Self Assessment Quizzes

CHAPTER 5: Section 2 Applying the Rules of Debit and Credit to Revenue, Expense, and Withdrawals Transactions

	1.	The owner of Speedman wrote a company check for $750 for personal use. The account debited will be

		a.	Owner`s Capital
		b.	Cash in Bank
		c.	Owner`s Withdrawals
		d.	Accounts Receivable

	2.	Speedman mailed a check for $850 to pay the month`s rent. The account that was increased was

		a.	Cash in Bank
		b.	Delivery Revenue
		c.	Accounts Payable
		d.	Rent Expense

	3.	To test for equality

		a.	debits should be larger than credits
		b.	the Revenue account should exceed the Expense accounts
		c.	debits and credits should be equal
		d.	Revenue should equal the total of all other accounts

	4.	Speedman billed $956.32 for delivery services. The accounts affected are

		a.	Accounts Receivable and Delivery Revenue
		b.	Cash in Bank and Delivery Revenue
		c.	Accounts Payable and Cash in Bank
		d.	Accounts Receivable and Accounts Payable

	5.	Speedman Delivery provided delivery service for a customer and received a check for $1,472 as payment in full. The accounts affected are

		a.	Cash in Bank and Delivery Revenue
		b.	Accounts Receivable and Delivery Revenue
		c.	Delivery Revenue and Accounts Payable
		d.	Cash in Bank and Accounts Receivable

	6.	Speedman Withdrawals purchased an advertisement in the Daily Bugle and will pay the $75 fee at a later date. The accounts affected are

		a.	Advertising Expense and Cash in Bank
		b.	Advertising Expense and Accounts Payable
		c.	Delivery Revenue and Accounts Payable
		d.	Accounts Payable and Cash in Bank

	7.	Speedman paid the $179 telephone bill. This transaction will

		a.	increase Cash in Bank
		b.	increase Owner`s Capital
		c.	decrease Delivery Revenue
		d.	Increase Utilities Expense