The following are the ending month's balances for Toys Galore. $\begin{array} { | l | r | } \hline \text { Accounts payable } & \$ 6,790 \\ \hline \text { Revenue } & 8,680 \\ \hline \text { Cash } & 4,500 \\ \hline \text { Expenses } & 1,050 \\ \hline \text { Furniture } & 8,370 \\ \hline \text { Accounts receivable } & 7,710 \\ \hline \text { Capital } & 930 \\ \hline \text { Notes payable } & 5,230 \\ \hline \end{array}$ What is the total amount of credits for the trial balance?

A) $21,630 B) $16,400 C) $20,580 D) $30,310 A) $21,630 B) $16,400 C) $20,580 D) $30,310

A) a list of all accounts with their balances. B) the first step in the accounting cycle. C) another name for the chart of accounts. D) another name for the balance sheet. A) a list of all accounts with their balances. B) the first step in the accounting cycle. C) another name for the chart of accounts. D) another name for the balance sheet.

Table 2-1 The following is a list of the accounts and their balances appearing in the ledger of Henry Garage Repairs as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. $\begin{array} { l r } \text { Accounts payable } & \$ 450 \\ \text { Accounts receivable } & 1,250 \\ \text { Cash } & 400 \\ \text { Equipment } & 12,600 \\ \text { Gasoline expense } & 600 \\ \text { Ian Henry, Capital } & 6,600 \\ \text { Ian Henry, Withdrawals } & 500 \\ \text { Notes payable } & 11,000 \\ \text { Rent expense } & 1,200 \\ \text { Repairs expense } & 650 \\ \text { Salary expense } & 700 \\ \text { Salary payable } & 100 \\ \text { Service revenue } & 8,250 \\ \text { Supplies } & 200 \\ \text { Supplies expense } & 300 \\ \text { Truck } & 8,000 \end{array}$ -Refer to Table 2-1. Prepare a Statement of Owner's Equity for Henry Garage Repairs for the year ended December 31, 2019. Assume the capital amount did not change since January 1, 2019.

The answer of Table 2-1 The following is a list of...

Table 2-2 The following is a list of the accounts and their balances appearing in the ledger of Martin Mann Garage as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. $\begin{array} { l r } \text { Accounts payable } & 1,350 \\ \text { Accounts receivable } & 3,750 \\ \text { Cash } & 1,200 \\ \text { Equipment } & 37,800 \\ \text { Gasoline expense } & 1,800 \\ \text { Martin Mann, Capital } & 19,800 \\ \text { Martin Mann, Withdrawals } & 1,500 \\ \text { Notes payable } & 33,000 \\ \text { Rent expense } & 3,600 \\ \text { Repairs expense } & 1,950 \\ \text { Salary expense } & 2,100 \\ \text { Salary payable } & 300 \\ \text { Service revenue } & 24,750 \\ \text { Supplies } & 600 \\ \text { Supplies expense } & 900 \\ \text { Truck } & 24,000 \end{array}$ -Refer to Table 2-2. Prepare a Statement of Owner's Equity for Martin Mann Garage for the year ended December 31, 2019. Assume the capital amount did not change since January 1, 2019.

The answer of Table 2-2 The following is a list of...

Exam 2: Recording Business Transactions

Table 2-1 The following is a list of the accounts and their balances appearing in the ledger of Henry Garage Repairs as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. Accounts payable \ 450 Accounts receivable 1,250 Cash 400 Equipment 12,600 Gasoline expense 600 Ian Henry, Capital 6,600 Ian Henry, Withdrawals 500 Notes payable 11,000 Rent expense 1,200 Repairs expense 650 Salary expense 700 Salary payable 100 Service revenue 8,250 Supplies 200 Supplies expense 300 Truck 8,000 -Refer to Table 2-1. Prepare a trial balance for Henry Garage Repairs at December 31, 2019

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Question 1

Correct Answer:

Verified

$\text {Henry Garage Repairs}$
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text {Trial Balance}$
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text {December 31, 2019}$

$\begin{array} { l r r } & \underline{\text { Debit } }& \underline{\text { Credit }} \\ \text { Cash } & \$ 400 & \\ \text { Accounts receivable } & 1,250 & \\ \text { Supplies } & 200 & \\ \text { Equipment } & 12,600 & \\ \text { Truck } & 8,000 & \\ \text { Accounts payable } & & 450 \\ \text { Notes payable } & & \$ 11,000 \\ \text { Salary payable } & & 100 \\ \text { Ian Henry, Capital } & & 6,600 \\ \text { Ian Henry, Withdrawals } & 500 & \\ \text { Service revenue } & & 8,250 \\ \text { Gasoline expense } & 600 & \\ \text { Rent expense } & 1,200 & \\ \text { Repairs expense } & 650 & \\ \text { Salary expense } & 700 & \\ \text { Supplies expense } & \underline{300} & \\ &\underline{ \$ 26,400} & \underline{\$ 26,400 }\\ & & \end{array}$

The entry to record an owner investment of $400 cash into the business would be:

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Question 2

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C

A chart of accounts is organized in order of the accounting equation, with assets first, followed by liabilities and owner's equity.

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Question 3

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True

An owner investment of land valued at $20,000 and a building valued at $55,000 into the business would include a:

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Question 4

A chart of accounts is:

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Question 5

When is the trial balance usually prepared?

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Question 6

The following are the ending month's balances for Toys Galore. Accounts payable \ 6,790 Revenue 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Capital 930 Notes payable 5,230 What is the total amount of credits for the trial balance?

