1. Which of the following is not true about double-entry bookkeeping?
a. It originated in Italy.
b. Debits and credits must equal.
c. It is still used today.
d. An entry can have no more than one credit and one debit.
2. Which of the following entries could Yeats Company not make when they perform a service for a client?
3. Which of the following is a transaction for Tyler Corporation?
a. Tyler pays its employees $400 for work done.
b. Tyler considers renting office space that will cost $1,500 per month.
c. Tyler agrees to perform services for a client, which will cost $7,000.
d. Tyler places an order for supplies that will be delivered in two weeks. The supplies cost $200.
4. Elenor Company sells 400 units of inventory for $40 each. The inventory originally cost Elenor $26 each. What is Elenor’s gross profit on this transaction?
c. $ 5,600
d. $ 9,600
5. Which of the following increases with a debit?
a. Retained earnings
b. Sales revenue
d. Note payable
6. In January, Rollins Company is paid $500 by a client for work that Rollins will not begin until February. Which of the following is the correct journal entry for Rollins to make when the $500 is received?
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