Accounting 1 Unit 2 Review

What is the correct journal entry for the transaction PAID CASH FOR AN OFFICE FILE CABINET?

•      Debit Cash and credit Office Equipment
•      Debit Cash and debit Office Equipment
•      Debit Office Supplies and credit Cash
•      Debit Office Equipment and credit Cash

 What is the correct journal entry for the transaction RECEIVED CASH FROM SALES, $1,000?

• A.  Debit Cash and credit Sales
•      Debit Cash and debit Sales
•    Debit Sales and credit Cash
•      Debit Sales and credit Owner's Capital

  What is the correct journal entry for the transaction PAID CASH FOR CITY WATER?

•    Debit Cash and credit Office Equipment
•      Debit Cash and debit Utilities Expense
•    Debit Office Equipment and credit Cash
•  Debit Utilities Expense and credit Cash

 What is the correct journal entry for the transaction PAID CASH ON ACCOUNT TO ADAMS SUPPLY COMPANY, $1,200?

•      Debit Accounts Payable/Adams Supply Company and credit Cash
•      Debit Accounts Payable/Adams Supply Company and credit Cash
•  Debit Cash and credit Accounts Payable/Adams Supply Company
• A.  Debit Supplies and credit Cash

 What is the correct journal entry for the transaction BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $500?

•    Debit Accounts Payable/Jones Supply Company and credit Cash
• Debit Accounts Payable/ Jones Supply Company and credit Supplies
• A.  Debit Supplies and credit Accounts Payable/ Jones Supply Company
• Debit Supplies and credit Cash

 What is the correct journal entry for the transaction RECEIVED CASH ON ACCOUNT FROM PAM'S PENS, $800?

• A.  Debit Accounts Receivable/Pam's Pens and credit Cash
• A.  Debit Accounts Receivable/Pam's Pens and credit Supplies
• A.  Debit Cash and credit Accounts Receivable/Pam's Pens
• A.  Debit Cash and debit Accounts Receivable/Pam's Pens

 Samuel is preparing a Balance Sheet.  He has listed all the assets and their balances.  What must he do next?

•    Prepare the Expense section
•      Prepare the Liability section
• Prepare the Owner's Equity section      
• Double rule across the left and right columns

 Emma discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200.  What is the entry to correct the error?

•      Debit Cash, $200; credit Utilities Expense, $200
•      Debit Miscellaneous Expense, $200; and credit Utilities Expense, $200
•    Debit Utilities Expense, $200; credit Cash, $200
•    Debit Utilities Expense, $200; credit Miscellaneous Expense, $200

 A journal's column totals are General Debit, $400; General Credit, $300, Sales Credit, $800; Cash Debit, $1,200; Cash Credit, $500.  This means that the 

•    Cash debit column is incorrect
• General credit column is incorrect
•    Journal does not prove
•      Journal proves

 At the end of the week, Amy is preparing to transfer the information in the General Journal to the General Ledger to update the ledger accounts.  What will Amy write in the General Ledger FIRST?

•  Account number
•    Amount
• .  Date
•      Journal page number