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Question 7

A trial balance lists accounts in which order?

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Question 8

A business making a monthly mortgage payment that included $1,200 principal and $300 interest should be recorded as:

(Multiple Choice)

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Question 9

The purchase of equipment by issuing a note payable would involve a debit to note payable.

(True/False)

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Question 10

A trial balance is:

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Question 11

Table 2-1 The following is a list of the accounts and their balances appearing in the ledger of Henry Garage Repairs as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. Accounts payable \ 450 Accounts receivable 1,250 Cash 400 Equipment 12,600 Gasoline expense 600 Ian Henry, Capital 6,600 Ian Henry, Withdrawals 500 Notes payable 11,000 Rent expense 1,200 Repairs expense 650 Salary expense 700 Salary payable 100 Service revenue 8,250 Supplies 200 Supplies expense 300 Truck 8,000 -Refer to Table 2-1. Prepare a Statement of Owner's Equity for Henry Garage Repairs for the year ended December 31, 2019. Assume the capital amount did not change since January 1, 2019.

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Question 12

It is not possible for a posting error to have occurred when the debits equal the credits on the trial balance.

(True/False)

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Question 13

The purchase of a building by signing a note payable would:

(Multiple Choice)

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Question 14

An owner investment of cash into the business would include a:

(Multiple Choice)

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Question 15

Making a $350 payment on an account with a current balance of $800 would include a:

(Multiple Choice)

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Question 16

Table 2-3 $Table 2-3 -Record the February transactions in the general journal. \begin{array} { | c | c | c | c | c | } \hline \text { Date } & \text { Account Titles and Explanations } & \text { PR } & \text { Debit } & \text { Credit } \\ \hline & & & & \\ \hline & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ \end{array}$ -Record the February transactions in the general journal. Date Account Titles and Explanations PR Debit Credit

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Question 17

Table 2-2 The following is a list of the accounts and their balances appearing in the ledger of Martin Mann Garage as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. Accounts payable 1,350 Accounts receivable 3,750 Cash 1,200 Equipment 37,800 Gasoline expense 1,800 Martin Mann, Capital 19,800 Martin Mann, Withdrawals 1,500 Notes payable 33,000 Rent expense 3,600 Repairs expense 1,950 Salary expense 2,100 Salary payable 300 Service revenue 24,750 Supplies 600 Supplies expense 900 Truck 24,000 -Refer to Table 2-2. Prepare a Statement of Owner's Equity for Martin Mann Garage for the year ended December 31, 2019. Assume the capital amount did not change since January 1, 2019.

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Question 18

A $250 payment on account was recorded as a debit to accounts receivable and a credit to accounts payable. This error will cause:

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Question 19

Recording the transaction in the journal is the first step in the journalizing process.

(True/False)

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Question 20

The entry to record an owner investment of $400 cash into the business would be:

A chart of accounts is organized in order of the accounting equation, with assets first, followed by liabilities and owner's equity.

An owner investment of land valued at $20,000 and a building valued at $55,000 into the business would include a:

A chart of accounts is:

When is the trial balance usually prepared?

The following are the ending month's balances for Toys Galore. Accounts payable \ 6,790 Revenue 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Capital 930 Notes payable 5,230 What is the total amount of credits for the trial balance?

A trial balance lists accounts in which order?

A business making a monthly mortgage payment that included $1,200 principal and $300 interest should be recorded as:

The purchase of equipment by issuing a note payable would involve a debit to note payable.

A trial balance is:

It is not possible for a posting error to have occurred when the debits equal the credits on the trial balance.

The purchase of a building by signing a note payable would:

An owner investment of cash into the business would include a:

Making a $350 payment on an account with a current balance of $800 would include a:

A $250 payment on account was recorded as a debit to accounts receivable and a credit to accounts payable. This error will cause:

Recording the transaction in the journal is the first step in the journalizing process.

Accounting and the Business Environment

Measuring Business Income: The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations and the Accounting Cycle

Accounting for Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Property, Plant, and Equipment; Goodwill; and Intangibles

Current Liabilities and Payroll

Filters

Exam 2: Recording Business Transactions

The entry to record an owner investment of $400 cash into the business would be:

A chart of accounts is organized in order of the accounting equation, with assets first, followed by liabilities and owner's equity.

An owner investment of land valued at $20,000 and a building valued at $55,000 into the business would include a:

A chart of accounts is:

When is the trial balance usually prepared?

The following are the ending month's balances for Toys Galore. Accounts payable \ 6,790 Revenue 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Capital 930 Notes payable 5,230 What is the total amount of credits for the trial balance?

A trial balance lists accounts in which order?

A business making a monthly mortgage payment that included $1,200 principal and $300 interest should be recorded as:

The purchase of equipment by issuing a note payable would involve a debit to note payable.

A trial balance is:

It is not possible for a posting error to have occurred when the debits equal the credits on the trial balance.

The purchase of a building by signing a note payable would:

An owner investment of cash into the business would include a:

Making a $350 payment on an account with a current balance of $800 would include a:

Table 2-3 -Record the February transactions in the general journal. Date Account Titles and Explanations PR Debit Credit

A $250 payment on account was recorded as a debit to accounts receivable and a credit to accounts payable. This error will cause:

Recording the transaction in the journal is the first step in the journalizing process.

Accounting and the Business Environment

Measuring Business Income: The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations and the Accounting Cycle

Accounting for Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Property, Plant, and Equipment; Goodwill; and Intangibles

Current Liabilities and Payroll

Filters