ABC Company sold merchandise for $500 cash. What is the correct journal entry?

Journalizing Business Transactions Quiz

Quiz
•
others
•
12th Grade
•
Hard
Margerie Fruelda
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debit: Cash $500, Credit: Sales Revenue $500
Debit: Sales Revenue $500, Credit: Cash $500
Debit: Merchandise Inventory $500, Credit: Cash $500
Debit: Cash $500, Credit: Accounts Receivable $500
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
XYZ Corporation purchased office supplies on account for $200. What is the correct journal entry?
Debit: Office Supplies $200, Credit: Cash $200
Debit: Office Supplies $200, Credit: Accounts Payable $200
Debit: Accounts Payable $200, Credit: Office Supplies $200
Debit: Cash $200, Credit: Office Supplies $200
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business owner withdrew $300 for personal use. What is the correct journal entry?
Debit: Cash $300, Credit: Owner's Drawings $300
Debit: Owner's Drawings $300, Credit: Cash $300
Debit: Cash $300, Credit: Capital $300
Debit: Owner's Drawings $300, Credit: Revenue $300
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
DEF Services provided consulting services and billed the client $1,000. What is the correct journal entry?
Debit: Cash $1,000, Credit: Service Revenue $1,000
Debit: Accounts Receivable $1,000, Credit: Service Revenue $1,000
Debit: Service Revenue $1,000, Credit: Accounts Receivable $1,000
Debit: Cash $1,000, Credit: Accounts Payable $1,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GHI Company paid $150 for utility expenses. What is the correct journal entry?
Debit: Utility Expense $150, Credit: Accounts Payable $150
Debit: Cash $150, Credit: Utility Expense $150
Debit: Utility Expense $150, Credit: Cash $150
Debit: Accounts Payable $150, Credit: Cash $150
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
JKL Retail received cash of $2,000 from a customer for a prior sale. What is the correct journal entry?
Debit: Cash $2,000, Credit: Sales Revenue $2,000
Debit: Cash $2,000, Credit: Accounts Receivable $2,000
Debit: Accounts Receivable $2,000, Credit: Cash $2,000
Debit: Sales Revenue $2,000, Credit: Cash $2,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MNO Corporation purchased a computer for $1,200, paying $300 in cash and the rest on account. What is the correct journal entry?
Debit: Equipment $1,200, Credit: Cash $300, Credit: Accounts Receivable $900
Debit: Equipment $1,200, Credit: Cash $300, Credit: Accounts Payable $900
Debit: Cash $300, Credit: Equipment $1,200, Credit: Accounts Payable $900
Debit: Accounts Payable $900, Credit: Equipment $1,200, Credit: Cash $300
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