Sample Questions
Introduction to Financial Accounting I
Cash Account
a) Cash Receipts Journal Date Credit Account Amount June xx Sales .......................... 300.00 To record cash sales. June xx Accounts Receivable ............ 3,100.00 To record receivables payments. June xx Gas Expense ..................... 270.00 To record use of credit line.
b) Cash Receipts Journal Date Credit Account Amount June xx Sales ......................... 3,100.00 To record cash sales. June xx Accounts Receivable ........... 300.00 To record receivables payments.
c) Cash Receipts Journal Date Credit Account Amount June xx Sales ......................... 300.00 To record cash sales. June xx Accounts Receivable ........... 3,100.00 To record receivables payments.
d) Cash Disbursements Journal Date Debit Account Amount June xx Sales ......................... 300.00 To record cash sales. June xx Accounts Receivable ........... 3,100.00 To record receivables payments.
e) None of the above.
a) Accounts Receivable ...................... 3,100.00 Cash .................................. 3,100.00 To record cash receipts.
b) Accounts Receivable ...................... 3,100.00 Sales .................................... 300.00 Cash .................................. 3,400.00 To record cash receipts.
c) Cash ..................................... 3,400.00 Accounts Receivable ................... 3,100.00 Sales ................................. 300.00 To record cash disbursements.
d) Cash ..................................... 3,400.00 Accounts Receivable ................... 3,100.00 Sales ................................. 300.00 To record cash receipts.
a) Petty Cash Record Date Explanation Receipts Disbursements June 1 Initial receipt 250.00 June x Office Supplies 60.00 July 1 Replenish fund 160.00
b) Petty Cash Record Date Explanation Receipts Disbursements June 1 Initial receipt 150.00 June x Office Supplies 60.00 July 1 Replenish fund 60.00
c) Petty Cash Record Date Explanation Receipts Disbursements June x Office Supplies 60.00
d) Petty Cash Record Date Explanation Receipts Disbursements June 1 Replenish fund 150.00 June x Office Supplies 60.00 July 1 Initial receipt 60.00
a) Cash Disbursements Journal Date Debit Account Amount June 1 Petty Cash ..................... 250.00 To record the creation petty cash fund.
b) Cash Receipts Journal Date Credit Account Amount June 1 Petty Cash ..................... 150.00 To record the creation petty cash fund.
c) Cash Disbursements Journal Date Debit Account Amount June 1 Petty Cash ..................... 150.00 To record the creation petty cash fund.
d) Cash Disbursements Journal Date Debit Account Amount June 1 Cash ........................... 250.00 To record the creation petty cash fund.
a) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 150.00 To record the replenishment of petty cash fund.
b) Cash Disbursements Journal Date Debit Account Amount June 1 Petty Cash ..................... 60.00 To record the replenishment of petty cash fund.
c) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 90.00 To record the replenishment of petty cash fund.
d) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 60.00 To record the replenishment of petty cash fund.
a) Cash Disbursements Journal Date Debit Account Amount June xx Phone Expense .................. 125.00 To record payment of phone bill. June xx Gas Expense .................... 270.00 To record purchase of gasoline. June 30 Capital - Mark Smith ........... 2,000.00 To record owner withdrawal.
b) Cash Disbursements Journal Date Debit Account Amount June xx Phone Expense .................. 125.00 To record payment of phone bill. June xx Gas Expense .................... 270.00 To record purchase of gasoline.
c) Cash Disbursements Journal Date Debit Account Amount June xx Phone Expense .................. 125.00 To record payment of phone bill. June xx Gas Expense .................... 270.00 To record purchase of gasoline. June 30 Wages Expense .................. 2,000.00 To record owner withdrawal.
d) Cash Disbursements Journal Date Debit Account Amount June xx Phone Expense .................. 270.00 To record payment of phone bill. June xx Gas Expense .................... 125.00 To record purchase of gasoline. June 30 Capital - Mark Smith ........... 2,000.00 To record owner withdrawal.
a) Capital - Mark Smith ..................... 2,000.00 Cash .................................. 2,000.00 To record cash disbursements.
b) Capital - Mark Smith ..................... 2,000.00 Gas Expense .............................. 125.00 Phone Expense ............................ 270.00 Cash .................................. 2,505.00 To record cash disbursements.
