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.
Shuffle Q/A 1
9. Who should decide what to manually enter into general journal entries?
- Accountant
- Owner (who is not an accountant)
- Bookkeeper
