Which transaction requires two debit entries and one credit entry?

Simple journal entry

Closing entry

Compound journal entry

Adjusting entry

Correct! Wrong!

The credit side of a journal entry records?

Increase in Expense

Decrease in Assets

Increase in Asset

Decrease in Liability

Correct! Wrong!

The process of transferring journal entries to ledger accounts is called?

Posting

Reconciling

Balancing

Trial balancing

Correct! Wrong!

Which book is used first to record financial transactions?

Balance Sheet

Journal

Ledger

Trial Balance

Correct! Wrong!

Which journal entry is correct for owner investing cash into the business?

Cash A/C Dr. To Drawing A/C

Capital A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Drawing A/C Dr. To Cash A/C

Correct! Wrong!

Which of the following follows the double-entry principle?

Journal

Trial Balance

Ledger

Balance Sheet

Correct! Wrong!

If rent is paid in cash, which account is debited?

Rent Expense A/C

Cash A/C

Revenue A/C

Capital A/C

Correct! Wrong!

Which account is credited when a business pays salaries?

Salaries Expense A/C

Rent Expense A/C

Capital A/C

Cash A/C

Correct! Wrong!

Which of the following is a correct journal entry for receiving cash from a debtor?

Cash A/C Dr. To Sales A/C

Sales A/C Dr. To Cash A/C

Cash A/C Dr. To Debtor’s A/C

Debtor’s A/C Dr. To Cash A/C

Correct! Wrong!

In a journal entry, which account is credited when goods are sold for cash?

Sales A/C

Cash A/C

Drawings A/C

Purchases A/C

Correct! Wrong!

Journal Entry (I) Problems MCQs 1

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Journal Entry (I) Problems MCQs 1

Which transaction requires two debit entries and one credit entry?

The credit side of a journal entry records?

The process of transferring journal entries to ledger accounts is called?

Which book is used first to record financial transactions?

Which journal entry is correct for owner investing cash into the business?

Which of the following follows the double-entry principle?

If rent is paid in cash, which account is debited?

Which account is credited when a business pays salaries?

Which of the following is a correct journal entry for receiving cash from a debtor?

In a journal entry, which account is credited when goods are sold for cash?

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