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Accounting 1 Balances Classification Dr Cr

Test Description: Accounting 1 balances classification dr cr

Instructions: Answer all questions to get your test result.

1) RECEIVED CASH ON ACCOUNT FROM SMITH FARMS

ADebit Cash and credit Accounts Receivable/ Smith Farms BDebit Accounts Receivable/Smith Farms and credit Cash CDebit Cash and debit Accounts Receivable/ Smith Farms DDebit Accounts Receivable/ Smith Farms and credit Jane Smith, Capital

2) cash supplies accounts receivable is classified as

Aassets Bowners equity Cexpenses Dliabilities

3) accounts payable, owings, loans, accruals is classified as

Aexpenses Bassets Cowners equity Dliabilities

4) advertising, repairs, utilities is classified as

Aexpenses Bowners equity Cassets Dliabilities

5) mortgage, creditors or AP is classified as

Aexpenses Bowners equity Cassets Dliabilities

6) what is the name of the account that summarizes OE owners equity

AAP accounts payable Blong term loan Ccapital Dcash

7) what is the name of the account that summarize revenue

Acash BAP accounts payable Csales Dinsurance

8) what is the name of the account that summarize money owner receives for Personal Use

AAP accounts payable Bdrawings Ccash Dsales

9) what is the account that is credited when you bought supplies on account

Asales Bsupplies CAP accounts payable Dcash

10) when you Buy or Bought on account this is related to

AAccounts Receivables - AR BCash Cnone of the above DAccounts Payable - AP

11) sales or sold service on account is related to

AAccounts Receivables - AR BAccounts Payable - AP Ccash Dnone of the above

12) sold services on account which account to you debit

AAccounts Payable - AP Bcash CAccounts Receivables - AR Dprepaid insurance

13) if cash supplies prepaid insurance are asset what balance do they carry

Anegative Bzero Ccredit Ddebit

14) loans mortgages AP are liabilities what balance do these carry

Azero Bcredit Cnegative Ddebit

15) what balance does owners equity OE carry

Anegative Bdebit Ccredit Dzero

16) advertising repairs telephone electricity are all expenses these carry

Azero Bcredit Cnegative Ddebit

17) revenue or sales carries what balance because this is the only one that increase OE

Acredit Bnegative Cdebit Dzero

18) Drawings reduces OE and because of this drawings carries what balance?

Azero Bnegative Cdebit Dcredit

19) Every time you make cash sale or sale on account what account do you credit

Anone BAR Ccash Dsales

20) Every time you pay cash what account is credited

AAR account receivable Bcreditors or debtors CAP account payable Dcash account

*select an answer for all questions

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