Journal Entry (I) Problems MCQs 2

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

Sales A/C

Debtors A/C

Capital A/C

Cash A/C

Correct! Wrong!

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

Furniture A/C

Sales A/C

Purchases A/C

Cash A/C

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Which entry is correct when cash is withdrawn by the owner for personal use?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

Drawings A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Correct! Wrong!

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

Post to ledger

Record amounts

Explain the transaction

Adjust balances

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 rule applies to expenses in journalizing?

Credit all expenses and losses

Debit all expenses and losses

Credit all assets

Debit all incomes and gains

Correct! Wrong!

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

Before the narration

Before the credit account

Before the debit account

At the top of the journal page

Correct! Wrong!

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

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

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

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

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

Correct! Wrong!

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

Non-financial events

Credit purchases

Cash transactions

Service revenue

Correct! Wrong!

Journal entries are recorded?

By monetary value

In chronological order

By account type

Correct! Wrong!

Journal Entry (I) Problems MCQs 2

Excellent ***

Very Good **

Good *

Need Improvement

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

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

Which entry is correct when cash is withdrawn by the owner for personal use?

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

Which of the following is a compound journal entry?

Which rule applies to expenses in journalizing?

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

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

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

Journal entries are recorded?

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