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.

Not Ready for the Debit and Credit Entries Quiz?

If you need a refresher course on this topic you can view our debit and credit bookkeeping examples here.

Start the Debit and Credit Entries Quiz

Click on an answer to reveal whether its Right! or Wrong

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

Try Another mdct.ru Quiz

The debit and credit entries quiz is one of many of our online quizzes which can be used to test your knowledge of mdct.ru, discover another at the links below.

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

You May Also Like


Related pages


define the accounting cyclefactory overheadquick asset ratio formulapetty cash balancewhat is amortised costhow to compute contribution margin ratiodiminishing balance method of depreciation formulaigcse accounting worksheetsannuity excel formulapurchase ledgersmarkup vs gross profitsample chart of accounts for merchandising businessdepreciated assetsaccounting marketable securitiesjournal entry for prepaid rent receivedcalculating lifo reserveaccruals double entrybalance sheet vertical analysis examplecalculating markup percentageperpetual growth formulahorizontal and vertical analysis of balance sheetamortising bondsinternal controls for accounts payableincome tax adjusting entryaccrued salaries journal entrymargin and markup tableimprest petty cash templateaccounting general ledger examplescvp equationcalculating margin vs markuppv of perpetuityaccrual based accounting examplejournal ledger exampleexamples of period coststransposed numbers divisible by 9example adjusting entriest accounts excel templatet charts for accountingprudence in accountingperpetuity discount rateaccrued expenses vs accounts payablewhat are bank reconciliationsconvert operating lease to capital leasehow to calculate inventory conversion periodnote receivable definitionfifo examplejournal entry for impairment lossaccounting lcmaccounting for unrealized gains and losseswhat is materials requisitionexamples of direct laboraging accounts receivabledirect labor efficiency variancecogs formula manufacturingcontra account listsalvage value depreciationgoods shipped on consignmentamortization straight line methodmarkup percentage calculatorbookkeeping voucherfixed assets turnover ratio examplevoucher book formataccounting adjusting journal entriesaccounts receivables turnover ratioover applied overheaddupont chart analysisliquidating partnerintangible assets balance sheet examplebad debts entriescash suspense account definitionaccelerated method of depreciationnetcteditmeaning of payback periodcost of finished goods manufactured formula