Post-Class Quiz #2

Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023
Weekly Post-class Online quiz #2

Due Jan 12 at 10:15pm Points 15 Questions 15
Available Jan 12 at 9:30pm - Jan 12 at 10:15pm 45 minutes
Time Limit 45 Minutes
This quiz was locked Jan 12 at 10:15pm.
Attempt History
Attempt Time Score
LATEST Attempt 1 25 minutes 14 out of 15
Score for this quiz: 14 out of 15

Submitted Jan 12 at 9:55pm
This attempt took 25 minutes.
Question 1 1 / 1 pts
A business paid $50,000 cash to purchase equipment. The business

would:
debit Accounts Payable for $50,000 and credit Cash for $50,000.
debit Equipment for $50,000 and credit Accounts Payable for

$50,000.
Correct! debit Equipment for $50,000 and credit Cash for $50,000.
debit Cash for $50,000 and credit Notes Payable for $50,000.
https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 1 / 9
In order to see a complete trAnsaction in one place, you would need

to look at the:
ledger.
financial statements.
Correct! journal.
trial balance.
A company sold land for the same price that they paid for it last year.
When entering this transaction in the journal, there will be a:
credit to Accounts Receivable.
Correct! credit to Land.
debit to Accounts Payable.
debit to Land.
Which one of the following account groups normally has a credit

balance?
assets and liabilities
Correct! liabilities and revenues
assets and expenses
equity and assets
An owner makes an investment of cash into the business and

receives shares of stock. This transaction is recorded as a:
Correct! debit to cash and a credit to Common Stock.
debit to cash and a credit to Stockholder Revenue.
debit to cash and a credit to Retained Earnings.
debit to common Stock and a credit to cash.
Which of the following statements is true of expenses?
Correct!
Expenses decrease equity, so an expense account's normal balance
is a debit balance.
Expenses increase equity, so an expense account's normal balance

is a debit balance.
Expenses decrease equity, so an expense account's normal balance

is a credit balance.
Expenses increase equity, so an expense account's normal balance

is a credit balance.
Company a received cash and issued stock to a new stockholder. In

recording this trAnsaction:
Retained Earnings would be credited.
Correct! cash would be debited.
cash would be credited.
common Stock would be debited.
Ranger Pool company owner, Susan Ranger, contributed cash of

$40,000 to the business. Which of the following accounts will be
credited?
Accounts Payable
Cash
Accounts Receivable
Correct!
Ranger, Capital
The Salaries Payable account is an ________.
Correct! liability account with a normal credit balance
liability account with a normal debit balance
asset account with a normal credit balance
asset account with a normal debit balance
The purchase of equipment, involving a cash down payment and a

promise to pay the balance in the future, includes:
a debit to Note Payable and a credit to Cash.
a debit to Cash and a credit to Equipment.
a debit to Cash and a debit to Note Payable.
Correct!
a credit to Cash and a credit to Accounts Payable.
When working with T accounts, an important rule to remember is:
the debit side of a T account is on the right-hand side of the T

account for assets and expenses.
when an account is debited, an amount is entered on the right-hand

side on the T account.
Correct!
to credit an account meAns to enter an amount on the right-hand side
of the T account.
an increase to accounts payable will be recorded as a debit.
A transaction that includes a debit to an expense and a credit to a

liability indicates that:
liabilities decreased.
revenues increased.
expenses decreased.
Correct! liabilities increased.
Which of the following statements, regarding the rules of debits and

credits, is CORRECT?
You Answered C liability is increased by a debit.
Common stock is increased by a debit.
Correct Answer Revenue is increased by a credit.
An asset is increased by a credit.
A business purchased office supplies of $23,000 by signing a note.

The business would:
debit Supplies for $23,000 and credit Accounts Payable for $23,000.
debit Notes Receivable for $23,000 and Credit Supplies for $23,000.
Correct!
debit Supplies for $23,000 and credit Notes Payable for $23,000.
debit Notes Payable for $23,000 and Credit Supplies Expense for
$23,000.
Every journal entry:
is recorded in either the journal or the ledger.
must increase at least one account and decrease at least one

account.
affects both an income statement account and a balance sheet

account.
Correct!
must debit at least one account and credit at least one account.
Quiz Score: 14 out of 15

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Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

Weekly Post-class Online quiz #2

This quiz was locked Jan 12 at 10:15pm.

Score for this quiz: 14 out of 15

A business paid $50,000 cash to purchase equipment. The business

debit Equipment for $50,000 and credit Accounts Payable for

In order to see a complete trAnsaction in one place, you would need

credit to Accounts Receivable.

Correct! credit to Land.

debit to Accounts Payable.

Which one of the following account groups normally has a credit

assets and liabilities

Correct! liabilities and revenues

assets and expenses

equity and assets

An owner makes an investment of cash into the business and

Correct! debit to cash and a credit to Common Stock.

debit to cash and a credit to Stockholder Revenue.

debit to cash and a credit to Retained Earnings.

debit to common Stock and a credit to cash.

Which of the following statements is true of expenses?

Expenses increase equity, so an expense account's normal balance

Expenses decrease equity, so an expense account's normal balance

Expenses increase equity, so an expense account's normal balance

Company a received cash and issued stock to a new stockholder. In

Retained Earnings would be credited.

Correct! cash would be debited.

cash would be credited.

common Stock would be debited.

Ranger Pool company owner, Susan Ranger, contributed cash of

The Salaries Payable account is an ________.

Correct! liability account with a normal credit balance

liability account with a normal debit balance

asset account with a normal credit balance

asset account with a normal debit balance

The purchase of equipment, involving a cash down payment and a

a debit to Note Payable and a credit to Cash.

a debit to Cash and a credit to Equipment.

a debit to Cash and a debit to Note Payable.

When working with T accounts, an important rule to remember is:

the debit side of a T account is on the right-hand side of the T

when an account is debited, an amount is entered on the right-hand

an increase to accounts payable will be recorded as a debit.

A transaction that includes a debit to an expense and a credit to a

Correct! liabilities increased.

Which of the following statements, regarding the rules of debits and

You Answered C liability is increased by a debit.

Common stock is increased by a debit.

Correct Answer Revenue is increased by a credit.

An asset is increased by a credit.

A business purchased office supplies of $23,000 by signing a note.

Every journal entry:

is recorded in either the journal or the ledger.

must increase at least one account and decrease at least one

affects both an income statement account and a balance sheet

Quiz Score: 14 out of 15

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