Question 1

Willow Rentals purchased office supplies on credit. The general journal entry made by Willow Rentals will include a:

Accepted Answer

A) Debit to Accounts Payable. 
B) Debit to Accounts Receivable. 
C) Credit to Cash. 
D) Credit to Accounts Payable. 
E) Credit to Common Stock. 
A) Debit to Accounts Payable. 
B) Debit to Accounts Receivable. 
C) Credit to Cash. 
D) Credit to Accounts Payable. 
E) Credit to Common Stock.

Question 2

Dividends are reported on a business's income statement.

Accepted Answer

A) True 
 B)False

Question 3

The company paid $100 cash in dividends to J. Smith, the owner. Which of the following general journal entries will Jay's Limo Services, Inc. make to record this transaction?

Accepted Answer

A) $$\begin{array} { | l | r | r | } 
\hline \text { Dividends } & 100 & \
\hline \text { Cash } & & 100 \
\hline
\end{array}$$ 
B) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 100 & \
\hline \text { Dividends } & & 100 \
\hline \hline
\end{array}$$ 
C) $$\begin{array} { | c | r | r | } 
\hline \text { Common Stock } & 100 & \
\hline \text { Dividends } & & 100 \
\hline
\end{array}$$ 
D) $$\begin{array} { | l | r | r | } 
\hline \text { Dividends } & 100 & \
\hline \text { Common Stock } & & 100 \
\hline
\end{array}$$ 
E) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 100 & \
\hline \text { Common Stock } & & 100 \
\hline
\end{array}$$ 
A) $$\begin{array} { | l | r | r | } 
\hline \text { Dividends } & 100 & \
\hline \text { Cash } & & 100 \
\hline
\end{array}$$ 
B) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 100 & \
\hline \text { Dividends } & & 100 \
\hline \hline
\end{array}$$ 
C) $$\begin{array} { | c | r | r | } 
\hline \text { Common Stock } & 100 & \
\hline \text { Dividends } & & 100 \
\hline
\end{array}$$ 
D) $$\begin{array} { | l | r | r | } 
\hline \text { Dividends } & 100 & \
\hline \text { Common Stock } & & 100 \
\hline
\end{array}$$ 
E) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 100 & \
\hline \text { Common Stock } & & 100 \
\hline
\end{array}$$

Willow Rentals purchased office supplies on credit. The general journal entry made by Willow Rentals will include a:

Dividends are reported on a business's income statement.

The company paid $100 cash in dividends to J. Smith, the owner. Which of the following general journal entries will Jay's Limo Services, Inc. make to record this transaction?

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Filters

Exam 2: Accounting for Business Transactions

Willow Rentals purchased office supplies on credit. The general journal entry made by Willow Rentals will include a:

Dividends are reported on a business's income statement.

The company paid $100 cash in dividends to J. Smith, the owner. Which of the following general journal entries will Jay's Limo Services, Inc. make to record this transaction?

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Filters