Self Assessment Quizzes

CHAPTER 6: Section 2 Recording Transactions in the General Journal

	1.	Speedman received and deposited a check for $22,899.34 for delivery service last month. The account to debit is

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

	2.	If Speedman issued a check for $12,000 for new computer system they would

		a.	debit Cash in Bank
		b.	debit Computer Equipment
		c.	debit Accounts Payable
		d.	credit Computer Equipment

	3.	The owner of Speedman took 2 file cabinets valued at $200 from her home and transferred them to the company. The accounts debited and credited respectively are

		a.	Office Equipment and Owner`s Capital
		b.	Delivery Equipment and Owner`s Capital
		c.	Cash in Bank and Owner`s Capital
		d.	Owner`s Withdrawal and Office Equipment

	4.	Speedman purchased a used pick up truck on account for $15,000. The account credited should be

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

	5.	The owner of Speedman took $25,000 out of personal savings and used it to open a business checking account. The accounts debited and credited respectively are

		a.	Cash in Bank and Cash Owner
		b.	Owner`s Capital and Cash in Bank
		c.	Owner`s Capital and Accounts Payable
		d.	Cash in Bank and Owner`s Capital

	6.	Speedman received and deposited a check for $795.55 for delivery service. The journal entry should be

		a.	debit Cash in Bank and credit Delivery Revenue
		b.	debit Delivery Revenue and credit Cash in Bank
		c.	debit Owner`s Capital and credit Delivery Revenue
		d.	debit Delivery Revenue and credit Owner`s Withdrawal

	7.	Speedman sold one file cabinet for $100. The account debited should be

		a.	Accounts Payable
		b.	Cash in Bank
		c.	Office Equipment
		d.	Office Furniture

	8.	Speedman mailed a check for $300 for the first installment payment on Office Equipment purchased last month. The journal entry should be

		a.	debit Office Equipment and credit Cash in Bank
		b.	debit Cash in Bank and credit Accounts Payable
		c.	Debit Cash in Bank and credit Office Equipment
		d.	debit Accounts Payable and credit Cash in Bank