Quiz 19: Debit and Credit Entries Quiz

Take our debit and credit entries quiz to check out your knowledge of debit and credit entries used in mdct.ru.

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1. A business issues 5,000 shares at 1.00 par value, which account is credited?
Wrong
Right!
2. A business purchases equipment for 20,000 paying half in cash and half using a bank loan. What entry is made on the loan account?
Right!
Wrong
3. The business buys finished goods for 5,000 on account. Which account is credited?
Right!
Wrong
4. The business pays salaries of 6,000, is the entry to the salaries account a debit or a credit?
Wrong
Right!

5.The business pays four months rent in advance of 5,000, which account is debited?
Wrong
Right!
6.The business sells finished goods on account for 3,000, which account has the credit entry?
Right!
Wrong
7. The business collects 2,000 from customers for sales made to them on account. Which account is the credit entry posted to?
Wrong
Right!
8. The business charges depreciation of 1,000 on plant and machinery, which account is the credit entry posted to ?
Right!
Wrong
9. The business pays dividends of 10,000 which had been declared at an earlier date. Which account does the debit entry go to?
Right!
Wrong
10. The business accrues for rent of 2,000 not yet invoiced by the landlord. Which account is the debit entry posted to?
Right!
Wrong

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Quiz 19: Debit and Credit Entries Quiz December 14th, 2016Team

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