Accounting Journal Entry EXAM Questions And CORRECT Answers

Accounting Journal Entry EXAM Questions And
CORRECT Answers
borrowed $45,000 from the bank and signed a note payable - CORRECT ANSWERS cash:
$45,000 (debit)

notes payable: $45,000 (credit)



paid cash of $40,000 to acquire land - CORRECT ANSWERS land: $40,000 (debit)

cash: $40,000 (credit)



performed services for a customer on account $2,600 - CORRECT ANSWERS accounts
receivable: $2,600 (debit)

service revenue: $2,600 (credit)



purchased office supplies on account, $300 - CORRECT ANSWERS office supplies: $300
(debit)

accounts payable: $300 (credit)



paid $1,200 on your account with Lowe's - CORRECT ANSWERS accounts payable: $1,200
(debit)

cash: $1,200 (credit)



paid salary expense of $3,000 - CORRECT ANSWERS salary expense: $3,000 (debit)

cash: $3,000 (credit)



paid rent of $400 - CORRECT ANSWERS rent expense: $400 (debit)

cash: $400 (credit)

, received $3,100 from customer as a payment on the customers account - CORRECT
ANSWERS cash: $3,100 (debit)

accounts receivable: $3,100 (credit)



received a $200 utility bill that will be paid next month - CORRECT ANSWERS utilities
expense: $200 (debit)

utilities payable: $200 (credit)



received $1,500 for services to be performed next month - CORRECT ANSWERS cash:
$1,500 (debit)

unearned service revenue: $1,500 (credit)



cash dividend of $1,800 was paid to stockholders - CORRECT ANSWERS dividends: $1,800
(debit)

cash: $1,800 (credit)



performed services for a customer on account, $8,000 - CORRECT ANSWERS accounts
receivable: $8,000 (debit)

service revenue: $8,000 (credit)



purchased supplies on account, $14,000 - CORRECT ANSWERS supplies: $14,000 (debit)

accounts payable: $14,000 (credit)



performed services for customers receiving $1,400 - CORRECT ANSWERS cash: $1,400
(debit)

service revenue: $1,400 (credit)