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MCA TEST Questions and Correct
Answers/ Latest Update / Already Graded
A check deposited to the bank for payment of an agent's bill (from the
market center) is a _____ to "Accounts Receivable- Agents"
Ans: Credit (CR)
Recording depreciation affects the accounts below. Please select the
appropriate debit(DR) and credit(CR)
Ans: (DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest
Ans: goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes
payable" is a __________.
Ans: Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the
market center) is a _____ to "cash- operating account"
All rights reserved © 2025/ 2026 |
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Ans: Debit (DR)
Items were returned to the vendor. The vendor them issued a credit
memo for $55 prior to the invoice being paid. The entry should be
recorded as __________
Ans: (DR) Accounts Payable 55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet?
Ans: Prepaid Expense - office lease
Which of the following would be a (CR) on the balance sheet?
Ans: Common Stock
When you receive the payment from the agent for the $40 copier
invoice the entry should be recorded as
Ans: DR Cash- operating
CR Accounts Receivable
Which of the following are NOT on the Income Statement?
All rights reserved © 2025/ 2026 |
MCA TEST Questions and Correct
Answers/ Latest Update / Already Graded
A check deposited to the bank for payment of an agent's bill (from the
market center) is a _____ to "Accounts Receivable- Agents"
Ans: Credit (CR)
Recording depreciation affects the accounts below. Please select the
appropriate debit(DR) and credit(CR)
Ans: (DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest
Ans: goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes
payable" is a __________.
Ans: Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the
market center) is a _____ to "cash- operating account"
All rights reserved © 2025/ 2026 |
, Page |2
Ans: Debit (DR)
Items were returned to the vendor. The vendor them issued a credit
memo for $55 prior to the invoice being paid. The entry should be
recorded as __________
Ans: (DR) Accounts Payable 55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet?
Ans: Prepaid Expense - office lease
Which of the following would be a (CR) on the balance sheet?
Ans: Common Stock
When you receive the payment from the agent for the $40 copier
invoice the entry should be recorded as
Ans: DR Cash- operating
CR Accounts Receivable
Which of the following are NOT on the Income Statement?
All rights reserved © 2025/ 2026 |
