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1. Journal entry to record payment of wages in amount of $52,000 to workers could comprise a:

a. Debit to wages expense.
b. Credit to accounts payable.
c. Debit to cash.
d. Credit to wages expense.

2. Entry to record collection of cash from customers would comprise a:

a. Debit to accounts receivable.
b. Debit to sales revenue.
c. Credit to cash.
d. Debit to cash.

3. When a company earns revenue from sales to customers, effects on accounting equation may be:

a. Assets are increased, equities are decreased.
b. Assets are decreased, equities are decreased.
c. Assets are decreased, equities are increased.
d. Assets are increased, equities are increased.

4. Wagner Inc. had strarting cash balance of $14,000 on January 1, 05. In January, company recorded debits of $23,000 and credits of $25,000 to cash account. Ending cash balance on January 31 would be a:

a. Debit balance of $16,000.
b. Credit balance of $16,000.
c. Debit balance of $12,000.
d. Credit balance of $12,000.

5. On March 1, 05, Cruston Company had strarting balance in accounts payable account of $30,000. In March, the company recorded debits of $52,000 and credits of $47,000 to accounts payable. Ending accounts payable balance on March 31 would be a:

a. Debit balance of $35,000.
b. Credit balance of $35,000.
c. Debit balance of $25,000.
d. Credit balance of $25,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919795

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