Accounting 1 Unit 3

 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?

• 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

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?

•    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

 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?

• A.  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

Holland’s Plumbing paid cash for the electric bill, $175.  What is the journal entry to record this transaction?

• 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

 Mad River Rafting paid $400 cash for supplies from Cleaning Supply.  What is the journal entry for Mad River Rafting to record this transaction?

• Debit Supplies, $400; credit Cash, $400
• Debit Purchases, $400; credit Cash, $400
• A.  Debit Cash, $400; credit Supplies, $400
• A.  Debit Cash, $400; credit Purchases, $400

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?

• Debit Cash, $350; credit Purchases, $350
•  Debit Cash, $350; credit Supplies $350
• Debit Purchases, $350; credit Cash, $350
• Debit Supplies, $350; credit Cash, $350

 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?

• 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

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?

•  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

Hot Spot Pool & Spa sold merchandise on account to Whitesell’s Beach for $450, plus sales tax of $34.  What is the journal entry for Hot Spot Pool & Spa to record this transaction?

• Debit Accounts Receivable/Whitesell’s Beach, $484; Credit Purchases, $484
• Debit Accounts Receivable/Whitesell’s Beach, $484; Credit Sales $450, Sales Tax Payable, $34
•  Debit Purchases, $484; Credit Accounts Receivable/Whitesell’s Beach, $484
• Debit Sales, $450, Sales Tax Payable, $34; Credit Accounts Receivable/ Whitesell’s Beach, $484

Workman’s Hardware sold merchandise for $189, plus sales tax of $11, to Dan’s Decks, who paid for the merchandise with a bank credit card at the time of the sale.  What is the journal entry for Workman's Hardware to record this transaction?

• Debit Cash, $1200; Credit Sales, $189, Sales Tax Payable, $11
• Debit Sales, $189, Sales Tax Payable, $11; Credit Cash $200
• Debit Accounts Receivable/Dan’s Decks, $200; Credit Cash, $200
• Debit Sales, $189, Sales Tax Payable, $11; Credit Accounts Receivable/Dan’s Decks, $200