Quiz 8: Credit and Debit Quiz

Take our credit and debit quiz to check out your knowledge of credits and debits used in double entry bookkeeping.

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If you need a refresher course on this topic you can view our credit and debit examples here.

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1. A business is started with the injection of 10,000 in cash. In which account is the credit entry made?
Wrong
Right!
2. A business purchases equipment cash. In which account is the debit entry made?
Right!
Wrong
3.Insurance of 2,000 is paid in advance. In which account is the debit entry made?
Right!
Wrong

 

4. A business purchases supplies on account for 2,000. On which account is the credit entry made?
Wrong
Right!
5. A business collects fees from a customer in cash for work done. In which account is the credit entry made?
Wrong
Right!
6. A business owner withdraws cash of 1,000 from the business. In which account is the debit entry made?
Right!
Wrong
7. Net wages of 24,000 are paid to employees. Which account is debited?
Wrong
Right!
8. A business invoices customers for fees, giving credit of 30 days. Which account is the debit entry posted to?
Right!
Wrong
9. A telephone bill is received by the business for 500. Which account is the debit entry posted to?
Right!
Wrong
10. A deposit of 1,500 is received from a customer for work to be started next month. Which account is credited?
Right!
Wrong

Try Another Double Entry Bookkeeping Quiz

The credit and debit quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Last modified December 14th, 2016 by Team

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