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Accounting Chapter 2 Practice Quiz with Answers

Autor:   •  October 2, 2018  •  Exam  •  1,483 Words (6 Pages)  •  678 Views

Page 1 of 6

Question 1

  1. Lloyd received a bill for utility services provided for $150. Harry will pay the bill in two weeks. What journal entry should Harry record today?

[pic 1]

Debit Utilities Expense $150; Credit Cash $150.

[pic 2]

Debit Utilities Expense $150; Credit Accounts Payable $150. *

[pic 3]

Debit Accounts Payable $150; Credit Utilities Expense $150.

[pic 4]

No entry required

Question 2

  1. Harry received cash for dog grooming services paid in advance. How should Harry record this transaction?

[pic 5]

Debit Cash; Credit Unearned Revenue *

[pic 6]

Debit Accounts Receivable; Credit Unearned Revenue

[pic 7]

Debit Cash; Credit Service Revenue

[pic 8]

Debit Prepaid Services; Credit Grooming Expense

Question 3

  1. Worms Company pays dividends to its stockholders and records the following journal entry:

[pic 9]

Debit Cash; Credit Dividends

[pic 10]

Debit Dividends; Credit Accounts Payable

[pic 11]

Debit Dividends; Credit Cash *

[pic 12]

Debit Retained Earnings; Credit Dividends

Question 4

  1. On March 1, Year 1, Swanson Company received $5,000 cash from a customer for services to be provided on December 1, Year 1. What journal entry should be made on March 1, Year 1?

[pic 13]

No entry required.

[pic 14]

Debit Accounts Receivable $5,000; Credit Unearned Revenue $5,000.

[pic 15]

Debit Cash $5,000; Credit Unearned Revenue $5,000. *

[pic 16]

Debit Cash $5,000; Credit Service Revenue $5,000.

Question 5

  1. On June 1, Mary purchased a moped for $300 on account. On June 15, Mary purchased another moped for $600 on account. On June 30, Mary paid $200 on account. At the end of June, how much should Mary report for the asset account Mopeds?

[pic 17]

$900*

[pic 18]

$700

[pic 19]

$300

[pic 20]

$200

Question 6

  1. Colorado Company provides services and billed customers for $2,000. Record the journal entry.

[pic 21]

Debit Accounts Receivable $2,000; Credit Cash $2,000

[pic 22]

Debit Cash $2,000; Credit Service Revenue $2,000

[pic 23]

Debit Accounts Receivable $2,000; Credit Service Revenue $2,000*

[pic 24]

Debit Service Revenue $2,000; Credit Accounts Receivable $2,000

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