Books of Accounts Double Entry System With Answers by Alagangwency

Books of Accounts and Double-entry System
ANSWERS TO QUIZ 1:
1. Journal
2. Journalizing
3. Special journal
4. Cash disbursements journal
5. General journal
6. Ledger
7. General ledger
8. Journal
9. Double-entry system
10. Adjunct accounts
ANSWERS TO QUIZ 2:
Type of account Normal balance Increase Decrease

1. Asset Debit Debit Credit
2. Liability Credit Credit Debit
3. Equity Credit Credit Debit
4. Income Credit Credit Debit
5. Expense Debit Debit Credit
QUIZ 3: MULTIPLE CHOICE
1. At the beginning of the period, a business has a cash balance of ₱20,000. During the period, total
cash collections and total cash payments amounted to ₱100,000 and₱70,000, respectively. How
much is the ending balance of cash?
a. 10,000
b. 30,000
c. 50,000
d. 70,000
2. At the beginning of the period, a business has accounts payable of ₱200,000. During the period,
the total debits and credits to the accounts payable account were ₱100,000 and₱70,000,
respectively. How much is the ending balance of accounts payable?
a. 230,000
b. 170,000
c. 370,000
d. 30,000
3. At the beginning of the period, the owner’s capital account of a business has a balance of
₱220,000. During the period, the total debits and credits to that account were ₱60,000
and₱70,000, respectively. How much is the ending balance of the owner’s capital account?
a. 230,000
b. 210,000
c. 350,000
d. 90,000
1
4. If the ending balance of accounts receivable is ₱100,000 and the total debits and credits to that
account during period were ₱60,000 and ₱40,000, respectively, the beginning balance must be
a. 0
b. 20,000
c. 80,000
d. 120,000
5. The equipment of ABC Co. has a historical cost of ₱500,000 and an accumulated depreciation of
₱120,000. How much is the carrying amount of the equipment?
a. 620,000
b. 500,000
c. 480,000
d. 380,000
“Develop a passion for learning. If you do, you will never cease to grow.” -Anthony J. D'Angelo
- END -
SOLUTIONS TO QUIZ 3:
1. 20,000 + 100,000 – 70,000 =50,000
2. 200,000 – 100,000 + 70,000 = 170,000
3. 220,000 - 60,000 + 70,000 = 230,000
4.
Accounts receivable
beg.
(squeeze) 80,000
60,000 40,000

100,000 end.
5. 500,000 – 120,000 = 380,000
QUIZ 4: MULTIPLE CHOICE
1. At the beginning of the period, Kylie had a cash balance of ₱15,000. Kylie had total cash
collections of ₱8,000 and total cash payments of ₱5,000 during the period. The ending balance of
cash is
a. 10,000
b. 18,000
c. 3,000
d. 28,000
2. If the beginning balance of accounts receivable was₱23,000 and the total debits and total credits
to the account during the period were ₱10,000 and 12,000, respectively, the ending balance of
accounts receivable would be
a. 45,000
b. 15,000
2
c. 25,000
d. 21,000
3. If the beginning balance of accounts payable was₱30,000 and the total debits and total credits to
the account during the period were ₱20,000 and 15,000, respectively, the ending balance of
accounts payable would be
a. 25,000
b. 35,000
c. 65,000
d. 0
4. If Philip has a ₱15,000 notes payable at the beginning and, during the period, hepaid a ₱5,000
notes payable, how much is the ending balance of Philip’s notes payable account?
a. 10,000
b. 20,000
c. 5,000
d. 15,000
5. At the beginning of the period, Addy had a cash balance of ₱20,000 and a notes payable of
₱15,000. During the period, Addy collected ₱11,000 accounts receivable,paid ₱8,000 notes
payable, and issued additional notes payable of ₱5,000 in exchange for cash. How much are the
ending balances of cash and notes payable, respectively?
Cash Notes payable
a. 17,000 20,000
b. 20,000 12,000
c. 28,000 12,000
d. 36,000 20,000
“Do not be wise in your own eyes; fear the LORD and shun evil. “ (Proverbs 3:7)
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SOLUTIONS TO QUIZ 4:
1. 15,000 + 8,000 – 5,000 = 18,000
2. 23,000 + 10,000 – 12,000 = 21,000
3. 30,000 – 20,000 + 15,000 = 25,000
4. 15,000 – 5,000 = 10,000
5.
Cash
beg. 20,000
Collection of accounts
receivable 11,000 8,000 Payment of notes payable
Issuance of notes payable 5,000

28,000 end.
Notes payable
15,000 beg.
Payment of notes payable 8,000 5,000 Issuance of notes payable
3

end. 12,000
QUIZ 5: MATCHING
Instruction: Indicate the letter of the journal in which the transaction can bemost conveniently
recorded. The first answer is given as an example.
E 0. Depreciation expense
______ 1. Purchase of inventory on account
______ 2. Cash withdrawals of the owner from the business
______ 3. Acquisition of equipment on cash basis
______ 4. Purchase of inventory on cash basis
______ 5. Sale of goods on account
______ 6. Payment of salaries expense
______ 7. Sale of goods on cash basis
______ 8. Cash investments of the owner to the business
______ 9. Payment ofdelivery expense for goods sold
______ 10. Adjusting entry to record bad debts expense
A. Purchases journal
B. Sales journal
C. Cash receipts journal
D. Cash disbursements journal
E. General journal
KEY ANSWERS TO QUIZ 5:

1. A
2. D
3. D
4. D
5. B
6. D
7. C
8. C
9. D
10. E

Books of Accounts Double Entry System With Answers by Alagangwency

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Books of Accounts and Double-entry System

Type of account Normal balance Increase Decrease

QUIZ 3: MULTIPLE CHOICE

5. 500,000 – 120,000 = 380,000

QUIZ 4: MULTIPLE CHOICE

Issuance of notes payable 5,000

KEY ANSWERS TO QUIZ 5:

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