Sample Questions
Introduction to Financial Accounting I
Transactions
a) Capital - Mark Smith ..................... 3,000.00 Cash .................................. 3,000.00 To record owner's investment in firm.
b) Capital - Mark Smith ..................... 4,060.00 Cash .................................. 4,060.00 To record owner's investment in firm.
c) Cash ..................................... 3,000.00 Capital - Mark Smith .................. 3,000.00 To record owner's investment in firm.
d) Cash ..................................... 3,000.00 Capital Stock ......................... 3,000.00 To record owner's investment in firm.
e) None of the above.
a) Mowing Equipment ......................... 1,000.00 Cash ................................. 1,000.00 To record purchase of equipment.
b) Mowing Equipment ......................... 1,000.00 Office Equipment ......................... 60.00 Cash .................................. 1,060.00 To record purchase of equipment.
c) Cash ..................................... 1,060.00 Mowing Equipment ...................... 1,060.00 To record purchase of equipment.
d) Cash ..................................... 1,060.00 Mowing Equipment ...................... 1,000.00 Office Equipment ...................... 60.00 To record purchase of equipment.
a) Phone Expense .............................. 50.00 Cash .................................. 50.00 To record cell phone expense.
b) Cash ....................................... 50.00 Phone Expense ......................... 50.00 To record cell phone expense.
c) Accounts Payable ............................ 50.00 Phone Expense ......................... 50.00 To record cell phone expense.
d) Phone Expense ............................... 50.00 Accounts Payable ...................... 50.00 To record cell phone expense.
a) Cash ..................................... 1,500.00 Sales ................................. 1,500.00 To record mowing revenues.
b) Sales .................................... 75.00 Cash .................................. 75.00 To record mowing revenues.
c) Sales .................................... 1,500.00 Accounts Receivable ................... 1,500.00 To record mowing revenues.
d) Accounts Receivable ...................... 1,500.00 Sales ................................. 1,500.00 To record mowing revenues.
a) Gas Expense ................................. 40.00 Cash ..................................... 40.00 To record operating expenses.
b) Gas Expense ................................ 120.00 Cash .................................... 120.00 To record operating expenses.
c) Cash ....................................... 120.00 Gas Expense ............................. 120.00 To record operating expenses.
d) Cash ....................................... 60.00 Gas Expense ............................. 60.00 To record operating expenses.
a) Capital - Diedre Jackson ................. 2,500.00 Cash .................................. 2,500.00 To record owner's investment in firm.
b) Cash ..................................... 7,000.00 Capital - Diedre Jackson .............. 7,000.00 To record owner's investment in firm.
c) Capital - Diedre Jackson ................. 7,000.00 Cash .................................. 7,000.00 To record owner's investment in firm.
d) Cash ..................................... 7,000.00 Capital Stock ......................... 7,000.00 To record owner's investment in firm.
a) Cleaning Equipment ......................... 100.00 Depreciation Expense .................... 100.00 To record depreciation.
b) Depreciation Expense ....................... 300.00 Cash .................................... 300.00 To record depreciation.
c) Depreciation Expense ....................... 300.00 Accumulated Depreciation ................ 300.00 To record depreciation.
d) Depreciation Expense ....................... 200.00 Accumulated Depreciation ................ 200.00 To record depreciation.
a) Wages Expense ............................ 3,000.00 Cash .................................. 3,000.00 To record salaries expense.
b) Wages Expense ............................ 1,500.00 Cash .................................. 1,500.00 To record salaries expense.
c) Cash ..................................... 3,000.00 Wages Expense ......................... 3,000.00 To record salaries expense.
d) Wages Expense ............................ 3,000.00 Wages Payable ......................... 3,000.00 To record salaries expense.
a) Cash .................................... 10,000.00 Sales ................................ 10,000.00 To record cleaning revenues.
b) Sales .................................... 7,500.00 Cash .................................. 7,500.00 To record cleaning revenues.
c) Accounts Receivable ..................... 10,000.00 Sales ................................ 10,000.00 To record cleaning revenues.
d) Accounts Receivable ..................... 2,500.00 Cash .................................... 7,500.00 Sales ................................ 10,000.00 To record cleaning revenues.
a) Wages Expense ............................ 2,000.00 Cash .................................. 2,000.00 To record owner's withdrawal.
b) Capital - Diedre Jackson ................. 2,000.00 Cash .................................. 2,000.00 To record owner's withdrawal.
c) Wages Payable ............................ 2,000.00 Cash .................................. 2,000.00 To record owner's withdrawal.
d) Cash ..................................... 2,000.00 Capital - Diedre Jackson .............. 2,000.00 To record owner's withdrawal.
