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Accounting 1.02 VoCats

Accounting 1.02 VoCats. Test Review. In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an:. Check Stub Invoice Memorandum Receipt ANSWER: B. In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an:.

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Accounting 1.02 VoCats

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  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

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