Quiz 6: Debit and Credit Quiz

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1.A business is started with 2,000 from the owner being deposited in the bank, which account is credited?
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Right!
2. The business buys stationary for 50. What is the entry to the stationary account?
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Wrong

3. Inventory of 1,000 is purchased on credit from a supplier. Where is the 1,000 credited.
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4. The business sells goods for cash of 290. Whats is the entry to the cash book.
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5. A customer buys goods to the value of 1,000 on credit and takes a cash discount of 5% on early settlement. What is the amount of discount allowed?
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6. Plant and machinery is purchased for 3,000, is the entry to fixed assets a debit or a credit.
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7. Goods to the value of 500 are returned to a supplier, which account is credited.
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8. The depreciation of fixed assets is calculated to be 600, which account is credited.
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9. Insurance of 300 is paid in cash. Is the entry to the insurance account a debit or a credit?
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10. Cash of 100 is taken from the bank account and used to top up the petty cash. The entry to the bank account is a debit or credit?
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Wrong

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Quiz 6: Debit and Credit Quiz December 14th, 2016Team

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