General Journals (service) Revision: Question Preview (ID: 9657)


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Jenny started her business with $2,000 cash: Dr ... Cr Capital 2000
a) Cash 2000 b) Owners Equity 2000 c) Loan 2000 d) GST 2000
Jenny billed Mark $110 (GST-Incl) for tax return. Mark paid with VISA. For Jenny: Dr ... Cr Accounting Services 100 Cr GST Payable 10
a) Bank 110 b) Accounts Payable 110 c) Accounts Receivable 110 d) Accounts Receivable 100 GST Receivable 10
Jenny billed Small Company Ptd Ltd for her services $500 (GST-Excl). For Jenny: Dr A/R $550 Cr ...?
a) Cr Accounting Services $ 500 Cr GST Payable $ 50 b) Cr Accounting Services $550 Cr GST Payable $55 c) Cr Accounting Services $ 455 Cr GST Payable $45 d) Cr Bank $ 500
Jenny purchased 10 reams of paper @ $5.00 each (GST-Incl), terms Net 30 days. For Jenny - ?
a) Dr Stationery 45.45 Dr GST Receivable 4.55 Cr Accounts Payable 50 b) Dr Stationery 50 Dr GST Receivable 5 Cr Accounts Payable 55 c) Dr Stationery 50 Cr Accounts Payable 50 d) Dr Stationery 55 Cr Accounts Payable 50 Cr GST Payable 5
Greg contributed equipment of $1,000 to his business. For Greg:
a) Dr Equipment 1,000 Cr Capital 1,000 b) Dr Capital 1,000 Cr Equipment 1,000 c) Dr Bank 1,000 Cr Capital 1,000 d) Dr Capital 1,000 Cr Loan 1,000
Greg purchased boxing gloves for his gym for $55 (GST-Incl) and paid with his business Master card. For Greg:
a) Dr Gym supplies 50 Dr GST Receivable 5 Cr Accounts Payable 55 b) Dr Gym supplies 50 Dr GST Receivable 5 Cr Bank 55 c) Dr Gym supplies 55 Cr Accounts Payable 50 Cr GST Payable 5 d) Dr Gym supplies 50 Cr Accounts Payable 45.45 Cr GST Payable 4.55
Greg conducted a personal training session for Ivan and received $60 (GST-Incl). For Greg:
a) Dr Bank 60 Cr Personal Training Services 54.55 Cr GST Payable 5.45 b) Dr Bank 66 Cr Personal Training Services 60 Cr GST Payable 6 c) Dr Accounts Receivable 60 Cr Personal Training Services 54.55 Cr GST Payable 5.45 d) Dr Personal Training Services 54.55 Dr GST Receivable 5.45 Cr Bank 60
Normal balance for Electricity expense is:
a) Debit b) Credit c) Not enough information to answer the question d) It can be either debit or credit - depending on energy rating
Normal balance for Accounts Receivable is:
a) Debit b) Credit c) Not enough information to answer the question d) Same as accounts payable
Normal balance for Sales is:
a) Credit b) Debit c) Not enough information to answer the question d) Same as Cost of Goods Sold
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