Journal Entry 1-10

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

Credit sales

Purchaser of equipment

Payment of suppliers

Payroll

Correct! Wrong!

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

All of the given options

Drawing

Owner Equity

Cash

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!

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

Assets and equity

Assets and expenses

Liabilities and expenses

Equity and revenues

Correct! Wrong!

How much types a transaction has?

Two

Three

One

Four

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Original Entry

Book of Final Entry

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

Net loss

Investment of cash by stockholders

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Cash

Sales

Account Receivable

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Alphabetical

Increasing

Chronological

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

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?

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

All of the following are true regarding journal entries except?

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

How much types a transaction has?

Transactions are initially recorded in the?

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

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?

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