Ch 3 Review

A transaction with a source document such as S105, the credit account for this transaction is...

• Accounts Receivable

• Sales

• Cash

A transaction with a source document such as C95, the credit account for this transaction is...

• Cash

• Sales

• Accounts Payable

A transaction with a source document such as R210, the debit account for this transaction is...

• Accounts Recievable

• Supplies

• Cash

A transaction with a source document such as TS28, the debit account for this transaction is...

• Sales

• Prepaid Insurance

• Cash

Received cash from owner as an investment, $1,500, Receipt No. 1. Which one of the following is correct?

• Capital Dr

  Cash Cr

• Cash Dr

  Accounts Payable Cr

• Cash Dr

  Capital Cr

Paid cash for insurance, $295, Check 101. Which one of the following is correct?

• Insurance Expense Dr

  Cash Cr

• Cash Dr

  Supplies Cr

• Prepaid Insurance Dr

  Cash Cr

Bought supplies on account from Staples, $400, Memo No 25. Which one of the following is correct?

• Supplies Dr

  AP - Staples Cr

• Supplies Dr

  Cash Cr

• Supplies Dr

  AR - Staples Cr

Paid cash on account to Canyon Office Supplies, $500, Check No 208. Which one of the following is correct?

• Cash Dr

  AR - Canyon Office Supplies Cr

• AP - Canyon Office Supplies Dr

  Cash Cr

• Supplies Dr

  Cash Cr

Received cash from sales, $2,000, Calculator Tape No 101. Which one of the following is correct?

• Sales Dr

  Cash Cr

• Cash Dr

  Sales Cr

• AR- Sales Dr

  Cash Cr

Sold services on account to MC Supply, $200, Sales Invoice 19. Which one of the following is correct?

• Cash Dr

  AP - MC Supply Cr

• AR- MC Supply Dr

  Cash Cr

• AR- MC Supply Dr

  Sales Cr