Business withdrew $500 from the bank to be put in the office.

Double Entry

Quiz
•
Financial Education
•
9th - 12th Grade
•
Medium
Sook Theng Fong
Used 1+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Debit:
Cash at bank
$500
Credit:
Cash at bank
$500
Debit:
Cash in hand
$500
Credit:
Cash in hand
$500
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business issued a cheque of $1,000 for a laptop.
Debit:
Office equipment
$1000
Credit:
Office equipment
$1000
Debit:
Cash at bank
$1,000
Credit:
Cash at bank
$1,000
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The owner withdrew $600 worth of inventory for his own use.
Debit:
Inventory
$600
Credit:
Inventory
$600
Debit:
Drawings
$600
Credit:
Drawings
$600
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business paid $800 for utilities by cheque.
Debit:
Utilities expense
$800
Debit:
Cash at bank
$800
Credit:
Cash at bank
$800
Credit:
Utilities expense
$800
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business received $150 cash at commission income.
Debit:
Cash in hand
$150
Debit:
Commission income
$150
Credit:
Commission income
$150
Credit:
Cash in hand
$150
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business took up a loan of $100,000 from Swiss Bank.
Credit:
Bank loan
$100,000
Debit:
Bank loan
$100,000
Credit:
Cash at bank
$100,000
Debit:
Cash at bank
$100,000
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business bought inventory worth $5,000 on credit from Mickey Trading.
Credit:
Inventory
$5,000
Debit:
Trade payable - Mickey Trading
$5,000
Debit:
Inventory
$5,000
Credit:
Trade payable - Mickey Trading
$5,000
8.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business returned a damaged inventory worth $200 to credit supplier Mickey Trading.
Credit:
Inventory
$200
Debit:
Trade payable - Mickey Trading
$200
Debit:
Inventory
$200
Credit:
Trade payable - Mickey Trading
$200
9.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The business bought laptop worth $3,000 on credit from Challenger Electronics.
Credit:
Office equipment
$3,000
Debit:
Trade payable - Challenger Electronics
$3,000
Credit:
Trade payable - Challenger Electronics
$3,000
Debit:
Office equipment
$3,000
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