Question 1

The journal entry to record an shift of assets would include:

Accepted Answer

A) a debit to Cash and a credit to Fees Earned. 
B) a debit to Supplies and a credit to Accounts Payable. 
C) a debit to Cash and a credit to Accounts Receivable. 
D) a debit to Fees Earned and a credit to Accounts Receivable. 
A) a debit to Cash and a credit to Fees Earned. 
B) a debit to Supplies and a credit to Accounts Payable. 
C) a debit to Cash and a credit to Accounts Receivable. 
D) a debit to Fees Earned and a credit to Accounts Receivable.

Question 2

Insurance paid in advance is an expense.

Accepted Answer

A) True 
 B)False

Question 3

The posting reference column on the general journal:

Accepted Answer

A) shows which transactions have been posted to the ledger. 
B) displays to which accounts the transactions have been posted. 
C) allows us to cross reference to the general ledger. 
D) All of the above are correct. 
A) shows which transactions have been posted to the ledger. 
B) displays to which accounts the transactions have been posted. 
C) allows us to cross reference to the general ledger. 
D) All of the above are correct.

Question 4

If the debit and credit totals of a trial balance are not equal,it could be due to the following type of error:

Accepted Answer

A) Failure to record a transaction 
B) Recording the same erroneous amount for both the debit and the credit sides of a transaction 
C) Incorrectly calculating the debit side of the trial balance 
D) Recording the same transaction more than once 
A) Failure to record a transaction 
B) Recording the same erroneous amount for both the debit and the credit sides of a transaction 
C) Incorrectly calculating the debit side of the trial balance 
D) Recording the same transaction more than once

Question 5

Post the following transactions to the ledger of Jason Company.The partial chart of accounts of Jason Company is as follows:
100 Cash
120 Equipment
210 Accounts Payable
300 Jason,Capital

Accepted Answer

The answer of Post the following transactions to the ledger...

Question 6

Which of the following transactions would cause the trial balance to be out of balance?

Accepted Answer

A) A debit to Cash and a debit to Equipment for the same amount 
B) A credit to Cash and a debit to Supplies for the same amount 
C) A debit to Accounts Receivable and a credit to Accounting Fees for the same amount 
D) All of these answers are correct. 
A) A debit to Cash and a debit to Equipment for the same amount 
B) A credit to Cash and a debit to Supplies for the same amount 
C) A debit to Accounts Receivable and a credit to Accounting Fees for the same amount 
D) All of these answers are correct.

Question 7

When recording a transaction in a journal,the account listed first is always the:

Accepted Answer

A) debit. 
B) credit. 
C) increase. 
D) decrease. 
A) debit. 
B) credit. 
C) increase. 
D) decrease.

Question 8

If a trial balance is not equal,you should first:

Accepted Answer

A) re-compute the ledger balances. 
B) trace all postings. 
C) re-add the trial balance and calculate the difference. 
D) match debits and credits. 
A) re-compute the ledger balances. 
B) trace all postings. 
C) re-add the trial balance and calculate the difference. 
D) match debits and credits.

Question 9

Posting is the process of entering amounts in the journal.

Accepted Answer

A) True 
 B)False

Question 10

Provide an explanation for the following journal entries:
a)Prepaid Rent debited,Cash credited
b)Office supplies debited,Cash credited
c)Cash debited,Capital credited
d)Utility expense debited,Cash credited
e)Accounts Payable debited,Cash credited

Accepted Answer

a)Paid rent in advance
b)Paid

Question 11

The general journal does NOT have a column titled:

Accepted Answer

A) Date. 
B) Account Titles & Descriptions. 
C) Dr.and Cr. 
D) Balance. 
A) Date. 
B) Account Titles & Descriptions. 
C) Dr.and Cr. 
D) Balance.

Question 12

A journal is called the book of final entry.

Accepted Answer

A) True 
 B)False

Question 13

A compound journal entry affects only two accounts in the transaction.

Accepted Answer

A) True 
 B)False

Question 14

A debit to the Capital account was posted to an expense account.This would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be overstated. 
D) expense to be overstated. 
A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be overstated. 
D) expense to be overstated.

Question 15

A debit to a liability account was posted to a revenue account.This would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be overstated. 
D) revenue to be understated. 
A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be overstated. 
D) revenue to be understated.

Question 16

A debit to an expense account was posted to an asset account.This would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be understated. 
D) expenses to be overstated. 
A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be understated. 
D) expenses to be overstated.

Question 17

Which of the following entries records the owner taking cash for personal use?

Accepted Answer

A) Wage Expense,debit;Cash,credit 
B) Capital,debit;Cash,credit 
C) Withdrawals,debit;Cash,credit 
D) No entry is necessary since the owner owns the cash and the entire business. 
A) Wage Expense,debit;Cash,credit 
B) Capital,debit;Cash,credit 
C) Withdrawals,debit;Cash,credit 
D) No entry is necessary since the owner owns the cash and the entire business.

Question 18

On July 1,Hill's Construction paid six months' insurance in advance.The journal entry to record this transaction is:

Accepted Answer

A) Debit Prepaid Insurance;Credit Cash 
B) Debit Insurance Expense;Credit Cash 
C) Debit Cash;Credit Prepaid Insurance 
D) Debit Cash;Credit Insurance Expense 
A) Debit Prepaid Insurance;Credit Cash 
B) Debit Insurance Expense;Credit Cash 
C) Debit Cash;Credit Prepaid Insurance 
D) Debit Cash;Credit Insurance Expense

Question 19

Journalize,in proper form,the following transactions that occurred during September.Omit explanations.
September

Accepted Answer

The answer of Journalize,in proper form,the following transactions that occurred...

Question 20

A credit to a liability account was posted to the capital account.This would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be understated. 
C) owner's equity to be understated. 
D) net income to be overstated. 
A) assets to be overstated. 
B) liabilities to be understated. 
C) owner's equity to be understated. 
D) net income to be overstated.

Exam 3: Beginning the Accounting Cycle

The journal entry to record an shift of assets would include:

Insurance paid in advance is an expense.

The posting reference column on the general journal:

If the debit and credit totals of a trial balance are not equal,it could be due to the following type of error:

Post the following transactions to the ledger of Jason Company.The partial chart of accounts of Jason Company is as follows: 100 Cash 120 Equipment 210 Accounts Payable 300 Jason,Capital

Which of the following transactions would cause the trial balance to be out of balance?

When recording a transaction in a journal,the account listed first is always the:

If a trial balance is not equal,you should first:

Posting is the process of entering amounts in the journal.

Provide an explanation for the following journal entries: a)Prepaid Rent debited,Cash credited b)Office supplies debited,Cash credited c)Cash debited,Capital credited d)Utility expense debited,Cash credited e)Accounts Payable debited,Cash credited

The general journal does NOT have a column titled:

A journal is called the book of final entry.

A compound journal entry affects only two accounts in the transaction.

A debit to the Capital account was posted to an expense account.This would cause:

A debit to a liability account was posted to a revenue account.This would cause:

A debit to an expense account was posted to an asset account.This would cause:

Which of the following entries records the owner taking cash for personal use?

On July 1,Hill's Construction paid six months' insurance in advance.The journal entry to record this transaction is:

Journalize,in proper form,the following transactions that occurred during September.Omit explanations. September

A credit to a liability account was posted to the capital account.This would cause:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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