c) Wages Expense ............................ 2,000.00 Gas Expense .............................. 270.00 Phone Expense ............................ 125.00 Cash .................................. 2,395.00 To record cash disbursements.
d) Capital - Mark Smith ..................... 2,000.00 Gas Expense .............................. 270.00 Phone Expense ............................ 125.00 Cash .................................. 2,395.00 To record cash disbursements.
a) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 60.00 To record the replenishment of petty cash fund.
c) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 150.00 To record the replenishment of petty cash fund.
d) Cash Disbursements Journal Date Debit Account Amount July 1 Petty Cash ..................... 90.00 To record the replenishment of petty cash fund.
a) Cash Receipts Journal Date Credit Account Amount Oct. 8 Accounts Receivable ............ 2,400.00 To record receivables payments. Oct. 12 Accounts Receivable ............ 1,800.00 To record receivables payments. Oct. 24 Accounts Receivable ............ 2,800.00 To record receivables payments.
b) Cash Receipts Journal Date Credit Account Amount Oct. 8 Accounts Receivable ............ 2,400.00 To record receivables payments. Oct. 12 Accounts Receivable ............ 1,800.00 To record receivables payments. Oct. 24 Accounts Receivable ............ 2,800.00 To record receivables payments. Oct. 31 Accounts Receivable ............ 1,700.00 To record receivables payments.
c) Cash Receipts Journal Date Credit Account Amount Oct. 8 Accounts Receivable ............ 2,400.00 To record receivables payments. Oct. 12 Accounts Payable ............... 1,800.00 To record receivables payments. Oct. 24 Accounts Receivable ............ 2,800.00 To record receivables payments. Oct. 31 Inventory ...................... 1,700.00 To record receivables payments.
d) Cash Disbursements Journal Date Debit Account Amount Oct. 18 Accounts Receivable ............ 2,400.00 To record receivables payments. Oct. 2 Accounts Receivable ............ 1,800.00 To record receivables payments. Oct. 29 Accounts Receivable ............ 2,800.00 To record receivables payments. Oct. 32 Accounts Receivable ............ 1,700.00 To record receivables payments.
a) Accounts Receivable ...................... 8,700.00 Cash .................................. 8,700.00 To record cash receipts.
b) Accounts Receivable ...................... 7,000.00 Cash .................................. 7,000.00 To record cash receipts.
c) Cash ..................................... 8,700.00 Accounts Receivable ................... 8,700.00 To record cash receipts.
d) Cash ..................................... 8,700.00 Sales ................................. 8,700.00 To record sales.
a) Cash Disbursements Journal Date Debit Account Amount Oct. 1 Rent Expense ................... 2,500.00 To record payment of rent. Oct. 15 Wages Expense .................. 1,500.00 To record payment of wages. Oct. 16 Accounts Payable ............... 1,600.00 To record payment of supplies purchase.
b) Cash Disbursements Journal Date Debit Account Amount Oct. 1 Rent Expense ................... 2,500.00 To record payment of rent. Oct. 15 Wages Expense .................. 1,500.00 To record payment of wages. Oct. 16 Accounts Payable ............... 1,600.00 To record payment of supplies purchase. Oct. 31 Wages Expense .................. 1,500.00 To record payment of wages. Oct. 31 Capital - Deidre Jackson ....... 2,000.00 To record owner withdrawal.
c) Cash Disbursements Journal Date Debit Account Amount Oct. 1 Rent Expense ................... 2,000.00 To record payment of rent. Oct. 15 Wages Expense .................. 1,400.00 To record payment of wages. Oct. 16 Accounts Payable ............... 1,600.00 To record payment of supplies purchase. Oct. 31 Depreciation Expense ........... 300.00 To record payment of wages. Oct. 31 Wages Expense .................. 1,400.00 To record payment of wages. Oct. 31 Capital - Deidre Jackson ....... 2,000.00 To record owner withdrawal.
