Question 1

Of the following, which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger?

Accepted Answer

A) chart of accounts 
B) income statement 
C) trial balance 
D) horizontal analysis 
A) chart of accounts 
B) income statement 
C) trial balance 
D) horizontal analysis

Question 2

Which of the following statements is not true about liabilities?

Accepted Answer

A) Liabilities are debts owed to outsiders. 
B) Account titles of liabilities often include the term "payable." 
C) Cash received before a service is performed creates a liability. 
D) Liabilities include accumulated depreciation. 
A) Liabilities are debts owed to outsiders. 
B) Account titles of liabilities often include the term "payable." 
C) Cash received before a service is performed creates a liability. 
D) Liabilities include accumulated depreciation.

Question 3

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Accepted Answer

A) True 
 B)False

Question 4

Which side of the account increases the cash account?

Accepted Answer

A) credit 
B) neither a debit nor a credit 
C) debit 
D) either a debit or a credit 
A) credit 
B) neither a debit nor a credit 
C) debit 
D) either a debit or a credit

Question 5

Net income will result when

Accepted Answer

A) revenues (credits) > expenses (debits) 
B) revenues (debits) > expenses (credits) 
C) expenses (credits) = revenues (debits) 
D) revenues (credits) = expenses (debits) 
A) revenues (credits) > expenses (debits) 
B) revenues (debits) > expenses (credits) 
C) expenses (credits) = revenues (debits) 
D) revenues (credits) = expenses (debits)

Question 6

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

Accepted Answer

A) No entry until the cash is received 
B) Fees Earned, debit; Accounts Receivable, credit 
C) Cash, debit; Fees Earned, credit 
D) Accounts Receivable, debit; Fees Earned, credit 
A) No entry until the cash is received 
B) Fees Earned, debit; Accounts Receivable, credit 
C) Cash, debit; Fees Earned, credit 
D) Accounts Receivable, debit; Fees Earned, credit

Question 7

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.​   Total liabilities are

Accepted Answer

A) $1,500 
B) $3,100 
C) $7,300 
D) $14,300 
A) $1,500 
B) $3,100 
C) $7,300 
D) $14,300

Question 8

Journalize the entries to correct the following errors:
(a)A purchase of supplies for $500 on account was recorded and posted as a debit to Supplies for $200 and as a credit to Accounts Receivable for $200.(b)A receipt of $2,500 from fees earned was recorded and posted as a debit to Fees Earned for $2,500 and a credit to Cash for $2,500.

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 9

On August 30, JumpStart incurred the following expenses:
Payment to the landlord for August rent, $2,300
Payment to the Gas & Electric Company for August's bill, $525
Payment of employee wages for the last half of August, $1,750
Payment of shopping center's parking lot cleaning fee, $275
Journalize these payments as one journal entry.

Accepted Answer

The answer of On August 30, JumpStart incurred the following...

Question 10

The right side of a T account is known as a debit and the left side is known as a credit.

Accepted Answer

A) True 
 B)False

Question 11

Accounts

Accepted Answer

A) do not reflect money amounts 
B) are not used by entities that manufacture products 
C) are records of increases and decreases in individual accounting equation elements 
D) are only used by large entities with many transactions 
A) do not reflect money amounts 
B) are not used by entities that manufacture products 
C) are records of increases and decreases in individual accounting equation elements 
D) are only used by large entities with many transactions

Question 12

The post reference notation used in the ledger is the account number.

Accepted Answer

A) True 
 B)False

Question 13

Revenue accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 14

The recording of cash payments from the cash account is done by entering the amount as a credit.

Accepted Answer

A) True 
 B)False

Question 15

The accounts in the ledger of Devers Gym as of August 31 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been omitted. Prepare an unadjusted trial balance, listing the accounts in proper sequence and inserting the missing figure for cash.​

Accepted Answer

@#IMG-DLM& NOTE: The

Question 16

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

Accepted Answer

.??? + $305,000 − $3

Question 17

Which of the following entries records the purchase of common stock by stockholders?

Accepted Answer

A) debit Common Stock; credit Accounts Receivable 
B) debit Cash; credit Common Stock 
C) debit Dividends; credit Cash 
D) debit Fees Earned; credit Common Stock 
A) debit Common Stock; credit Accounts Receivable 
B) debit Cash; credit Common Stock 
C) debit Dividends; credit Cash 
D) debit Fees Earned; credit Common Stock

Question 18

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.​
A.Payment of a cash dividend $6,800 was journalized and posted as a debit of $8,600 to Salaries Expense and a credit of $8,600 to Cash.B.A fee of $9,780 earned was debited to Accounts Receivable for $7,980 and credited to Fees Earned for $9,780.C.A payment of $3,000 to a creditor was posted as a credit of $3,000 to Accounts Payable and a credit of $3,000 to Cash.

Accepted Answer

a.The totals are equal.b.The t

Question 19

Liabilities are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 20

A cash payment is recorded in the cash account as

Accepted Answer

A) neither a debit nor a credit 
B) a credit 
C) a debit 
D) either a debit or a credit 
A) neither a debit nor a credit 
B) a credit 
C) a debit 
D) either a debit or a credit

Exam 2: Analyzing Transactions

Of the following, which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger?

Which of the following statements is not true about liabilities?

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Which side of the account increases the cash account?

Net income will result when

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.​ Total liabilities are

The right side of a T account is known as a debit and the left side is known as a credit.

Accounts

The post reference notation used in the ledger is the account number.

Revenue accounts are increased by credits.

The recording of cash payments from the cash account is done by entering the amount as a credit.

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

Which of the following entries records the purchase of common stock by stockholders?

Liabilities are increased with debits and decreased with credits.

A cash payment is recorded in the cash account as

Introduction to Accounting and Business

The Adjusting Process

The Accounting Cycle

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Support Department and Joint Cost Allocation

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

The Balanced Scorecard and Corporate Social Responsibility

Investments

Filters

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Total liabilities are