Journal Entry 1-10

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

Owner Equity

Cash

All of the given options

Drawing

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Cash

Account Receivable-Ahmed

Account Receivable

Correct! Wrong!

How much types a transaction has?

Two

Four

One

Three

Correct! Wrong!

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

Journal entries provide account balances

The debited account titles are listed first

Journal entries show the effects of transactions

Correct! Wrong!

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

Purchaser of equipment

Payment of suppliers

Credit sales

Payroll

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!

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

Investment of cash by stockholders

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Net loss

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Chronological

Increasing

Alphabetical

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Final Entry

Book of Original Entry

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 liability and owner’s equity are recorded by debit

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

Decrease in asset and liability are recorded by credit

Correct! Wrong!

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

Sales made to Ahmed on credit should be debited to?

How much types a transaction has?

All of the following are true regarding journal entries except?

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

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

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

In which order does the Journal list transactions?

Transactions are initially recorded in the?

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

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