1 A journal entry has only two lines a) Increase in an asset, b) Decrease in Owners' Equity a) is a DR and b) is a DR so the entry is NOT valid a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a DR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid 2 A journal entry has only two lines a) Increase in a Liability, b) Decrease in a Revenue a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a DR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid a) is a DR and b) is a DR so the entry is NOT valid 3 A journal entry has only two lines a) Increase in Owners' Equity, b) Increase in Dividends a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid 4 A journal entry has only two lines a) Decrease in Owners' Equity, b) Decrease in Dividends a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid 5 A journal entry has only two lines a) Decrease in an asset, b) Decrease in Owners' Equity a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a DR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid a) is a DR and b) is a DR so the entry is NOT valid 6 A journal entry has only two lines a) Increase in a Revenue account, b) Decrease in Dividends a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid 7 A journal entry has only two lines a) Increase in Owners' Equity, b) Decrease in Dividends a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid a) is a DR and b) is a CR so the entry is valid 8 A journal entry has only two lines a) Increase in one Expense account, b) Increase in another Expense account a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a CR so the entry is NOT valid 9 Which of the following is not a possible journal entry Debit assets Debit stockholders' equity Debit expenses Credit liabilities Credit assets Debit expenses Credit revenues Debit assets 10 A journal entry has only two lines a) Increase Owners' Equity, b) Decrease in Owners' Equity a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid 11 A journal entry has only two lines a) Increase in a Liability, b) Decrease in Dividends a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid 12 A journal entry has only two lines a) Decrease in Owners' Equity, b) Increase in Dividends a) is a DR and b) is a CR so the entry is valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a CR so the entry is NOT valid 13 Which of the accounts are increased with a debit and decreased with a credit Dividends, liabilities, and assets Expenses, dividends, and stockholders' equity Liabilities, stockholders' equity, and revenues Assets, dividends, and expenses 14 A journal entry has only two lines a) Decrease in an Expense account, b) Decrease in Dividends a) is a DR and b) is a CR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a CR and b) is a CR so the entry is NOT valid 15 The Accounts Payable account has a beginning balance of $15,000 and the company purchased $40,000 of supplies on account during the month The ending balance was $20,000 How much did the company pay to creditors during the month (just type numbers) 16 When writing a journal entry, it is traditional to There is no particular order put the Debits on top put the Credits on top 17 A journal entry has only two lines a) Increase in an asset, b) Increase in a liability a) is a CR and b) is a CR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a DR and b) is a CR so the entry is valid 18 A journal entry has only two lines a) Increase in an asset, b) Decrease in a liability a) is a DR and b) is a CR so the entry is valid a) is a DR and b) is a DR so the entry is NOT valid a) is a CR and b) is a CR so the entry is NOT valid a) is a CR and b) is a DR so the entry is valid 19 DW has an ending Retained Earnings balance of $51,100 If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance (If your number is 12,345 do not put in $ or commas, just type 12345) 20 Retained Earning during the year increased by $45 Dividends during the year were $13 million What was net income during the year (just put in the number)

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Question: 1. A journal entry has only two lines: a) Increase in an asset, b) Decrease in Owners' Equity. a) is a DR and b) is

1. A journal entry has only two lines: a) Increase in an asset, b) Decrease in Owners' Equity.

a) is a DR and b) is a DR so the entry is NOT valid
a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a DR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid

2. A journal entry has only two lines: a) Increase in a Liability, b) Decrease in a Revenue.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a DR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a DR and b) is a DR so the entry is NOT valid

3. A journal entry has only two lines: a) Increase in Owners' Equity, b) Increase in Dividends.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid

4. A journal entry has only two lines: a) Decrease in Owners' Equity, b) Decrease in Dividends.

a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid

5. A journal entry has only two lines: a) Decrease in an asset, b) Decrease in Owners' Equity.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a DR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a DR and b) is a DR so the entry is NOT valid

6. A journal entry has only two lines: a) Increase in a Revenue account, b) Decrease in Dividends.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid

7. A journal entry has only two lines: a) Increase in Owners' Equity, b) Decrease in Dividends.

a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a DR and b) is a CR so the entry is valid

8. A journal entry has only two lines: a) Increase in one Expense account, b) Increase in another Expense account.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a CR so the entry is NOT valid

9. Which of the following is not a possible journal entry?

Debit assets; Debit stockholders' equity.
Debit expenses; Credit liabilities.
Credit assets; Debit expenses.
Credit revenues; Debit assets.

10. A journal entry has only two lines: a) Increase Owners' Equity, b) Decrease in Owners' Equity.

a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid

11. A journal entry has only two lines: a) Increase in a Liability, b) Decrease in Dividends.

a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid

12. A journal entry has only two lines: a) Decrease in Owners' Equity, b) Increase in Dividends.

a) is a DR and b) is a CR so the entry is valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a CR so the entry is NOT valid

13. Which of the accounts are increased with a debit and decreased with a credit?

Dividends, liabilities, and assets.
Expenses, dividends, and stockholders' equity.
Liabilities, stockholders' equity, and revenues.
Assets, dividends, and expenses.

14. A journal entry has only two lines: a) Decrease in an Expense account, b) Decrease in Dividends.

a) is a DR and b) is a CR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a CR and b) is a CR so the entry is NOT valid

15. The Accounts Payable account has a beginning balance of $15,000 and the company purchased $40,000 of supplies on account during the month. The ending balance was $20,000. How much did the company pay to creditors during the month? (just type numbers)

16. When writing a journal entry, it is traditional to

There is no particular order
put the Debits on top.
put the Credits on top.

17. A journal entry has only two lines: a) Increase in an asset, b) Increase in a liability.

a) is a CR and b) is a CR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a DR and b) is a CR so the entry is valid

18. A journal entry has only two lines: a) Increase in an asset, b) Decrease in a liability.

a) is a DR and b) is a CR so the entry is valid
a) is a DR and b) is a DR so the entry is NOT valid
a) is a CR and b) is a CR so the entry is NOT valid
a) is a CR and b) is a DR so the entry is valid

19. DW has an ending Retained Earnings balance of $51,100. If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance? (If your number is 12,345 do not put in $ or commas, just type 12345)

20. Retained Earning during the year increased by $45. Dividends during the year were $13 million. What was net income during the year? (just put in the number)

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