Quiz 22: Debits and Credits in Accounting Quiz

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1. A business buys equipment for cash,what is the posting to the cash account?
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2. A business sells goods on credit to a customer. What is the posting to the accounts receivable account?
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3. Raw materials are purchased by a business on credit from a supplier, what is the posting to the cash account?
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4. Raw materials are issued from inventory to a production department, what is the entry to the work in progress inventory?
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5. Finished goods are transferred from work in progress to finished goods inventory, what is the posting to work in progress?
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6. Finished goods are sold during the accounting period, what is the entry to cost of goods sold??
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7. The business pays wages in cash, what is the posting to the wages account?
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8. Cash is collected from an account customer, what is the posting to accounts payable?
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9. The business pays a supplier for goods received on account, what is the posting to the accounts payable account?
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10. Capital is paid into the business by the owner, what is the posting to the capital account?
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Quiz 22: Debits and Credits in Accounting Quiz December 14th, 2016Team

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