Japan Chamber of Commerce Bookkeeping Grade 3 | Cash, Deposits, Receivables and Payables 02
Problem 1 ・ Question 1 / 10
A company is founded on a cash contribution of 500,000 yen from shareholders. Which account is credited?
View explanation
What shareholders pay in is credited to Share capital within net assets.
Problem 1 ・ Question 2 / 10
300,000 yen is borrowed from a bank and paid into the ordinary deposit account. Which account is credited?
View explanation
Since an obligation to repay arises, the liability Borrowings is credited.
Problem 1 ・ Question 3 / 10
Borrowings of 100,000 yen and interest of 2,000 yen are paid from the ordinary deposit account. On which side is interest expense entered?
View explanation
Interest expense is an increase in expenses and is recorded on the debit side.
Problem 1 ・ Question 4 / 10
The book balance of cash exceeds the actual cash on hand by 5,000 yen, with no known cause. Which account is used to hold the difference for the time being?
View explanation
A cash difference of unknown cause is held in Cash over and short until the cause is established.
Problem 1 ・ Question 5 / 10
An employee going on a business trip is given 30,000 yen in cash as an estimated advance. Which account is debited?
View explanation
An estimated advance whose purpose and amount are not yet fixed is recorded as Suspense payments.
Problem 1 ・ Question 6 / 10
An order for goods is received along with 20,000 yen of the price in cash. Which account is credited?
View explanation
A deposit received before the goods are delivered is the liability Advances received.
Problem 1 ・ Question 7 / 10
Social insurance premiums of 10,000 yen payable by an employee are deducted from their salary. Which account is credited?
View explanation
The amount is held from the employee and remitted later, so it is recorded as a deposit received.
Problem 1 ・ Question 8 / 10
A receipt of 50,000 yen of unknown origin appears in the ordinary deposit account. Which account is credited until it is identified?
View explanation
A receipt whose reason is unknown is held temporarily as Suspense receipts.
Problem 1 ・ Question 9 / 10
The company pays 8,000 yen in cash on a temporary basis for a cost payable by an employee. Which account is debited?
View explanation
An amount borne temporarily on an employee's behalf and recovered later is Advances paid on behalf of others.
Problem 1 ・ Question 10 / 10
100,000 yen in cash is withdrawn from the ordinary deposit account. Which account is credited?
View explanation
The ordinary deposit decreases, so Ordinary deposit is entered on the credit side.
Result
More sets in this exam
- Japan Chamber of Commerce Bookkeeping Grade 3 | Bookkeeping Fundamentals
- Japan Chamber of Commerce Bookkeeping Grade 3 | Merchandise Journal Entries 01
- Japan Chamber of Commerce Bookkeeping Grade 3 | Everyday Transaction Entries 04
- Japan Chamber of Commerce Bookkeeping Grade 3 | Subsidiary Books, Slips and Trial Balances 01
- Japan Chamber of Commerce Bookkeeping Grade 3 | Closing Adjustments and Financial Statements 01
- Japan Chamber of Commerce Bookkeeping Grade 3 | Books and Slips 02