
Accounting Review Unit 3
Quiz by Christina McLamb
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
26 questions
Show answers
- Q1The Good Morning Shop purchased merchandise on account from The Donut Plant for $300. What is the journal entry for The Good Morning Shop to record this transaction?Debit Purchases, $300; Credit Accounts Receivable/The Donut Plant, $300.Debit Purchases, $300; Credit Accounts Payable/The Donut Plant, $300.Debit Accounts Payable/The Donut Plant, $300; Credit Purchases, $300.Debit Accounts Receivable/The Donut Plant, $300; Credit Purchases $300.30s
- Q2Wally's Wallets paid cash to Leather Products Supply, $437; covering Purchase Invoice No.1284 for $460, less a 5% discount, $23.00. What is the journal entry for Wally's Wallets to record this transaction?Debit Purchases Discount $23 and debit Cash $437; credit Accounts Payable/ Leather Products Supply $460.Debit Accounts Payable/ Leather Products Supply, $460; credit Purchases Discount $23 and credit Cash $437.Debit Accounts Payable Leather Products Supply, $437; credit Cash, $437.Debit Accounts Payable/ Leather Products Supply, $460; credit Cash, $460.30s
- Q3Aquisha's Bookkeeping paid cash for the telephone bill, $134. What is the journal entry to record this transaction?Debit Cash, $134; credit Telephone Expense, $134.Debit Purchases, $134; credit Cash, $134.Debit Telephone Expense, $134; credit Cash, $134.Debit Cash, $134; credit Purchases, $134.30s
- Q4Dipper's Ice Cream Parlor returned merchandise that was purchased on account to The Ice Cream Company, $600. What is the journal entry for Dipper's Ice Cream Parlor to record this transaction?Debit Purchases Returns and Allowances, $600; Credit Purchases, $600.Debit Purchases Returns and Allowances, $600; Credit Accounts Payable/The Ice Cream Company, $600.Debit Accounts Receivable/The Ice Cream Company, $600; Credit Purchases Returns and Allowances, $600.Debit Accounts Payable/The Ice Cream Company, $600; Credit Purchases Returns and Allowances, $600.30s
- Q5National Looms paid cash to Cotton Gin Warehouse, $392; covering Purchase Invoice No. 314 for $400, less a 2% discount, $8.00. What is the journal entry for National Looms to record this transaction?Debit Purchases Discount $8 and debit Cash $392; credit Accounts Payable/Cotton Gin Warehouse $400.Debit Accounts Payable/Cotton Gin Warehouse, $400; credit Purchases Discount $8 and credit Cash $392.Debit Accounts Payable/Cotton Gin Warehouse, $400; credit Cash, $400.Debit Accounts Payable/Cotton Gin Warehouse, $392; credit Cash, $392.30s
- Q6Tiny's Toys returned merchandise that was purchased on account to Jonah's Distributing, $150. What is the journal entry for Tiny's Toys to record this transaction?Debit Purchases Returns and Allowances, $150; Credit Purchases, $150.Debit Accounts Receivable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.Debit Accounts Payable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.Debit Purchases Returns and Allowances, $150; Credit Accounts Payable/ Jonah's Distributing, $150.30s
- Q7Seahawk Fastpitch Softball paid cash on account to Community Field, $295, covering Purchase Invoice No. 14. What is the journal entry for Seahawk Fastpitch Softball to record this transaction?Debit Accounts Receivable/Community Field, $295; credit Cash, $295.Debit Cash $295; credit Accounts Receivable/ Community Field $295.Debit Cash $295; credit Accounts Payable/ Community Field $295.Debit Accounts Payable/ Community Field $295; credit Cash, $295.30s
- Q8Marvin's Motorcycles paid $125 cash for supplies from Stewart's Supplies. What is the journal entry for Marvin's Motorcycles to record this transaction?Debit Supplies, $125; credit Cash, $125.Debit Supplies Expense, $125; credit Cash, $125.Debit Cash, $125; credit Supplies, $125.Debit Cash, $125; credit Supplies Expense, $125.30s
- Q9The Toy Shop sold merchandise to Spirit Church for $41 cash. What is the journal entry for The Toy Shop to record this transaction?Debit Accounts Receivable/Spirit Church, $41; Credit Sales $41.Debit Sales, $41; Credit Accounts Receivable/Spirit Church, $41.Debit Cash, $41; Credit Sales, $41.Debit Sales, $41; Credit Cash, $41.30s
- Q10The Mine Safety Warehouse sold Lucky Mines, merchandise on account for $414, plus sales tax of $24. What is the journal entry for The Mine Safety Warehouse to record this transaction?Debit Accounts Receivable/Lucky Mines, $438; Credit Purchases $438.Debit Accounts Receivable/Lucky Mines, $438; Credit Sales, $414, Sales Tax Payable, $24.Debit Purchases, $438; Credit Accounts Receivable/Lucky Mines, $438.Debit Sales, $414, Sales Tax Payable, $14; Credit Accounts Receivable/Lucky Mines, $438.30s
- Q11Marty's Supply sold merchandise for cash to Karl's CD's for $325, plus sales tax of $27. What is the journal entry for Marty's Supply to record this transaction?Debit Sales, $325, Sales Tax Payable, $27; Credit Accounts Receivable/Karl's CD's, $352.Debit Accounts Receivable/Karl's CD's, $352; Credit Sales $325, Sales Tax Payable, $27.Debit Cash, $352; Credit Sales, $325, Sales Tax Payable, $27.Debit Sales, $325, Sales Tax Payable, $27; Credit Cash, $352.30s
- Q12ABC Computers received $489 cash from Quality Electronics for payment on account. What is the journal entry for ABC Computers to record this transaction?Debit Cash, $489; credit Accounts Receivable/Quality Electronics, $489.Debit Sales, $489; credit Accounts Receivable/Quality Electronics, $489.Debit Accounts Receivable/Quality Electronics, $489; credit Cash, $489.Debit Accounts Receivable/Quality Electronics, $489; credit Sales, $489.30s
- Q13The Trough Restaurant received $195 cash from 1st Bank for payment on account. What is the journal entry for The Trough Restaurant to record this transaction?Debit Cash, $195; credit Sales, $195Debit Sales, $195; credit Cash, $195.Debit Cash, $195; credit Accounts Receivable/1st Bank, $195.Debit Accounts Receivable/1st Bank, $195; credit Cash, $195.30s
- Q14Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Acc. Depr. - Store Equip. balance on the Post-Closing Trial Balance?The Acc. Depr. - Store Equip balance is $1,500The Acc. Depr. - Store Equip balance is $1,000The Acc. Depr. - Store Equip balance is $600The Acc. Depr. - Store Equip. balance is $50030s
- Q15At the end of the accounting period the prepaid insurance account needs to be adjusted by $680 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?In the Adjustments columns, debit prepaid insurance, $680; credit insurance expense, $680In the Adjustments columns, debit insurance expense, $680; credit prepaid insurance, $680In the Trial Balance columns, debit prepaid insurance, $680; credit insurance expense, $680In the Income Statement columns, debit prepaid insurance, $680; credit insurance expense, $68030s