Journalizing Accounting Entries! Trivia Questions Quiz

10 Questions

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Journalizing Accounting Entries! Trivia Questions Quiz

For each of the transactions, state which accounts are affected. Each transaction involves at least two accounts but could be more.


Questions and Answers
  • 1. 
    A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.
    • A. 

      Cash/Notes Payable/Owner’s Equity

    • B. 

      Cash/Accounts Payable/Computer Equipment

    • C. 

      Cash/Notes Payable/Computer Equipment

  • 2. 
    Salaries for the month were paid from cash.
    • A. 

      Accounts Payable/Wages

    • B. 

      Cash/Salaries Expense

    • C. 

      Accounts Receivable/Salaries Expense

  • 3. 
    The owner withdrew cash for her personal use.
    • A. 

      Accounts Receivable/Cash

    • B. 

      Cash/Owner Withdraw

    • C. 

      Cash/Notes Payable

  • 4. 
    Office supplies were purchased on account.
    • A. 

      Office Supplies/Cash

    • B. 

      Office Supplies/Accounts Receivable

    • C. 

      Office Supplies/Accounts Payable

  • 5. 
    Sales charged to guests were placed on account.
    • A. 

      Sales/Accounts Receivable

    • B. 

      Sales/Accounts Payable

    • C. 

      Cash/Accounts Payable

  • 6. 
    Karyn’s Kraft Catering catered a party for $2,000. She received $500 cash and the remaining balance is placed on account. Chose the correct journal entry that best reflects this transaction. 
    • A. 
    • B. 
    • C. 
  • 7. 
    Kraft Catering purchased equipment on account for $125,000. Chose the correct journal entry that best reflects this transaction. 
    • A. 
    • B. 
    • C. 
  • 8. 
    Kraft Catering purchased $500 of beverages with cash upon delivery. Chose the correct journal entry that best reflects this transaction. 
    • A. 
    • B. 
    • C. 
  • 9. 
    Kraft Catering paid advertising bill of $1,500. Chose the correct journal entry that best reflects this transaction.
    • A. 
    • B. 
    • C. 
  • 10. 
    Kraft Catering received $600 cash for the catering party that was performed two months ago. Chose the correct journal entry that best reflects this transaction.
    • A. 
    • B. 
    • C.