d) Cash Disbursements Journal Date Debit Account Amount Oct. 1 Rent Expense ................... 2,500.00 To record payment of rent. Oct. 10 Wages Expense .................. 1,500.00 To record payment of wages. Oct. 18 Accounts Payable ............... 1,600.00 To record payment of supplies purchase. Oct. 30 Wages Expense .................. 1,500.00 To record payment of wages. Oct. 28 Capital - Deidre Jackson ....... 2,000.00 To record owner withdrawal.
a) Capital - Diedre Jackson ................. 2,000.00 Cash .................................. 2,000.00 To record cash disbursements.
b) Capital - Deidre Jackson ................. 2,000.00 Rent Expense ............................. 2,500.00 Wages Expense ............................ 1,500.00 Cash .................................. 6,000.00 To record cash disbursements.
c) Capital - Deidre Jackson ................. 2,000.00 Rent Expense ............................. 2,500.00 Wages Expense ............................ 1,500.00 Accounts Payable ......................... 1,600.00 Depreciation Expense ..................... 300.00 Cash .................................. 7,600.00 To record cash disbursements.
d) Capital - Deidre Jackson ................. 2,000.00 Rent Expense ............................. 2,500.00 Wages Expense ............................ 3,000.00 Accounts Payable ......................... 1,600.00 Cash .................................. 9,100.00 To record cash disbursements.
a) Bank reconciliation as at Oct. 31, 200x. Book Balance ............................. $1,720.00 Add: Error .......................... 100.00 Deduct: Fees ........................ 20.00 Reconciled Balance ....................... 1,800.00
b) Bank reconciliation as at Sept. 30, 200x. Book Balance ............................. $1,720.00 Add: Error .......................... 100.00 Deduct: Fees ........................ 20.00 Reconciled Balance ....................... 1,800.00
c) Bank reconciliation as at Oct. 31, 200x. Book Balance ............................. $1,720.00 Add: ................................ 0.00 Deduct: Fees and Error ............... 120.00 Reconciled Balance ........................ 1,600.00
d) Bank reconciliation as at Oct. 31, 200x. Book Balance ............................. $1,720.00 Add: Fees and Error ................. 120.00 Deduct: ............................. 0.00 Reconciled Balance ....................... 1,840.00
a) Bank reconciliation as at Nov. 4, 200x. Bank Balance ............................. $3,600.00 Add: Deposits-in-Transit ............ 1,700.00 Deduct: o/s Checks .................. 3,500.00 Reconciled Balance ....................... 1,800.00
b) Bank reconciliation as at Oct. 31, 200x. Bank Balance ............................. $3,600.00 Add: Deposits-in-Transit ............ 1,500.00 Deduct: o/s Checks .................. 3,500.00 Reconciled Balance ....................... 1,600.00
c) Bank reconciliation as at Oct. 31, 200x. Bank Balance ............................. $3,600.00 Add: Deposits-in-Transit ............ 1,700.00 Deduct: o/s Checks .................. 3,500.00 Reconciled Balance ....................... 1,800.00
d) Bank reconciliation as at Oct. 31, 200x. Bank Balance ............................. $3,600.00 Add: Deposits-in-Transit ............ 1,900.00 Deduct: o/s Checks .................. 4,400.00 Reconciled Balance ....................... 1,100.00
a) Accounts Receivable ...................... 80.00 Bank Charges ............................. 20.00 Cash ................................ 100.00 To record adjustments from the bank reconciliation.
b) Cash ..................................... 20.00 Bank Charges ............................. 80.00 Accounts Receivable ................. 100.00 To record adjustments from the bank reconciliation.
c) Cash ..................................... 100.00 Bank Charges ............................. 20.00 Accounts Receivable ................. 80.00 To record adjustments from the bank reconciliation.
d) Cash ..................................... 80.00 Bank Charges ............................. 20.00 Accounts Receivable ................. 100.00 To record adjustments from the bank reconciliation.
Cash Disbursements Journal Date Debit Account Amount Apr. 30 Accounts Payable ................... 2,200.00 To record payment of supplies purchase. Apr. 30 Wages Expense ...................... 6,500.00 To record payment of wages. May 1 Rent Expense ....................... 4,200.00 To record payment of rent. May 18 Dividends Payable .................. 5,000.00 To record the payment of dividends. May 31 Wages Expense ...................... 6,500.00 To record payment of wages.
