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General Journals (service) Revision
Test Description: Fun way to revise General Journals (service)
Instructions: Answer all questions to get your test result.
1) Jenny started her business with $2,000 cash: Dr ... Cr Capital 2000
A
GST 2000
B
Loan 2000
C
Owners Equity 2000
D
Cash 2000
2) 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
Accounts Receivable 100 GST Receivable 10
B
Accounts Receivable 110
C
Accounts Payable 110
D
Bank 110
3) Jenny billed Small Company Ptd Ltd for her services $500 (GST-Excl). For Jenny: Dr A/R $550 Cr ...?
A
Cr Accounting Services $550 Cr GST Payable $55
B
Cr Accounting Services $ 500 Cr GST Payable $ 50
C
Cr Bank $ 500
D
Cr Accounting Services $ 455 Cr GST Payable $45
4) Jenny purchased 10 reams of paper @ $5.00 each (GST-Incl), terms Net 30 days. For Jenny - ?
A
Dr Stationery 50 Cr Accounts Payable 50
B
Dr Stationery 55 Cr Accounts Payable 50 Cr GST Payable 5
C
Dr Stationery 50 Dr GST Receivable 5 Cr Accounts Payable 55
D
Dr Stationery 45.45 Dr GST Receivable 4.55 Cr Accounts Payable 50
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 Capital 1,000 Cr Loan 1,000
D
Dr Bank 1,000 Cr Capital 1,000
6) 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 Cr Accounts Payable 45.45 Cr GST Payable 4.55
B
Dr Gym supplies 55 Cr Accounts Payable 50 Cr GST Payable 5
C
Dr Gym supplies 50 Dr GST Receivable 5 Cr Bank 55
D
Dr Gym supplies 50 Dr GST Receivable 5 Cr Accounts Payable 55
7) Greg conducted a personal training session for Ivan and received $60 (GST-Incl). For Greg:
A
Dr Accounts Receivable 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 Personal Training Services 54.55 Dr GST Receivable 5.45 Cr Bank 60
D
Dr Bank 60 Cr Personal Training Services 54.55 Cr GST Payable 5.45
8) Normal balance for Electricity expense is:
A
Not enough information to answer the question
B
Credit
C
It can be either debit or credit - depending on energy rating
D
Debit
9) Normal balance for Accounts Receivable is:
A
Debit
B
Not enough information to answer the question
C
Same as accounts payable
D
Credit
10) Normal balance for Sales is:
A
Credit
B
Debit
C
Same as Cost of Goods Sold
D
Not enough information to answer the question
*select an answer for all questions
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