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FREE AND STUDY GAMES ABOUT ACC1 1.02 TESTBANK
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -12 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would
result in which journal entry?
Answer:
Debit Cash and Credit Legal Fees
Question 2: The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN
INVESTMENT, would result in which journal entry?
Answer:
Debit Cash and credit Frank Harper, Capital Question 3: The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?
Answer:
Debit Prepaid Insurance and Credit Cash Question 4: The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?
Answer:
Debit Cash and credit Accounts Receivable/Parker, Inc.
Question 5: In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the
source document is a/an:
Answer:
receipt Question 6: The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?
Answer:
Debit Accounts Receivable/Beth Parker and credit Sales Question 7: In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO.,
the source document is a/an:
Answer:
memorandum/invoice Question 8: The transaction, PAID CASH FOR RENT, would result in which journal entry?
Answer:
Debit Rent Expense and credit Cash Question 9: The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?
Answer:
Debit Miscellaneous Expense and credit Cash Question 10: In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the
source document is a/an:
Answer:
invoice Question 11: The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?
Answer:
Debit Supplies and credit Accounts Payable/Davis Supply Store
Question 12: The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?
Answer:
Debit Utilities Expense and credit Cash
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