Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 408

Accounting Terminology

Chapter 14

14.12.1 Reverse T Transaction Quiz

1 Paid cash for rent for $500.

2 Purchased supplies on account for $1,000.

3 Owner invests $10,000 in business.

4 Owner withdrew cash for personal use for $60.

5 Paid cash for advertising for $500.

6 Owner invests $5,000 in business.

7 Paid cash for supplies for $500.

8 Bought supplies on account from Accounts Payable account for $800.

9 Paid cash for prepaid insurance for $2,000.

10 Purchased supplies on account from Accounts Payable account for $200.

11 Sold services on Accounts Receivable account for $3,000.

12 Paid cash for utility bill for $100.

13 Received cash on account from Accounts Receivable account for $1,500.

14 Paid cash to owner for personal use for $50.

15 Sold services on account to Accounts Receivable for $400.

16 Received cash from sales for $15,000.

17 Received cash on Accounts Receivable account for $400.

18 Bought supplies on account from AP account for $200.

19 Paid cash on account to Accounts Payable for $1,000.

20 Received cash on Accounts Receivable account for $1,000.

Cash

Debit Credit

1 Given: Paid cash for rent for $500. (^) 500.00
10,000.00
60.00
500.00
5,000.00
500.00
2,000.00
100.00
1,500.00
50.00
15,000.00
400.00
1,000.00
1,000.00
Student Assignment
Directions for quiz:
Review the following T accounts. Then, select the transaction that best describes each entry, and label the
entry on the line provided.