Question 1 of 20 0.0/ 5.0 points the accounts receivable account has

Question 1 of 20

0.0/ 5.0 Points

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an

 

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A. $800 debit.

 

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B. $800 credit.

 

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C. $2,600 credit.

 

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D. $2,600 debit.

 

Question 2 of 20

5.0/ 5.0 Points

The business incurred an expense and paid it immediately. To record this transaction,

 

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A. an expense is debited, and a liability is credited.

 

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B. an expense is debited, and an asset is credited.

 

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C. an expense is debited, and Capital is credited.

 

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D. None of the above

 

Question 3 of 20

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The owner invested personal equipment in the business. To record this transaction,

 

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A. debit Equipment and credit Accounts Payable.

 

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B. debit Accounts Payable and credit Equipment.

 

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C. debit Equipment and credit Capital.

 

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D. credit Equipment and debit Capital.

 

Question 4 of 20

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When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be

 

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A. $325.

 

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B. $0.

 

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C. $975.

 

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D. $650.

 

Question 5 of 20

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Which entry records the investment of cash by John, owner of a sole proprietorship?

 

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A. Debit John, Capital; credit Cash

 

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B. Debit Cash; credit John, Withdrawals

 

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C. Debit John, Withdrawals; credit Cash

 

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D. Debit Cash; credit John, Capital

 

Question 6 of 20

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A debit increases the balance in all of the following accounts except for which one?

 

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A. Cash

 

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B. Withdrawals

 

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C. Expenses

 

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D. Accounts payable

 

Question 7 of 20

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Which statement about the rules of debit and credit is true?

 

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A. If accounts receivable is decreased with a credit, the normal balance is a credit.

 

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B. If accounts payable is increased with a credit, the normal balance is a credit.

 

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C. If capital is increased with a debit, the normal balance is a debit.

 

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D. If cash is decreased with a debit, the normal balance is a debit.

 

Question 8 of 20

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Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is a

 

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A. $55 debit.

 

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B. $55 credit.

 

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C. $95 debit.

 

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D. $95 credit.

 

Question 9 of 20

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The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is

 

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A. $2,000.

 

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B. $6,000.

 

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C. $4,500.

 

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D. $3,000.

 

Question 10 of 20

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Which type of account has a normal credit balance?

 

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A. Withdrawals

 

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B. Assets

 

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C. Expenses

 

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D. Revenues

 

Question 11 of 20

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A chart of accounts

 

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A. is set up in alphabetical order.

 

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B. includes account balances.

 

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C. is a listing of all the accounts used by a company.

 

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D. All of the above

 

Question 12 of 20

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Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to

 

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A. revenue.

 

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B. accounts receivable.

 

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C. accounts payable.

 

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D. cash.

 

Question 13 of 20

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An account that would be increased by a credit is

 

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A. cash.

 

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B. accounts receivable.

 

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C. utilities expense.

 

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D. accounts payable.

 

Question 14 of 20

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The business bought supplies on account. To record this transaction,

 

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A. an expense is debited, and a liability is credited.

 

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B. an asset is debited, and an asset is credited.

 

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C. an asset is debited, and a liability is credited.

 

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D. None of the above

 

Question 15 of 20

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A category that is not in the chart of accounts is

 

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A. assets.

 

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B. liabilities.

 

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C. cash flows.

 

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D. revenue.

 

Question 16 of 20

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What would be the effect on accounts if the owner withdrew cash?

 

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A. An asset would be debited, and an expense would be credited.

 

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B. Withdrawals would be debited, and an asset would be credited.

 

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C. An asset would be debited, and a revenue would be credited.

 

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D. An asset would be debited, and Capital would be credited.

 

Question 17 of 20

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The owner of BobCats R Us paid his personal MasterCard bill using a company check. What is the correct entry to record the transaction?

 

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A. Credit Cash; debit Capital

 

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B. Credit Cash; debit Supplies Expense

 

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C. Credit Cash; debit Withdrawals

 

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D. Credit Cash; debit Accounts Receivable

 

Question 18 of 20

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One asset would be debited and another would be credited if the business

 

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A. provided services to a cash customer.

 

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B. paid a creditor.

 

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C. bought supplies paying cash.

 

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D. provided services to a credit customer.

 

Question 19 of 20

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The beginning balance in the Computers account was $2,000. The company purchased an additional $1,000 worth of computers. The balance in the account is a

 

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A. debit of $2,000.

 

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B. credit of $3,000.

 

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C. debit of $3,000.

 

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D. credit of $2,000.

 

Question 20 of 20

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A debit balance is a normal balance for which type of account?

 

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A. Accounts payable

 

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B. Revenue

 

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C. Accounts receivable

 

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D. Owner’s capital

 
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