a) Capital - Paul Delgado ................... 7,000.00 Cash .................................. 7,000.00 To record owner's investment in firm.
b) Cash ..................................... 7,000.00 Capital - Paul Delgado ................ 7,000.00 To record owner's investment in firm.
c) Cash ..................................... 7,000.00 Loans Payable ......................... 2,000.00 Capital - Paul Delgado ................ 5,000.00 To record owner's investment in firm.
d) Cash ..................................... 7,000.00 Loans Payable ......................... 2,000.00 Capital Stock ......................... 5,000.00 To record owner's investment in firm.
a) Large Equipment .......................... 2,600.00 Cash .................................. 2,600.00 To record purchase of equipment.
b) Large Equipment .......................... 2,600.00 Small Equipment .......................... 300.00 Cash .................................. 2,300.00 To record purchase of equipment.
c) Large Equipment .......................... 2,600.00 Small Equipment .......................... 300.00 Cash .................................. 2,900.00 To record purchase of equipment.
d) Cash ..................................... 2,900.00 Equipment ........................... 2,900.00 To record purchase of equipment.
a) Supplies Expense .......................... 1,700.00 Cash ................................... 1,700.00 To record supplies purchase.
b) Cash ...................................... 1,990.00 Supplies Expense ....................... 1,990.00 To record supplies purchase.
c) Fruit Supplies ............................. 500.00 Non-fruit Supplies ......................... 290.00 Cash .................................... 790.00 To record supplies purchase.
d) Supplies .................................. 1,990.00 Cash ................................... 1,990.00 To record supplies purchase.
a) Cash ....................................... 250.00 S&A Expenses ............................ 250.00 To record selling and admin. expenses.
b) S&A Expenses ............................... 450.00 Cash .................................... 450.00 To record selling and admin. expenses.
c) S&A Expenses ............................... 200.00 Cash .................................... 200.00 To record selling and admin. expenses.
d) S&A Expenses ............................... 450.00 Accounts Payable ........................ 450.00 To record selling and admin. expenses.
a) Cash ..................................... 2,100.00 Sales ................................. 2,100.00 To record fruit shake revenues.
b) Sales .................................... 3,100.00 Cash .................................. 3,100.00 To record fruit shake revenues.
c) Cash ..................................... 3,100.00 Sales ................................. 3,100.00 To record fruit shake revenues.
d) Accounts Receivable ...................... 3,100.00 Sales ................................. 3,100.00 To record fruit shake revenues.
a) Wages Expense ............................. 400.00 Cash ................................... 400.00 To record salaries expense.
b) Wages Expense ............................. 200.00 Cash ................................... 200.00 To record salaries expense.
c) Cash ...................................... 400.00 Wages Expense .......................... 400.00 To record salaries expense.
d) Wages Expense ............................. 400.00 Wages Payable .......................... 400.00 To record salaries expense.
a) Capital - Paul Delgado ................... 1,000.00 Cash .................................. 1,000.00 To record owner's withdrawal.
b) Wages Expense ............................ 1,000.00 Cash .................................. 1,000.00 To record owner's withdrawal.
c) Capital Stock ............................ 1,000.00 Wages Expense ......................... 1,000.00 To record owner's withdrawal.
d) Wages Expense ............................ 1,000.00 Wages Payable ......................... 1,000.00 To record owner's withdrawal.
a) Gas Expense ................................ 280.00 Cash .................................... 280.00 To record gas expenses.
b) Gas Expense ................................ 80.00 Cash .................................... 80.00 To record gas expenses.
c) Cash ....................................... 280.00 Gas Expense ............................. 280.00 To record gas expenses.
d) Cash ....................................... 240.00 Gas Expense ............................. 240.00 To record gas expenses.
a) Cash ....................................... 250.00 Advertising Expense ..................... 250.00 To record prepaid advertising.
b) Advertising Expense ........................ 250.00 Cash .................................... 250.00 To record prepaid advertising.
c) Prepaid Advertising ........................ 250.00 Cash .................................... 250.00 To record prepaid advertising.
d) Prepaid Advertising ........................ 250.00 Accounts Payable ........................ 250.00 To record prepaid advertising.
a) Loans Payable ............................ 500.00 Cash .................................. 500.00 To record loan repayment to father.
b) Loans Receivable ......................... 500.00 Cash .................................. 500.00 To record loan repayment to father.
c) Cash ..................................... 500.00 Loans Payable ......................... 500.00 To record loan repayment to father.
d) Cash ..................................... 500.00 Capital Stock ......................... 500.00 To record loan repayment to father.
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