Which rule applies to expenses in journalizing?

Debit all incomes and gains

Debit all expenses and losses

Credit all assets

Credit all expenses and losses

Correct! Wrong!

Which of the following is a compound journal entry?

Cash A/C Dr. Salaries A/C Dr. To Bank A/C

Rent A/C Dr. To Cash A/C

Cash A/C Dr. To Sales A/C

Purchases A/C Dr. To Accounts Payable A/C

Correct! Wrong!

Which of the following is not recorded in a journal entry?

Service revenue

Cash transactions

Credit purchases

Non-financial events

Correct! Wrong!

Which entry is correct when cash is withdrawn by the owner for personal use?

Cash A/C Dr. To Drawings A/C

Capital A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Drawings A/C Dr. To Cash A/C

Correct! Wrong!

The term “To” in journal entries is traditionally written?

Before the debit account

Before the narration

At the top of the journal page

Before the credit account

Correct! Wrong!

Journal entries are recorded?

In chronological order

By account type

By monetary value

Correct! Wrong!

What is the main purpose of a narration in a journal entry?

Adjust balances

Record amounts

Post to ledger

Explain the transaction

Correct! Wrong!

Which account is debited when the business purchases furniture for cash?

Sales A/C

Purchases A/C

Cash A/C

Furniture A/C

Correct! Wrong!

If cash is received from sales, which account is credited?

Debtors A/C

Cash A/C

Sales A/C

Capital A/C

Correct! Wrong!

Which of the following is a correct journal entry for purchasing office supplies on credit?

Cash A/C Dr. To Office Supplies A/C

Office Supplies A/C Dr. To Cash A/C

Office Supplies A/C Dr. To Accounts Payable A/C

Accounts Payable A/C Dr. To Office Supplies A/C

Correct! Wrong!

Journal Entry (I) Problems MCQs 2

Which rule applies to expenses in journalizing?

Which of the following is a compound journal entry?

Which of the following is not recorded in a journal entry?

Which entry is correct when cash is withdrawn by the owner for personal use?

The term “To” in journal entries is traditionally written?

Journal entries are recorded?

What is the main purpose of a narration in a journal entry?

Which account is debited when the business purchases furniture for cash?

If cash is received from sales, which account is credited?

Which of the following is a correct journal entry for purchasing office supplies on credit?

Submit a Comment Cancel reply

Search