Accounting 1.02 VoCats

1. Accounting 1.02 VoCats Test Review

2. In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: • Check Stub • Invoice • Memorandum • Receipt • ANSWER: B

3. In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an: • Check Stub • Invoice • Memorandum • Receipt • ANSWER: B

4. In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: • Calculator Tape • Check Stub • Invoice • Receipt • ANSWER: D

5. The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? • Debit Cash and credit Miscellaneous Expense • Debit Cash and debit Miscellaneous Expense • Debit Miscellaneous Expense and credit Cash • Debit Supplies and credit Miscellaneous Expense ANSWER: C

6. The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? Assets Owner’s Equity (CASH $$) CREDIT Misc. Exp. DEBIT

7. The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? • Debit Accounts Receivable/Beth Parker and credit Cash • Debit Accounts Receivable/Beth Parker and credit Sales • Debit Cash and credit Accounts Receivable/Beth Parker • Debit Cash and credit Sales ANSWER: B

8. The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? Assets Owners Equity REVENUE CREDIT (Accounts Receivable/ Beth Parker) DEBIT

9. The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? • Debit Cash and credit Utilities Expense • Debit Cash and credit Ted Bright, Drawing • Debit Ted Bright, Drawing and credit Cash • Debit Utilities Expense and credit Cash ANSWER: D

10. The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? Assets Owners Equity (CASH $$) CREDIT Utilities Exp. DEBIT

11. The transaction, PAID CASH FOR RENT, would result in which journal entry? • Debit Cash and credit Miscellaneous Expense • Debit Cash and credit Rent Expense • Debit Miscellaneous Expense and credit Cash • Debit Rent Expense and credit Cash ANSWER: D

12. The transaction, PAID CASH FOR RENT, would result in which journal entry? Assets Owners Equity Rent Exp. DEBIT (CASH $$) CREDIT

13. The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? • Debit Cash and credit Insurance Expense • Debit Cash and credit Prepaid Insurance • Debit Insurance Expense and credit Cash • Debit Prepaid Insurance and credit Cash ANSWER: D

14. The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? Assets Assets Prepaid Insurance DEBIT (CASH $$) CREDIT

15. The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? • Debit Accounts Payable/Davis Supply Store and credit Supplies • Debit Supplies and credit Accounts Payable/Davis Supply Store • Debit Supplies and credit Supplies Expense • Debit Supplies Expense and credit Supplies ANSWER: B

16. The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? Assets Liability Acts Pay. CREDIT (Supplies) DEBIT

17. The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? • Debit Cash and credit Legal Expenses • Debit Cash and credit Legal Fees • Debit Legal Fees and credit Cash • Debit Miscellaneous Expense and credit Legal Fees ANSWER: B

18. The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? Assets Owners Equity REVENUE CREDIT (CASH $$) DEBIT

19. The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? • Debit Cash and credit Frank Harper, Capital • Debit Cash and credit Frank Harper, Drawing • Debit Frank Harper, Capital and credit Cash • Debit Frank Harper, Drawing and credit Cash ANSWER: A

20. The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? Assets Owners Equity CREDIT (CASH $$) DEBIT

21. The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? • Debit Accounts Receivable/Parker INC., and credit Cash • Debit Cash and credit Accounts Receivable/Parker, INC. • Debit Cash and credit Supplies • Debit Supplies and credit Cash ANSWER: B

22. The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? Assets Assets Accounts Rec. CREDIT (CASH $$) DEBIT