Journalizing Accounting Entries! Trivia Questions Quiz

10 Questions | By Acarsc | Last updated: Mar 22, 2022 | Total Attempts: 4643

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Journalizing Accounting Entries! Trivia Questions Quiz - 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.

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