This document contains 15 multiple choice questions about basic accounting concepts such as debits and credits, T-accounts, the trial balance, and the effect of business transactions on accounts. The questions are from a college accounting textbook and cover topics like the normal balances of different types of accounts, the impact of transactions like purchases and sales on debit and credit sides, and the purpose of the trial balance.
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Chapter 2 quiz
1. ยฉ 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Debits and Credits: Analyzing and Recording Business Transactions Chapter 2
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14. 7. If an expense is paid for in cash, which of the following would occur? ยฉ 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater A. Cash would be debited and Expenses would be credited. B. Cash would be credited and Expenses would be debited. C. Accounts Payable would be credited and Expenses would be debited. D. Withdrawals would be debited and Cash would be credited. LO-2
15. 7. If an expense is paid for in cash, which of the following would occur? ยฉ 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater A. Cash would be debited and Expenses would be credited. B. Cash would be credited and Expenses would be debited. C. Accounts Payable would be credited and Expenses would be debited. D. Withdrawals would be debited and Cash would be credited. LO-2
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