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

Question 2 1 / 1 pts

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

to look at the:

ledger.

financial statements.

Correct! journal.

trial balance.

Question 3 1 / 1 pts

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.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 2 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

Question 4 1 / 1 pts

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

Question 5 1 / 1 pts

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.

Question 6 1 / 1 pts

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 3 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

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.

Question 7 1 / 1 pts

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.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 4 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

Question 8 1 / 1 pts

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

Question 9 1 / 1 pts

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

Question 10 1 / 1 pts

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 5 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

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.

Question 11 1 / 1 pts

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.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 6 / 9
 Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

Question 12 1 / 1 pts

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.

Question 13 0 / 1 pts

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.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 7 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

Question 14 1 / 1 pts

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.

Question 15 1 / 1 pts

Every journal entry:

is recorded in either the journal or the ledger.

must increase at least one account and decrease at least one

account.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 8 / 9
Weekly Post-class Online quiz #2: Principles of Accounting-T123WSB-9 16:00, 31/01/2023

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

https://lms.westernsydney.edu.vn/courses/744/quizzes/10059?headless=1 Trang 9 / 9