Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 6, Section 2

1.	Speedman received and deposited a check for $795.55 for delivery service. The journal entry should be
		debit Cash in Bank and credit Delivery Revenue
		debit Delivery Revenue and credit Cash in Bank
		debit Owner`s Capital and credit Delivery Revenue
		debit Delivery Revenue and credit Owner`s Withdrawal

2.	If Speedman issued a check for $12,000 for new computer system they would
		debit Cash in Bank
		debit Computer Equipment
		debit Accounts Payable
		credit Computer Equipment

3.	Speedman purchased a used pick up truck on account for $15,000. The account credited should be
		Delivery Equipment
		Cash in Bank
		Accounts Payable
		Accounts Receivable

4.	Speedman sold one file cabinet for $100. The account debited should be
		Accounts Payable
		Cash in Bank
		Office Equipment
		Office Furniture

5.	The owner of Speedman took 2 file cabinets valued at $200 from her home and transferred them to the company. The accounts debited and credited respectively are
		Office Equipment and Owner`s Capital
		Delivery Equipment and Owner`s Capital
		Cash in Bank and Owner`s Capital
		Owner`s Withdrawal and Office Equipment

6.	Speedman mailed a check for $300 for the first installment payment on Office Equipment purchased last month. The journal entry should be
		debit Office Equipment and credit Cash in Bank
		debit Cash in Bank and credit Accounts Payable
		Debit Cash in Bank and credit Office Equipment
		debit Accounts Payable and credit Cash in Bank

7.	Speedman received and deposited a check for $$2,899.34 for delivery service last month. The account to debit is
		Revenue
		Accounts Receivable
		Cash
		Owner`s Capital

8.	The owner of Speedman took $25,000 out of personal savings and used it to open a business checking account. The accounts debited and credited respectively are
		Cash in Bank and Cash Owner
		Owner`s Capital and Cash in Bank
		Owner`s Capital and Accounts Payable
		Cash in Bank and Owner`s Capital