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Debits and Credits III

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Debits and Credits III

Debits and Credits IIIAccounting Play 12022-11-07T16:39:22+00:00

Quiz - Debits and Credits III

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2Question 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 revenue, Credit expense, Credit retained earnings
- Debit retained earnings, Debit revenue, Credit income summary, Credit expense
10. Record cash sale with sales tax
- Debit cash, Credit cash sales, Credit sales tax liability
- Debit cash, Debit cash sales, Credit sales tax liability
- Debit sales tax expense, Credit sales tax liability, Credit tax
- Don't push this coin
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