Accounting 1.02 VoCats

Test Review

In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an:

A.Check StubB.InvoiceC.MemorandumD.ReceiptE. ANSWER: B

In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an:

A.Check StubB.InvoiceC.MemorandumD.ReceiptE. ANSWER: B

In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:

A.Calculator TapeB.Check StubC. InvoiceD.ReceiptE. ANSWER: D

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

A. Debit Cash and credit Miscellaneous ExpenseB. Debit Cash and debit Miscellaneous ExpenseC. Debit Miscellaneous Expense and credit CashD. Debit Supplies and credit Miscellaneous

Expense

ANSWER: C

Assets Owner’s Equity

(CASH $$)CREDIT

Misc. Exp.DEBIT

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?

A. Debit Accounts Receivable/Beth Parker and credit Cash

B. Debit Accounts Receivable/Beth Parker and credit Sales

C. Debit Cash and credit Accounts Receivable/Beth Parker

D.Debit Cash and credit SalesANSWER: B

Assets Owners Equity

(Accounts Receivable/ Beth Parker)

DEBIT

REVENUECREDIT

The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?

The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?

A. Debit Cash and credit Utilities ExpenseB. Debit Cash and credit Ted Bright,

DrawingC. Debit Ted Bright, Drawing and credit

CashD.Debit Utilities Expense and credit CashANSWER: D

Assets Owners Equity

(CASH $$)CREDIT

Utilities Exp.DEBIT

The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?

The transaction, PAID CASH FOR RENT, would result in which journal entry?

A. Debit Cash and credit Miscellaneous Expense

B. Debit Cash and credit Rent ExpenseC. Debit Miscellaneous Expense and

credit CashD.Debit Rent Expense and credit CashANSWER: D

Assets Owners Equity

(CASH $$)CREDIT

Rent Exp.DEBIT

The transaction, PAID CASH FOR RENT, would result in which journal entry?

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?

A. Debit Cash and credit Insurance Expense

B. Debit Cash and credit Prepaid Insurance

C. Debit Insurance Expense and credit Cash

D. Debit Prepaid Insurance and credit Cash

ANSWER: D

Assets Assets

(CASH $$)CREDIT

Prepaid InsuranceDEBIT

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?

A. Debit Accounts Payable/Davis Supply Store and credit Supplies

B. Debit Supplies and credit Accounts Payable/Davis Supply Store

C. Debit Supplies and credit Supplies Expense

D. Debit Supplies Expense and credit Supplies

ANSWER: B

Assets Liability

(Supplies)DEBIT

Acts Pay.CREDIT

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?

The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?

A. Debit Cash and credit Legal Expenses

B. Debit Cash and credit Legal FeesC. Debit Legal Fees and credit CashD.Debit Miscellaneous Expense and

credit Legal FeesANSWER: B

Assets Owners Equity

(CASH $$)DEBIT

REVENUECREDIT

The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?

A. Debit Cash and credit Frank Harper, Capital

B. Debit Cash and credit Frank Harper, Drawing

C. Debit Frank Harper, Capital and credit Cash

D. Debit Frank Harper, Drawing and credit Cash

ANSWER: A

Assets Owners Equity

(CASH $$)DEBIT

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?

CREDIT

The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?

A. Debit Accounts Receivable/Parker INC., and credit Cash

B. Debit Cash and credit Accounts Receivable/Parker, INC.

C. Debit Cash and credit SuppliesD.Debit Supplies and credit CashANSWER: B

Assets Assets

(CASH $$)DEBIT

Accounts Rec.CREDIT

The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?