Journal Entry (I) Problems MCQs 1

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

Cash A/C Dr. To Debtor’s A/C

Sales A/C Dr. To Cash A/C

Cash A/C Dr. To Sales A/C

Debtor’s A/C Dr. To Cash A/C

Correct! Wrong!

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

Posting

Trial balancing

Balancing

Reconciling

Correct! Wrong!

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

Capital A/C Dr. To Cash A/C

Drawing A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Cash A/C Dr. To Drawing A/C

Correct! Wrong!

Which account is credited when a business pays salaries?

Cash A/C

Capital A/C

Rent Expense A/C

Salaries Expense A/C

Correct! Wrong!

Which of the following follows the double-entry principle?

Journal

Ledger

Trial Balance

Balance Sheet

Correct! Wrong!

Which transaction requires two debit entries and one credit entry?

Compound journal entry

Closing entry

Simple journal entry

Adjusting entry

Correct! Wrong!

The credit side of a journal entry records?

Increase in Asset

Decrease in Assets

Decrease in Liability

Increase in Expense

Correct! Wrong!

Which book is used first to record financial transactions?

Ledger

Trial Balance

Balance Sheet

Journal

Correct! Wrong!

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

Drawings A/C

Cash A/C

Purchases A/C

Sales A/C

Correct! Wrong!

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

Rent Expense A/C

Cash A/C

Capital A/C

Revenue A/C

Correct! Wrong!

Journal Entry (I) Problems MCQs 1

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

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

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

Which account is credited when a business pays salaries?

Which of the following follows the double-entry principle?

Which transaction requires two debit entries and one credit entry?

The credit side of a journal entry records?

Which book is used first to record financial transactions?

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

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

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