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Accounting I - Objective 4.02/4.03 Test

Description

Questions related to payroll and petty cash.
Kathleen Keller
Quiz by Kathleen Keller, updated more than 1 year ago
Kathleen Keller
Created by Kathleen Keller about 9 years ago
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Resource summary

Question 1

Question
Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $55, debit Supplies $85 and credit Cash $140
  • Debit Repair Expense $55, debit Supplies $85 and credit Petty Cash $140
  • Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
  • Debit Repair Expense $55, debit Supplies $85, debit Cash Short and Over $15, and credit Cash $155

Question 2

Question
David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36; and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Cash $63 and credit Miscellaneous Expense $63
  • Debit Miscellaneous Expense $63 and credit Cash $63
  • Debit Office Expense $27, debit Supplies $36 and credit Cash $63
  • Debit Office Expense $27, debit Supplies $36 and credit Petty Cash $63

Question 3

Question
Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155
  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155
  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
  • Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5, and credit cash $160

Question 4

Question
Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction?
Answer
  • Debit Cash $500 and credit Petty Cash $500
  • Debit Miscellaneous Expense $500 and credit Cash $500
  • Debit Petty Cash $500 and credit Cash $500
  • Debit Petty Cash $500 and credit Miscellaneous Expense $500

Question 5

Question
Emily wants to replenish the $300 petty cash fund. She has receipts for the following total payments: supplies, $55; and repairs, $35. A cash count shows $195 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $35, debit Supplies $55 and credit Cash $90
  • Debit Repair Expense $35, debit Supplies $55 and credit Petty Cash $90
  • Debit Repair Expense $35, debit Supplies $55, and credit Cash $90, credit Cash Short and Over $15
  • Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105

Question 6

Question
Claire wants to establish a $250 petty cash fund for her business. She requested a check for $250. What is the correct journal entry to record the transaction?
Answer
  • Debit Cash $250 and credit Petty Cash $250
  • Debit Miscellaneous Expense $250 and credit Cash $250
  • Debit Petty Cash $250 and credit Cash $250
  • Debit Petty Cash $250 and credit Miscellaneous Expense $250

Question 7

Question
Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Cash $70 and credit Miscellaneous Expense $70
  • Debit Miscellaneous Expense $70 and credit Cash $70
  • Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
  • Debit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70

Question 8

Question
Joseph wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $75; and repairs, $43. A cash count shows $40 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $43, debit Supplies $75 and credit Cash $118
  • Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
  • Debit Repair Expense $43, debit Supplies $75 and credit Petty Cash $118
  • Debit Repair Expense $43, debit Supplies $75, debit Cash Short and Over $8, and credit Cash $126

Question 9

Question
Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $76, debit Office Expense $34 and credit Cash $110
  • Debit Repair Expense $76, debit Office Expense $34 and credit Petty Cash $110
  • Debit Repair Expense $76, debit Office Expense $34, and credit Cash $110, credit Cash Short and Over $40
  • Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150

Question 10

Question
Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110
  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110
  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash Short and Over $15
  • Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125

Question 11

Question
Scott wants to replenish the $225 petty cash fund. He has receipts for the following total payments: supplies, $35; and repairs, $15. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Cash $50 and credit Miscellaneous Expense $50
  • Debit Miscellaneous Expense $50 and credit Cash $50
  • Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
  • Debit Repair Expense $15, debit Supplies $35 and credit Petty Cash $50

Question 12

Question
Steve wants to replenish the $200 petty cash fund. He has receipts for the following total payments: supplies, $18; and repairs, $32. A cash count shows $145 in the petty cash box. What is the correct journal entry to record the transaction?
Answer
  • Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
  • Debit Repair Expense $32, debit Supplies $18, and credit Cash $60, credit Cash Short and Over $5
  • Debit Repair Expense $32, debit Supplies $18 and credit Petty Cash $50
  • Debit Repair Expense $32, debit Supplies $18 and credit Cash $50

Question 13

Question
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Answer
  • $34.67
  • $68.74
  • $84.67
  • $160.33

Question 14

Question
Burger Barn paid the following taxes: Social Security $240.00, Medicare $110.00, Federal Income Tax $250.00. What is the entry to journalize the payment of the payroll taxes?
Answer
  • Debit Cash $600.00; credit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00
  • Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Cash $600.00
  • Debit Payroll Tax Expense $600.00; credit Cash $600.00
  • Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Payroll Tax Expense $600.00

Question 15

Question
Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment taxes?
Answer
  • Debit Cash $168.00; credit State Unemployment Tax Payable $168.00
  • Debit Payroll Tax Expense $168.00, credit Cash $168.00
  • Debit State Unemployment Tax Payable $168.00, credit Cash $168.00
  • Debit State Unemployment Tax Payable $168.00, credit Payroll Tax Expense $168.00

Question 16

Question
Brandon worked 7 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 4 hours on Saturday. Brandon's rate of pay is $12 per hour. Calculate Brandon's regular, overtime and total hours for the week.
Answer
  • 30 Regular Hours, 18 Overtime Hours, and 48 Total Hours
  • 35 Regular Hours, 13 Overtime Hours, and 48 Total Hours
  • 40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
  • 48 Regular Hours, No Overtime Hours, and 48 Total Hours

Question 17

Question
WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?
Answer
  • Debit Cash $28.00; credit Federal Unemployment Tax Payable $28.00
  • Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00
  • Debit Federal Unemployment Tax Payable $28.00, credit Payroll Tax Expense $28.00
  • Debit Payroll Tax Expense $28.00, credit Cash $28.00

Question 18

Question
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Answer
  • $34.67
  • $68.74
  • $84.67
  • $160.33

Question 19

Question
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Answer
  • Debit Payroll Tax Expense $405.00, Social Security Tax Payable $225.00; credit Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
  • Debit Payroll Tax Expense $405.00; credit Cash $405.00
  • Debit Payroll Tax Expense $405.00; Credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
  • Debit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00; credit Payroll Tax Expense $405.00

Question 20

Question
WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes?
Answer
  • Debit Cash $95.00; credit State Unemployment Tax Payable $95.00
  • Debit Payroll Tax Expense $95.00; credit Cash $95.00
  • Debit State Unemployment Tax Payable $95.00; credit Cash $95.00
  • Debit State Unemployment Tax Payable $95.0; credit Payroll Tax Expense $95.00

Question 21

Question
John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company's payroll?
Answer
  • Debit Salary Expense $1,500.00, Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Cash $1,105.25
  • Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
  • Debit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Salary Expense $1,500.00, Cash $1,105.25
  • Debit Wages Expense $1,500.00, Cash $1,105.25; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00

Question 22

Question
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Answer
  • Debit Payroll Tax Expense $405.00, Social Security Tax Payable $225.00; credit Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
  • Debit Payroll Tax Expense $405.00; credit Cash $405.00
  • Debit Payroll Tax Expense $405.00; credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
  • Debit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00; credit Payroll Tax Expense $405.00

Question 23

Question
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
Answer
  • $426.75
  • $226.25
  • $175.00
  • $173.25
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