accounts Receivable/Turf Supplies, $1,250; Credit Supplies $1,250
  • Debit Accounts Payable/Turf Supplies, $1,250; Credit Supplies, $1,250

Question 3

Question
Leather Accessories returned merchandise that was purchased on account to Leather Distributing, $875. What is the journal entry for Leather Accessories to record this transaction?
Answer
  • Debit Accounts Payable/Leather Distributing, $875; Credit Purchases Returns and Allowances, $875
  • Debit Accounts Receivable/Leather Distributing, $875; Credit Purchases Returns and Allowances, $875
  • Debit Purchases Returns and Allowances, $875; Credit Accounts Payable/ Leather Distributing, $875
  • Debit Purchases Returns and Allowances, $875; Credit Purchases, $875

Question 4

Question
Holland’s Plumbing paid cash for the electric bill, $175. What is the journal entry to record this transaction?
Answer
  • Debit Cash, $175; credit Purchasing, $175
  • Debit Cash, $175; credit Utilities Expense, $175
  • Debit Purchases, $175; credit Cash, $175
  • Debit Utilities Expense, $175; credit Cash, $175

Question 5

Question
Mad River Rafting paid $400 cash for supplies from Cleaning Supply. What is the journal entry for Mad River Rafting to record this transaction?
Answer
  • Debit Supplies, $400; credit Cash, $400
  • Debit Purchases, $400; credit Cash, $400
  • Debit Cash, $400; credit Supplies, $400
  • Debit Cash, $400; credit Purchases, $400

Question 6

Question
Nancy’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?
Answer
  • Debit Cash, $350; credit Purchases, $350
  • Debit Cash, $350; credit Supplies $350
  • Debit Purchases, $350; credit Cash, $350
  • Debit Supplies, $350; credit Cash, $350

Question 7

Question
Boretown 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?
Answer
  • Debit Accounts Payable/ ACME Bandages, $133; credit Cash, $133
  • Debit Accounts Payable/ ACME Bandages, $140; credit Cash, $140
  • Debit Accounts Payable/ ACME Bandages, $140; credit Purchases Discount $7 and credit Cash $133
  • Debit Purchases Discount $7 and debit Cash $133; credit Accounts Payable/ ACME Bandages $140

Question 8

Question
Shatika’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?
Answer
  • Debit Cash $195; credit Accounts Receivable/ Great Purse Distributors $195
  • Debit Cash $195; credit Accounts Payable/ Great Purse Distributors $195
  • Debit Accounts Receivable/ Great Purse Distributors, $195; credit Cash, $195
  • Debit Accounts Payable/ Great Purse Distributors $195; credit Cash, $195
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