Journal Entry 1-10

Transactions are initially recorded in the?

Accounting Equation

Book of Original Entry

Book of Final Entry

T Accounts

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Sales

Cash

Account Receivable

Correct! Wrong!

In which order does the Journal list transactions?

Chronological

Decreasing

Increasing

Alphabetical

Correct! Wrong!

According to the rules of debit and credit for balance sheet accounts?

Increase in assets, liabilities and owner equity recorded by debit

Decrease in asset and liability are recorded by credit

Decrease in liability and owner’s equity are recorded by debit

Increase in asset and owner’s equity are recorded by debit

Correct! Wrong!

How much types a transaction has?

Two

Three

Four

One

Correct! Wrong!

Which of the following transactions occurs on daily basis in a large business organization?

Credit sales

Payroll

Purchaser of equipment

Payment of suppliers

Correct! Wrong!

All of the following are true regarding journal entries except?

The debited account titles are listed first

Each journal entry should begin with a date

Journal entries provide account balances

Journal entries show the effects of transactions

Correct! Wrong!

Which of the following transactions would have no impact on stockholders' equity?

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Investment of cash by stockholders

Net loss

Correct! Wrong!

Of the following account types, which would be increased by a debit?

Liabilities and expenses

Equity and revenues

Assets and expenses

Assets and equity

Correct! Wrong!

The amount brought in by owner of the business should be credited to?

Owner Equity

Drawing

Cash

All of the given options

Correct! Wrong!

Transactions are initially recorded in the?

Sales made to Ahmed on credit should be debited to?

In which order does the Journal list transactions?

According to the rules of debit and credit for balance sheet accounts?

How much types a transaction has?

Which of the following transactions occurs on daily basis in a large business organization?

All of the following are true regarding journal entries except?

Which of the following transactions would have no impact on stockholders' equity?

Of the following account types, which would be increased by a debit?

The amount brought in by owner of the business should be credited to?

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