acc past exams

Question 1

Received $6000 from a school group as a payment of their account for services that were provided on April 9.

Answer 1

cash (debit) accounts receivable (credit)

Question 2

Paid $9000 to renew the company’s liability insurance for the next year. The policy covers may 2022 to april 2023.

Answer 2

prepaid insurance (debit) cash (credit)

Question 3

Purchased supplies costing $7000. Paid for supplies at time of purchase and existing balance of 2500 with vendor.

Answer 3

supplies (7000-debit) accounts payable (2500-debit) cash (9500-credit)

Question 4

Ran event and charged $8000 for the event they paid at end of event.

Answer 4

cash (debit) service revenue (credit)

Question 5

employee salaries for first half of may is 1600 paid in cash.

Answer 5

salaries expense (debit) cash (credit)

Question 6

got 3700 from group for event to be held in june

Answer 6

cash (Debit) deferred revenue (credit)