bookkeeping basics coursera week 2 answers

General Ledger Practice Quiz

1. Lou pays $100 to advertise in his local mailer and puts the charge on his Visa credit card.

Which two accounts are involved in this transaction?

  • Visa, Advertising revenue
  • Visa, Equipment
  • Visa, Advertising expense
  • Visa, cash

2. To record the journal entry, we will ____ the advertising expense account and _____ the Visa account.

  • Credit, credit
  • Credit, debit
  • Debit, credit
  • Debit, debit

3. To post a debit to the advertising expense ledger, we would record $100 on the ___ side.

  • Left
  • Right
  • Depends on the situation

4. This ledger shows all transactions impacting the cash account this week.

Calculate the balance.

  • $150
  • $250
  • $300
  • $450

5. On the chart of accounts, which account would you find under liabilities?

  • Equipment
  • Landscaping Income
  • Vehicle loan
  • Paid-in capital

Journal Entries Practice Quiz

6. True or False: Journal entries require a good understanding of debits and credits.

  • True
  • False

7. When would it be acceptable to use Manual Journal entries to hide or disguise certain financial transactions?

  • When the owner asks you to.
  • Never.
  • When you need to balance the assets against the liability and equity.

8. True or False: Journal entries should not be used during year-end adjustments.

  • True
  • False

Shuffle Q/A 1

9. Who should decide what to manually enter into general journal entries?

  • Accountant
  • Owner (who is not an accountant)
  • Bookkeeper

10. True or False: Journal entries should not be used to enter depreciation.

  • True
  • False

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