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Accounting Transactions Quiz

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Questions and Answers

What is the correct journal entry for the transaction 'Invested $5,000 to open her law practice'?

Debit Cash $5,000, Credit Accounts Payable $5,000

Debit Cash $5,000, Credit Income Summary $5,000

Debit Cash $5,000, Credit Jerusalem, Capital $5,000 (correct)

Debit Cash $5,000, Credit Fees Earned $5,000

What is the correct journal entry for the transaction 'Received $2,000 in fees earned during the month'?

Debit Fees Earned $2,000, Credit Cash $2,000

Debit Accounts Payable $2,000, Credit Fees Earned $2,000

Debit Cash $2,000, Credit Fees Earned $2,000 (correct)

Debit Income Summary $2,000, Credit Fees Earned $2,000

What is the correct journal entry for the transaction 'Paid three months rent, $900'?

Debit Cash $900, Credit Income Summary $900

Debit Rent Expense $900, Credit Accounts Payable $900

Debit Rent Expense $900, Credit Cash $900 (correct)

Debit Prepaid Rent $900, Credit Cash $900

What is the correct journal entry for the transaction 'Paid Utilities Expense, $150'?

Debit Utilities Expense $150, Credit Cash $150 Signup and view all the answers

What is the correct journal entry for the transaction 'Withdrew $500 for personal use'?

Debit Jerusalem, Drawing $500, Credit Cash $500 Signup and view all the answers

Explain the journal entry for the transaction 'Purchased Equipment on account $2000'.

The journal entry for this transaction would be: Debit Equipment (105) $2000 and Credit Accounts Payable (201) $2000. Signup and view all the answers

What is the correct journal entry for the transaction 'Bought office supplies on account, $500'?

The correct journal entry for this transaction is: Debit Office Supplies (102) $500 and Credit Accounts Payable (201) $500. Signup and view all the answers

How would you journalize the transaction 'Performed service and earned cash $8,000'?

The journal entry for this transaction is: Debit Cash (101) $8000 and Credit Fees Earned (401) $8000. Signup and view all the answers

Explain the journal entry for the transaction 'Paid monthly salary of 1,500'.

The journal entry for this transaction would be: Debit Salaries Expense (501) $1500 and Credit Cash (101) $1500. Signup and view all the answers

What is the correct journal entry for the transaction 'Paid miscellaneous expense of $200'?

The correct journal entry for this transaction is: Debit Miscellaneous Expense (509) $200 and Credit Cash (101) $200. Signup and view all the answers

Study Notes

Journal Entries for Business Transactions

Invested $5,000 to open her law practice: Debit Cash $5,000, Credit Owner's Capital $5,000
Received $2,000 in fees earned during the month: Debit Cash $2,000, Credit Service Revenue $2,000
Paid three months rent, $900: Debit Rent Expense $900, Credit Cash $900
Paid Utilities Expense, $150: Debit Utilities Expense $150, Credit Cash $150
Withdrew $500 for personal use: Debit Owner's Capital $500, Credit Cash $500

Purchases on Account

Purchased Equipment on account $2000: Debit Equipment $2000, Credit Accounts Payable $2000
Bought office supplies on account, $500: Debit Office Supplies $500, Credit Accounts Payable $500

Revenue Recognition

Performed service and earned cash $8,000: Debit Cash $8,000, Credit Service Revenue $8,000

Employee Compensation

Paid monthly salary of $1,500: Debit Salaries Expense $1,500, Credit Cash $1,500

Miscellaneous Expenses

Paid miscellaneous expense of $200: Debit Miscellaneous Expense $200, Credit Cash $200

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Description

Test your knowledge of accounting transactions with this quiz based on a set of transactions at a law firm. Practice journalizing, posting, and preparation of trial balance while using a specified Chart of Accounts.