ACCT QUIZ-UWF-LUCAS

Central Perk (the café from "Friends") purchases a new coffee machine for $5,000, paying $2,000 in cash and taking the rest on credit. What accounts should you credit?

• Cash and Invetory

• Cash and Account Payable

• Equipment and Cash

• Equipment and Account Payable

Central Perk (the café from "Friends") purchases a new coffee machine for $5,000, paying $2,000 in cash and taking the rest on credit. What amount should you credit for Accounts Payable?

• 5000

• 2000

• 3000

• 7000

Dunder Mifflin (from "The Office") sells $10,000 worth of paper to Scranton High School on credit. The school agrees to pay in 30 days. What account should you credit?

• Account Receivable

• Account Payable

• Cash

• Revenue

Gustavo Fring’s restaurant, Los Pollos Hermanos, purchases $8,000 of chicken inventory on credit, to be paid within 60 days. How should you do the Journal Entry?

• Debit Cash, credit Account Payable

• Debit Account Payable, Credit Cash

• Debit Inventory, Credit Accounts Payable

• Debit Cash, Credit Inventory.

Hawkins Lab prepays $15,000 for research equipment rental for the next 3 months. What account should you Debit?

• Cash

• Inventory

• Expenses

• Prepaid Expenses

Hogwarts sells $50,000 worth of Quidditch match tickets in advance for a game that will happen next month. What account should you credit?

• Cash

• Invetory

• Prepaid Expenses

• Unearned Revenue

Mando upgrades his Beskar armor for $12,000. He pays $4,000 in cash, trades in old armor worth $2,000, and takes the remaining amount on credit. What accounts should he credit?

• Equipments

• Cash and Expense

• Cash and Account Payables

• Cash and prepaid Expenses

Mando upgrades his Beskar armor for $12,000. He pays $4,000 in cash, trades in old armor worth $2,000, and takes the remaining amount on credit. What amount should he debit for Equipment?

• 2000

• 4000

• 12000

• 10000

Monica Geller caters a $20,000 event. The client pays $12,000 in cash, with $5,000 on credit, and Monica gives them a $3,000 discount for booking early. What account and amount should Monica Credit?

• Cash: 12000

• Account Receivable: 5000

• Revenue: 20000

• Revenue: 17000

The Front Man collects $1,000,000 in cash as advanced revenue from participants who paid to enter the Squid games. Another $500,000 is due in the next month as part of a payment plan. What journal entry should the Front Man record?

• Debit Cash and AR, Credit Unearned Revenue

• Debit Revenue and Cash, Credit AR

• Debit Cash and AR, Credit Revenue

• Debit Cash and AR, Credit Expense