©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Financial Accounting Exam #1 Questions
With Correct Answers
Service revenue is accrued ($700) - answer✔Debit service revenue
Credit accounts receivable
Office supplied used $300 - answer✔Debit supplies expense
Credit office supplies
Depreciation on equipment $1,300 - answer✔Debit Depreciation equipment
Credit accumulated equipment
Salaries owed to employees - answer✔Debit salaries expense
credit salaries payable
Received $2750 for tax services performed on April 8 - answer✔Debit cash
Credit Accounts receivable
Paid cash dividends of $7500 - answer✔Debit dividends
Credit cash
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Received $4900 - answer✔Debit cash
Credit service revenue
Paid office rent $900 - answer✔Debit Rent expense
Credit cash
Received $41,000 cash and issued common stock to Stewart - answer✔Debit cash
Credit common stock
Purchased office supplies, $1,200 and furniture $2,300 on account - answer✔Debit office
supplies ($1,200)
Debit furniture ($1,200)
Credit accounts payable ($2,300)
Performed services for a law firm and received $2,100 cash - answer✔Debit cash
Credit service revenue
Paid $27,000 cash to acquire land to be used in operations - answer✔Land cash
Credit cash
Performed services for a hotel and received its promise to pay the $800 within one week -
answer✔Debit accounts receivable
12/3/2024 11:27AM
Financial Accounting Exam #1 Questions
With Correct Answers
Service revenue is accrued ($700) - answer✔Debit service revenue
Credit accounts receivable
Office supplied used $300 - answer✔Debit supplies expense
Credit office supplies
Depreciation on equipment $1,300 - answer✔Debit Depreciation equipment
Credit accumulated equipment
Salaries owed to employees - answer✔Debit salaries expense
credit salaries payable
Received $2750 for tax services performed on April 8 - answer✔Debit cash
Credit Accounts receivable
Paid cash dividends of $7500 - answer✔Debit dividends
Credit cash
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Received $4900 - answer✔Debit cash
Credit service revenue
Paid office rent $900 - answer✔Debit Rent expense
Credit cash
Received $41,000 cash and issued common stock to Stewart - answer✔Debit cash
Credit common stock
Purchased office supplies, $1,200 and furniture $2,300 on account - answer✔Debit office
supplies ($1,200)
Debit furniture ($1,200)
Credit accounts payable ($2,300)
Performed services for a law firm and received $2,100 cash - answer✔Debit cash
Credit service revenue
Paid $27,000 cash to acquire land to be used in operations - answer✔Land cash
Credit cash
Performed services for a hotel and received its promise to pay the $800 within one week -
answer✔Debit accounts receivable
