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会计英语习题2

Exercise 1: identify which account should be debited and which should be credited to record the following transactions of Mr. Ligroin’s business.

1.Mr. Ligroin introduced $60,000 cash into the business.

2.A machine costing $24,000 is bought and paid for immediately.

3.Goods for resale are bought for $4,000 on credit from Charlie.

4.Goods for resale are bought and paid for immediately for $6,000.

5.Goods are sold for $3,000 cash.

6.Goods are sold on credit to Massac for $8,000.

7.Wages of $1,000 are paid in cash.

1.Debit cash A/c $60,000

Credit Capital A/c $60,000

Exercise 2: single choice questions Debit or credit

1.The business took in cash:

a. Increase Cash account

b. Decrease Cash account

2.The owner invested cash in the company:

a. Increase Capital account

b. Decrease Capital account

3.The business received cash from a credit client:

a. Increase Accounts receivable account

b. Decrease Accounts receivable account

4.The business borrowed money from the national bank:

a. Increase Notes payable account

b. Decrease Notes payable account

5.The business received cash from a cash client:

a. Increase Service Revenue account

b. Decrease Service Revenue account

Exercise 3: Single choice questions

1.The business wrote a check, a written order directing a bank to pay money:

cash

2.The business wrote a check to the owner: withdrawals

3.The business wrote a check to a vendor ( someone who exchanges goods or

services for money ) for supplies it had purchased on credit:

Account payable

4.The business wrote a check to pay salaries: Wages expense

5.The business wrote a check to purchase supplies: Supplies inventory Exercise 4:

1.The business issued an invoice to a customer for painting a house: Accounts receivable

2.At the end of the month, employees have worked three days but have not yet

paid: Wages payable

3.The business made a payment to the bank on a note: Notes payable

4.The business paid interest ( a fixed charge for borrowing money ) to the bank:

Interest Expense

5.The business purchased a truck: Trucks

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