Question 1

When an entry is made in the general journal,

Accepted Answer

A)  assets should be listed first. 
B)  accounts to be debited should be listed first. 
C)  accounts to be increased should be listed first. 
D)  accounts may be listed in any order. 
A)  assets should be listed first. 
B)  accounts to be debited should be listed first. 
C)  accounts to be increased should be listed first. 
D)  accounts may be listed in any order.

Question 2

Bertrand Inc.purchased some shop equipment for $4,500 in cash.By mistake,the journal entry debited the Office Equipment account rather than the Shop Equipment account.What correcting entry would be necessary?

Accepted Answer

A)  Debit Office Equipment $4,500;credit Shop Equipment $4,500 
B)  Debit Shop Equipment $4,500;credit Office Equipment $4,500 
C)  Debit Cash $4,500;credit Shop Equipment $4,500 
D)  Debit Office Equipment $4,500;credit Cash $4,500 
A)  Debit Office Equipment $4,500;credit Shop Equipment $4,500 
B)  Debit Shop Equipment $4,500;credit Office Equipment $4,500 
C)  Debit Cash $4,500;credit Shop Equipment $4,500 
D)  Debit Office Equipment $4,500;credit Cash $4,500

Question 3

The Accounts Payable account has a $3,000 credit balance.An entry for the payment of $1,000 on the amount owed is recorded and posted.The new balance of the Accounts Payable account is

Accepted Answer

A)  a $2,000 credit balance. 
B)  a $4,000 credit balance. 
C)  a $2,000 debit balance. 
D)  a $4,000 debit balance. 
A)  a $2,000 credit balance. 
B)  a $4,000 credit balance. 
C)  a $2,000 debit balance. 
D)  a $4,000 debit balance.

Question 4

A company purchased equipment costing $15,000.They paid $1,000 right away and agreed to pay the balance in 30 days,the journal entry to record the purchase of equipment would include

Accepted Answer

A)  a debit to Equipment for $15,000 and a credit to Cash for $15,000. 
B)  a debit to Equipment for $1,000 and a credit to Cash for $1,000. 
C)  a debit to Equipment for $14,000 and a credit to Accounts Payable for $14,000. 
D)  a debit to Equipment for $15,000,a credit to Cash for $1,000 and a credit to Accounts Payable for $14,000. 
A)  a debit to Equipment for $15,000 and a credit to Cash for $15,000. 
B)  a debit to Equipment for $1,000 and a credit to Cash for $1,000. 
C)  a debit to Equipment for $14,000 and a credit to Accounts Payable for $14,000. 
D)  a debit to Equipment for $15,000,a credit to Cash for $1,000 and a credit to Accounts Payable for $14,000.

Question 5

The journal entry to record a payment made in January for rent for the months of February and March would include

Accepted Answer

A)  a debit to Sue Snow,Capital,and a credit to Cash. 
B)  a debit to Rent Expense and a credit to Cash. 
C)  a debit to Prepaid Rent and a credit to Cash. 
D)  a debit to Sue Snow,Drawing and a credit to Rent Expense. 
A)  a debit to Sue Snow,Capital,and a credit to Cash. 
B)  a debit to Rent Expense and a credit to Cash. 
C)  a debit to Prepaid Rent and a credit to Cash. 
D)  a debit to Sue Snow,Drawing and a credit to Rent Expense.

When an entry is made in the general journal,

Bertrand Inc.purchased some shop equipment for $4,500 in cash.By mistake,the journal entry debited the Office Equipment account rather than the Shop Equipment account.What correcting entry would be necessary?

The Accounts Payable account has a $3,000 credit balance.An entry for the payment of $1,000 on the amount owed is recorded and posted.The new balance of the Accounts Payable account is

A company purchased equipment costing $15,000.They paid $1,000 right away and agreed to pay the balance in 30 days,the journal entry to record the purchase of equipment would include

The journal entry to record a payment made in January for rent for the months of February and March would include

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters

Exam 4: The General Journal and the General Ledger

When an entry is made in the general journal,

Bertrand Inc.purchased some shop equipment for $4,500 in cash.By mistake,the journal entry debited the Office Equipment account rather than the Shop Equipment account.What correcting entry would be necessary?

The Accounts Payable account has a $3,000 credit balance.An entry for the payment of $1,000 on the amount owed is recorded and posted.The new balance of the Accounts Payable account is

A company purchased equipment costing $15,000.They paid $1,000 right away and agreed to pay the balance in 30 days,the journal entry to record the purchase of equipment would include

The journal entry to record a payment made in January for rent for the months of February and March would include

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters