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Debits and Credits III
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Debits and Credits III
Debits and Credits III
Accounting Play 1
2022-11-07T16:39:22+00:00
Quiz - Debits and Credits III
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Question 1-10
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1. Sell amortizable asset for a loss
Debit cash, Debit
accumulated amortization
, Credit loss, Credit intangible asset
Debit cash, Debit
accumulated amortization
, Debit gain, Credit intangible asset
Debit
common stock
, Debit
accumulated amortization
, Debit loss, Credit intangible asset
Debit cash, Debit
accumulated amortization
, Debit loss, Credit intangible asset
2. Record partnership investment activity: capital gain, interest income,
dividends
Over it
Debit investment in partnership, Debit capital gain, Credit interest income, Credit dividend income
Debit investment in partnership, Credit capital gain, Credit
interest expense
, Credit dividend income
Debit investment in partnership, Credit capital gain, Credit interest income, Credit dividend income
3. Sell amortizable asset for a gain
Debit cash, Debit
accumulated amortization
, Credit gain, Credit intangible asset
Debit cash, Credit
accumulated amortization
, Credit gain, Credit intangible asset
Debit
common stock
, Debit
accumulated amortization
, Credit gain, Credit intangible asset
Debit
common stock
, Credit
accumulated amortization
, Credit gain, Credit intangible asset
4. Sell depreciated truck for a gain
Debit cash, Debit
accumulated depreciation
, Debit gain, Credit truck asset
Debit cash, Debit
accumulated depreciation
, Credit gain, Credit truck asset
Debit cash, Debit
accumulated depreciation
, Credit gain, Credit
accounts receivable
Debit cash, Debit
accumulated depreciation
, Credit loss, Credit truck asset
5. Sell depreciated truck for a loss
Debit cash, Debit
accumulated depreciation
, Debit gain, Credit truck asset
Debit prepaids, Debit
accumulated depreciation
, Debit loss, Credit truck asset
Debit cash, Debit
accumulated depreciation
, Debit loss, Credit truck asset
Debit Prepaids, Debit
accumulated depreciation
, Debit loss, Credit truck asset
6. Record profitable partnership investment activity: capital gain, interest income, investment expense
Debit investment in partnership, Debit investment expense, Credit capital gain, Credit interest income
Debit investment in partnership, Credit investment expense, Credit capital gain, Credit interest income
Debit investment in partnership, Debit investment expense, Debit capital gain, Credit interest income
Over it
7. Capitalize already expensed (in error) factory overhead cost to
work-in-process
:
Debit expense, Credit
work-in-process
Debit
work-in-process
, Credit expense
Debit cost of goods sold, Credit expense
Debit my heart, Credit expense
8. Close profitable period to income summary
Don't care, software does this for me
Debit income summary, Debit
revenue
, Debit
retained earnings
, Credit expense
Debit income summary, Debit
revenue
, Credit expense, Credit
retained earnings
Debit income summary, Credit
revenue
, Credit expense, Credit
retained earnings
9. Close loss period to income summary
Don't care, software does this for me
Debit income summary, Debit
revenue
, Debit
retained earnings
, Credit expense
Debit income summary, Debit