Accounting Chapter 2 Practice Quiz with Answers
Autor: wilsontv • October 2, 2018 • Exam • 1,483 Words (6 Pages) • 609 Views
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Question 1
- Lloyd received a bill for utility services provided for $150. Harry will pay the bill in two weeks. What journal entry should Harry record today?
[pic 1] |
| Debit Utilities Expense $150; Credit Cash $150. |
[pic 2] |
| Debit Utilities Expense $150; Credit Accounts Payable $150. * |
[pic 3] |
| Debit Accounts Payable $150; Credit Utilities Expense $150. |
[pic 4] |
| No entry required
Question 2 - Harry received cash for dog grooming services paid in advance. How should Harry record this transaction?
[pic 5] |
| Debit Cash; Credit Unearned Revenue * | [pic 6] |
| Debit Accounts Receivable; Credit Unearned Revenue | [pic 7] |
| Debit Cash; Credit Service Revenue | [pic 8] |
| Debit Prepaid Services; Credit Grooming Expense |
Question 3 - Worms Company pays dividends to its stockholders and records the following journal entry:
[pic 9] |
| Debit Cash; Credit Dividends | [pic 10] |
| Debit Dividends; Credit Accounts Payable | [pic 11] |
| Debit Dividends; Credit Cash * | [pic 12] |
| Debit Retained Earnings; Credit Dividends |
Question 4 - On March 1, Year 1, Swanson Company received $5,000 cash from a customer for services to be provided on December 1, Year 1. What journal entry should be made on March 1, Year 1?
[pic 13] |
| No entry required. | [pic 14] |
| Debit Accounts Receivable $5,000; Credit Unearned Revenue $5,000. | [pic 15] |
| Debit Cash $5,000; Credit Unearned Revenue $5,000. * | [pic 16] |
| Debit Cash $5,000; Credit Service Revenue $5,000. |
Question 5 - On June 1, Mary purchased a moped for $300 on account. On June 15, Mary purchased another moped for $600 on account. On June 30, Mary paid $200 on account. At the end of June, how much should Mary report for the asset account Mopeds?
[pic 17] |
| $900* | [pic 18] |
| $700 | [pic 19] |
| $300 | [pic 20] |
| $200 |
Question 6 - Colorado Company provides services and billed customers for $2,000. Record the journal entry.
[pic 21] |
| Debit Accounts Receivable $2,000; Credit Cash $2,000 | [pic 22] |
| Debit Cash $2,000; Credit Service Revenue $2,000 | [pic 23] |
| Debit Accounts Receivable $2,000; Credit Service Revenue $2,000* | [pic 24] |
| Debit Service Revenue $2,000; Credit Accounts Receivable $2,000 |
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