Mid Ter Review Prt. 2: Question Preview (ID: 3656)


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The system of recording debit and credit parts of a transaction is know as
a) Double entry accoutnig
b) the accounting equation
c) the accounting cycle
d) post-closing trial balance

In the transation, PAID CASH ON ACCOUNT TO JONES SUPPLY FOR $1000, you should
a) debit cash and credit jones supply
b) Debit supplies and credit cash
c) Debit jones supply and credit cash
d) Debit cash and debit jones supply

In the transaction, RECEIVED CASH FROM THE OWNER AS AN INVESTMENT, the source document is a/an
a) check number
b) Receipt
c) Memorandum
d) invoice

On a balance sheet, the words \\\\
a) first
b) fourth
c) third
d) second

Jack jones, capital should be entered on what section of a balance sheet?
a) assets
b) liabilities
c) liabilities and owners equity
d) owners equity

In the transaction, RECIEVED A CHECK FOR $2500 FOR LEGAL FEES, you should:
a) Debit cash and credit Legal Expenses
b) Debit miscellaneous expense and credit legal fees
c) Debit Legal fees and credit cash
d) Debit cash and credit Legal fees

In the transaction, PAID CASH FOR AN OFFICE DESK,$250, you should:
a) debit cash and credit office equipment
b) debit office equipment and credit cash
c) debit computer supplies and credit cash
d) debit cash and debit office equipment

On a balance sheet, the name of a business is written on which line of the heading?
a) first
b) fourth
c) third
d) second

The accounting equation is BEST stated as:
a) Assets+cash+owner's eqiuity
b) Assets+owner's equity=liabilities
c) Assets+liabilities+owner's equity
d) Liabilities+assets+owner's equity

Cash should be entered on what section of a balance sheet?
a) Assets
b) Liabilities
c) Liabilities and owner's equity
d) Owner's equity

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