Cash Receipts Journal Date Credit Account Amount Apr. 30 Accounts Receivable ................ 1,900.00 To record receipt of payment. May 4 Bank Loans Payable ................. 5,000.00 To record use of credit line. May 10 Accounts Receivable ................ 1,800.00 To record receipt of payment. May 16 Interest Income .................... 1,000.00 To record receipt of interest on investments. May 31 Accounts Receivable ................ 2,400.00 To record receipt of payment.
Sanata Bank Statement for period May 1 - May 31. Lakeview Corp. Date Credit Debit Balance May 2 1,900,00 9,720.00 May 3 6,500.00 3,220.00 May 5 5,000.00 4,200.00 4,020.00 May 11 1,800.00 5,820.00 May 13 1,850.00 3,970.00 May 17 1,000.00 4,970.00 May 20 5,000.00 9,970.00 May 31 40.00 100.00 9,910.00
a) Bank reconciliation as at May 31, 200x. Book Balance ............................. 5,520.00 Add: Fee Rebate ...................... 40.00 Deduct: Fees and NSF item ............ 1,950.00 Reconciled Balance ....................... 3,790.00
b) Bank reconciliation as at May 31, 200x. Book Balance ............................. 5,520.00 Add: Fee Rebate ..................... 40.00 Deduct: Fees and NSF item ........... 1,950.00 Reconciled Balance ....................... 3,610.00
c) Bank reconciliation as at May 31, 200x. Book Balance ............................. 5,520.00 Add: Fee Rebate ..................... 40.00 Deduct: Fees and NSF item ........... 1,950.00 Reconciled Balance ....................... 3,690.00
d) Bank reconciliation as at May 31, 200x. Book Balance ............................. 5,500.00 Add: Fees and Error .................. 100.00 Deduct: ............................. 1,800.00 Reconciled Balance ........................ 1,840.00
a) Bank reconciliation as at May 31, 200x. Bank Balance ............................. 7,810.00 Add: Deposits-in-Transit ............ 2,400.00 Deduct: o/s Checks .................. 6,500.00 Reconciled Balance ....................... 3,610.00
b) Bank reconciliation as at April 30, 200x. Bank Balance ............................. 7,810.00 Add: Deposits-in-Transit ............ 2,400.00 Deduct: o/s Checks .................. 6,500.00 Reconciled Balance ....................... 3,610.00
c) Bank reconciliation as at May 31, 200x. Bank Balance ............................. 9,910.00 Add: Deposits-in-Transit ............ 2,700.00 Deduct: o/s Checks .................. 8,700.00 Reconciled Balance ....................... 3,610.00
d) Bank reconciliation as at May 31, 200x. Bank Balance ............................. 9,910.00 Add: Deposits-in-Transit ............ 2,400.00 Deduct: o/s Checks .................. 8,700.00 Reconciled Balance ....................... 3,610.00
a) Accounts Receivable ...................... 1,800.00 Bank Charges ............................. 50.00 Cash .................................. 1,850.00 To record NSF item.
b) Accounts Receivable ...................... 1,800.00 Cash .................................. 1,800.00 To record NSF item.
c) Accounts Receivable ...................... 1,800.00 Bank Charges ............................. 150.00 Cash .................................. 1,150.00 To record NSF item.
d) Cash ..................................... 1,850.00 Bank Charges .......................... 50.00 Accounts Receivable ................... 1,800.00 To record NSF item.
a) Bank Charges ............................. 100.00 Cash .................................. 100.00 To record bank charge rebate.
b) Cash ..................................... 50.00 Bank Charges .......................... 50.00 To record bank charge rebate.
c) Cash ..................................... 40.00 Bank Charges .......................... 40.00 To record bank charge rebate.
d) Cash ..................................... 40.00 Accounts Receivable ................... 40.00 To record bank charge rebate.
a) Bank Charges ............................. 50.00 Cash .................................. 50.00 To record bank charges.
b) Cash ..................................... 100.00 Bank Charges .......................... 100.00 To record bank charges.
c) Bank Charges ............................. 40.00 Cash .................................. 40.00 To record bank charges.
d) Bank Charges ............................. 100.00 Accounts Payable ...................... 100.00 To record bank charges.
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