Journal Entry 1-10

Transactions are initially recorded in the?

Book of Original Entry

Book of Final Entry

Accounting Equation

T Accounts

Correct! Wrong!

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

Owner Equity

Cash

Drawing

All of the given options

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries provide account balances

The debited account titles are listed first

Journal entries show the effects of transactions

Each journal entry should begin with a date

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Account Receivable

Account Receivable-Ahmed

Sales

Correct! Wrong!

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

Equity and revenues

Assets and equity

Liabilities and expenses

Assets and expenses

Correct! Wrong!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

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

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

Correct! Wrong!

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

Payment of suppliers

Credit sales

Purchaser of equipment

Payroll

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Chronological

Alphabetical

Increasing

Correct! Wrong!

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

Dividends to stock holders

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Net loss

Correct! Wrong!

Transactions are initially recorded in the?

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

All of the following are true regarding journal entries except?

Sales made to Ahmed on credit should be debited to?

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

How much types a transaction has?

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

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

In which order does the Journal list transactions?

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

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