Journalize the following transaction: Received cash from owner as an investment, $18,000.00.

debit Cash $$18,000.00, credit Alexandra Plass, Capital $$ 18,000.00

debit Alexandra Plass, Capital $$18,000.00, credit Cash $$ 18,000.00

debit Cash $$18,000.00, credit Sales $$ 18,000.00

Journalize the following transaction: Paid cash to establish a petty cash fund, $150.00. C1.

debit Petty Cash $$150.00, credit Cash $$ 150.00

debit Cash $$150.00, credit Alexandra Plass, Capital $$ 150.00

debit Sales $$150.00, credit Cash $$ 150.00

Journalize the following transaction: Bought supplies on account from Star Supplies, $225.00.

debit Supplies $$225.00, credit Accounts Payable—Star Supplies $$ 225.00

debit Accounts Payable—Star Supplies $$225.00, credit Supplies $$ 225.00

debit Supplies $$150.00, credit Cash $$ 150.00

Journalize the following transaction: Sold services on account to Ridgewood Center, $2,200.00.

debit Accounts Receivable—Ridgewood Center $$2,200.00, credit Sales $$ 2,200.00

debit Sales $$2,200.00, credit Accounts Receivable—Ridgewood Center $$ 2,200.00

debit Sales $$2,200.00, credit Cash $$ 2,200.00

Journalize the following transaction: Paid cash for postage (Miscellaneous Expense), $35.00. C5.

debit Miscellaneous Expense $$35.00, credit Cash $$ 35.00

debit Cash $$35.00, credit Miscellaneous Expense $$ 35.00

debit Advertising Expense $$35.00, credit Cash $$ 35.00

Received cash on account from Palmdale Café, $500.00.

debit Cash $$500.00, credit Accounts Receivable— Palmdale Café $$ 500.00

debit Accounts Receivable— Palmdale Café $$500.00, credit Cash $$ 500.00

debit Supplies $$500.00, credit Cash $$ 500.00

Paid cash to owner for personal use, $1,500.00.

debit Alexandra Plass, Drawing $$1,500.00, credit Cash $$ 1,500.00

debit Cash $$1,500.00, credit Alexandra Plass, Drawing $$ 1,500.00

debit Sales $$1,500.00, credit Cash $$ 1,500.00

Received cash from sales, $4,200.00.

a. debit Cash $$4,200.00, credit Sales $$ 4,200.00

b. debit Sales $$4,200.00, credit Cash $$ 4,200.00

Paid cash on account to Costello Company, $300.00, using EFT.

debit Accounts Payable—Costello Company $$300.00, credit Cash $$ 300.00

debit Cash $$300.00, credit Accounts Payable—Costello Company $$ 300.00

debit Cash $$300.00, credit Supplies $$ 300.00

Paid cash to replenish the petty cash fund, $$125.00: Supplies, $$ 65.00; Miscellaneous Expense, $$58.00; Cash Short and Over (cash shortage), $$ 2.00.

debit Supplies $$65.00, Miscellaneous Expense $$ 58.00, and Cash Short and Over $$2.00, credit Cash $$ 125.00

debit Cash $$125.00, credit Supplies $$ 65.00, Miscellaneous Expense $$58.00 and Cash Short and Over $$ 2.00

debit Petty Cash $$125.00, credit Cash $$ 125.00

If an error is recorded in a journal entry, a. cancel the error by drawing a neat line through the error. b. correct the entry by writing the correct item above the canceled error. c. do not erase the incorrect item. d. all of these.

cancel the error by drawing a neat line through the error.

correct the entry by writing the correct item above the canceled error.

do not erase the incorrect item.

The first step in the posting procedure is writing the

entry date in the Date column of the account.

journal page number in the Post. Ref. column of the journal.

account number in the Post. Ref. column of the account.

entry amount in the Debit or Credit column of the account.

The entry to establish a $200.00 petty cash fund is

debit Petty Cash, $$200.00; credit Cash, $$ 200.00.

debit Petty Cash, $$200.00; credit Miscellaneous Expense, $$ 200.00.

debit Miscellaneous Expense, $$200.00; credit Cash, $$ 200.00.

debit Cash, $$200.00; credit Petty Cash, $$ 200.00.

On a work sheet, the balance of the owner’s drawing account is extended to the

Income Statement Credit column.

Information needed to prepare an income statement’s Revenue section is obtained from a work sheet’s Account Title column and

Income Statement Credit column.

When cash is paid for insurance,

Prepaid Insurance is increased.

Prepaid Insurance is decreased.

The first digit in the account number 410 means that the account is in the

Revenue division of the general ledger.

Assets division of the general ledger.

Liabilities division of the general ledger.

Expenses division of the general ledger.

The journal entry to close Income Summary when there is a net income is

debit Income Summary; credit owner’s capital.

debit Sales; credit Income Summary.

debit owner’s capital; credit Income Summary.

debit Income Summary; credit Sales.

The formula for calculating the net income ratio is

net income divided by total sales.

total sales divided by total expenses.

total sales minus total expenses divided by net income.

Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept

Matching Expenses with Revenue.

The normal balance side of any expense account is

either the debit side or credit side.

Paid cash for one month’s rent, $1,000.00. C3.

debit Rent Expense $$1,000.00, credit Cash $$ 1,000.00

debit Cash $$1,000.00, credit Rent Expense $$ 1,000.00

debit Cash $$1,000.00, credit Miscellaneous expense $$ 300.00

Accounting I Final 2024

Authored by Chrystal Bryant

Business

11th Grade

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A transaction recorded in a journal is not considered a permanent record.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A balance sheet reports financial information for a period of time.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The source document for an electronic funds transfer is a memorandum.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The drawing account is a permanent account.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A transaction for the sale of goods or services results in a decrease in owner’s equity.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculating net income is total revenue minus total expenses.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit.

True

False

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Accounting I Final 2024

A transaction recorded in a journal is not considered a permanent record.

A balance sheet reports financial information for a period of time.

The source document for an electronic funds transfer is a memorandum.

The drawing account is a permanent account.

A transaction for the sale of goods or services results in a decrease in owner’s equity.

The formula for calculating net income is total revenue minus total expenses.

If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit.

Adjusting entries must be posted to the general ledger accounts.

Temporary accounts are used to accumulate information until it is transferred to the owner’s capital account.

Journalize the following transaction: Received cash from owner as an investment, $18,000.00.

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