Business Transactions and their Analysis
QUIZ 1: IDENTIFICATION:
1. This is the step in the accounting cycle where the identified
accountable events are recorded in the journals.
2. These are transactions that involve the business and
another external party.
3. These are events that do not involve an external party.
4. This type of journal entry contains only a single debit and a
single credit.
5. This source document is prepared each time goods are sold.
6. It represents the steps or procedures used to record
transactions and prepare financial statements. It
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implements the accounting processes of identifying,
recording, and communicating economic information.
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7. Itis a document issued by a buyer to a seller indicating the
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types, quantities and agreed prices for products or services
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8. Itis a document signed by the receiver of a shipment
indicating that the goods have been received by the
intended recipient.
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9. If you pay your tuition fee in school, the school will issue
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you this document.
10. This document evidences a deposit transaction with a bank.
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“There is a time for everything, and a season for every activity under the heavens;”
(Ecclesiastes 3:1)
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KEY ANSWERS TO QUIZ 1:
1. Journalizing
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2. External events
3. Internal events
4. Simple journal entry
5. Sales invoice
6. Accounting cycle
7. Purchase order
8. Delivery receipt
9. Official receipt
10. Bank deposit slip
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NAME: Date:
Professor: Section: Score:
QUIZ 2: MULTIPLE CHOICE
1. Which of the following is not an example of a source document?
a. Delivery receipt
b. Sales invoice
c. Special journal
d. Bank statement
2. It is a report that a business sends to its customer listing the transactions with the
customer during a period, the payments made by the customer and any remaining
balance due from the customer. It also serves as a notice of billing.
a. Check
b. Bank statement
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c. Delivery receipt
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d. Statement of account
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3. Which of the following is not an external event?
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a. Rendering services to clients
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b. Production of goods for sale
c. Purchase of raw materials for processing
d. Payment of notes payable
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4. Journal entries are recorded in the journal
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a. chromatically.
b. chronologically.
c. pharmaceutically.
d. cutely.
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5. Which of the following is not one of the important parts of a journal entry?
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a. Date
b. Account titles and amounts to be debited and credited
c. A detailed narrative of the reason why management entered into the transaction
d. Short description of the transaction
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e. All of these
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6. A journal entry with more than one debit or more than one credit is called a
a. simple journal entry.
b. compound journal entry.
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c. complicated journal entry.
d. sophisticated journal entry.
7. Which of the following accounts are affected when a business owner invests cash to
the business?
a. Cash and Accounts receivable
b. Cash and Owner’s capital
c. Cash and Sales
d. Accounts receivable and Owner’s capital
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8. Which of the following accounts is decreased when a business settles accounts
payable?
a. Cash
b. Accounts payable
c. Owner’s capital
d. a and b
9. Which of the following is the effect of purchasing inventory on account?
a. Inventory is increased and Cash is decreased
b. Inventory is increased and Accounts payable is increased
c. Inventory is increased and Accounts payable is decreased
d. Inventory is decreased and Accounts payable is increased
10. Which of the following is the effect of a sale of goods on account?
a. Accounts receivable is increased and Cash is decreased
b. Accounts receivable is increased and Accounts payable is increased
c. Accounts receivable is increased and Sales is increased
d. Accounts receivable is decreased and Sales is decreased
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“A man who asks is a fool for five minutes. A man who
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never asks is a fool for life.”
- Chinese Proverb
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NAME: Date:
Professor: Section: Score:
QUIZ 3: ACTIVITY
Instruction: Record the transactions in the journal. Indicate the dates and provide a
brief description for each journal entry.
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Date Transaction
A business owner provides ₱2,000,000 cash as investment to the
Nov. 1, 20x1 business.
Nov. 5, 20x1 The business obtains a ₱500,000 loan and issues a promissory note.
Nov. 8, 20x1 The business acquires equipment costing ₱1,000,000 on cash basis.
Nov. 16, 20x1 The business purchases inventory costing ₱200,000 on cash basis.
Nov. 30, 20x1 The business sells goods for ₱300,000 on cash basis.
JOURNAL
Date Account titles Debit Credit
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“I press on toward the goal to win the prize for which God has called me heavenward in
Christ Jesus.”
(Philippians 3:14)
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SOLUTIONS TO QUIZ 3:
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JOURNAL
Date Account titles Debit Credit
2,000,00
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Nov. 1, 20x1 Cash
0
2,000,00
Owner’s capital
0
to record the contribution by the owner
Nov. 5, 20x1 Cash 500,000
Note payable 500,000
to record the loan obtained
1,000,00
Nov. 8, 20x1 Equipment
0
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1,000,00
Cash
0
to record the acquisition of equipment
Nov. 16,
Inventory 200,000
20x1
Cash 200,000
to record the purchase of inventory
Nov. 30,
Cash 300,000
20x1
Sales 300,000
to record the sale of goods
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NAME: Date:
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Professor: Section: Score:
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QUIZ 4: ACTIVITY
Instruction: Record the transactions in the journal. Indicate the dates and provide a
brief description for each journal entry.
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Date Transaction
Dec. 1, 20x1 The business sells goods for ₱400,000 on account.
Dec. 4, 20x1 The business purchases inventory costing ₱600,000 on account.
Dec. 9, 20x1 The business collects ₱100,000 accounts receivable.
Dec. 17, 20x1 The business pays ₱200,000 accounts payable.
Dec. 28, 20x1 The business owner made temporary withdrawal of ₱120,000 cash
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from the business.
JOURNAL
Date Account titles Debit Credit
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“Let us therefore come boldly to the throne of grace, that we may obtain mercy and find
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grace in time of need.”
(Hebrews 4:16)
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SOLUTIONS TO QUIZ 4:
JOURNAL
Date Account titles Debit Credit
Dec. 1, 20x1 Accounts receivable 400,000
Sales 400,000
to record the sale of goods
Dec. 4, 20x1 Inventory 600,000
Accounts payable 600,000
to record the purchase of inventory
Dec. 9, 20x1 Cash 100,000
Accounts receivable 100,000
to record the collection of accounts
receivable
Dec. 17,
Accounts payable 200,000
20x1
Cash 200,000
to record the payment of accounts payable
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Dec. 28,
Owner’s drawings 120,000
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20x1
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Cash 120,000
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to record the drawings of the owner
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