Cash of $2000 withdrawn from the business' bank for office use.

Sec 3E HBL T3 Week 4

Quiz
•
Business
•
9th Grade
•
Medium
Tuang Yong
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
+Equipment
-Cash at bank
+Equipment
-Cash in hand
+Cash at bank
-Cash in hand
+Cash in hand
-Cash at bank
Answer explanation
Money for office use is referring to Cash in hand.
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Received an invoice of $5000 for goods from Ace Trading.
This is a credit transaction involves in buying of goods.
This is a cash transaction involves in buying of goods
This is a credit transaction involves in the selling of goods
This is a cash transaction involves in the selling of goods
Answer explanation
Invoice is always from the seller. So when a business received the invoice, it must be from the supplier involving a buying
3.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
Invoice of $5000 was issued to Tan for goods costing $3800. Which of the followings is/are correct. You may choose more than 1 answer.
+Sales revenue 5000
+Cash at bank 5000
+Inventory 3800
-Cost of sales 3800
+Cost of sales 3800
-Inventory 3800
+Trade receivable 5000
+Sales revenue 5000
Answer explanation
4 entries to be recorded for selling of goods.
Selling price of goods sold on credit (invoice issued) involves
Sales revenue & Trade receivable
Cost price of the goods sold involves Cost of sales and Inventory
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Credit note, $900, received for goods returned.
+Sales returns 900
-Trade receivables 900
-Trade receivables 900
-Sales revenue 900
+ Trade payable
900
+Inventory 900
-Trade payable 900
-Inventory 900
Answer explanation
Credit note is used for returning of goods. It is received from a supplier, thus showing that business has returned goods to a supplier
5.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Owner used his personal cheque to pay for business insurance of $1800.
+Insurance 1800
- Cash at bank 1800
+Drawings 1800
+Insurance 1800
+Drawings 1800
-Cash at bank 1800
+Insurance 1800
+Capital 1800
Answer explanation
Whenever the owner brings in his personal items into the business, it will be additional capital (+)
6.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Rent income of $5600 received was wrongly recorded as $6500 in the business' books.
+Rent income 900
+Cash at bank 900
-Rent income 900
+Cash at bank 900
-Rent income 900
-Cash at bank 900
+Rent income 900
-Cash at bank 900
Answer explanation
Correct value for rent received was $5600 but was recorded as $6500. Meaning recorded $900 too much, so to correct, must -rent $900 and - cash at bank $900
7.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Interest expense of $400 paid by cheque was recorded as Dr interest expense $40 and Cr Cash at bank $40. To corrrect......
-Interest expense 360
-Cash at bank 360
+Interest expense 360
-Cash at bank 360
+Interest expense
360
+cash at bank 360
-Interest expense 360
+Cash at bank 360
Answer explanation
Since the amount paid and recorded was too little, to correct, expense must increase, so +rent. Cash at bank was deducted too little, so must minus so more.
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