Exam 3: Processing Accounting Information

A(n) ________________________ is a list of each account and its balance at a specific point in time.

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -Rent paid on an office building in advance of use of the facility

Rise Corp.received payment from its customers for previous sales on credit.What was the impact on its working capital?

Wolfe Inc.reports these account balances at January 1, 2016: Retained Earnings \ 49,000 Accounts Receivable 20,000 Accounts Payable 24,000 Capital Stock 185,000 Land 153,000 Cash 13,000 Equipment 20,000 Notes Payable 28,000 Buildings 80,000 ​ ​ -See the account balances for Wolfe Inc. ? On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31, 2016, the total liabilities are:

The payment of salaries and wages decreases cash and increases a(n) ____________________.

A debit is a negative entry.

The origins of single-entry accounting were documented in a book written by Pacioli over 500 years ago.It includes the concepts of bookkeeping that are still applied today.

Given that Carlson Corp.'s current ratio is 3 to 2, what is the effect of obtaining a patent from the inventor in exchange for shares of stock in Carlson Corp.?

The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is

A(n) ____________________ is a chronological record of all transactions entered into by a business.

Which one of the following best defines an internal event in terms of accounting?

Use the following five transactions for Monaco & Associates, Inc.to answer the question(s). october 1 Bills are sent to clients for services provided in September in the amount of \ 800 . 9 Dravo Co. delivers office fumiture (\ 1,060) and office supplies (\ 160) to Monaco leaving an invoice for \ 1,220 . 15 Payment is made to Dravo Co. for the furniture and office supplies delivered on October 9. 23 A bill for \ 430 for electricity for the month of September is received and will be paid on its due date in November. 31 Salaries of \ 850 are paid to employees. -See the transactions to Monaco & Associates. The journal entry to record the October 31 transaction will include a credit to

Credit entries are used to

The correct term for the process of recording the economic effects of business transactions in a book of original entry is

_______________________ are a distribution of net income for the period, not a determinant of net income as are expenses.

Several accounts from the financial statements of Robot Technologies are listed below.In the two columns provided for answers, indicate the type of account and the normal account balance.Use the following identification codes for your answers: Type of Account Normal Balance = Asset = Debit = Liability = Credit = Stockholders' Equity = Revenue = Expense Type of Account Normal Balance A) Prepaid Expenses --- --- B) Cable Television Equipment --- --- C) Subscriptions Received in Advance --- --- D) Common Stock --- --- E) Accounts Payable --- --- F) Income Taxes Expense --- --- G) Interest Income --- --- H) Cable Television Franchises --- --- I) Long-Term Debt --- ---

Unfortunately, the bookkeeper notices that two transactions for Patio Publications were not reflected in the balances of the trial balance: one to record $800 of accrued wages and salaries to be paid in the next period, and the other was the use of $560 of office supplies from the supplies on hand.If the Trial Balance column totals are $15,380 prior to discovering these mistakes, what are the totals of the Trial Balance columns after the corrections are made?

The purchase of office equipment at a cost of $3,600 with an immediate down payment of $1,000 and agreement to pay the balance within 60 days is recorded by:

A trial balance can be as informal as an adding machine tape with the account titles penciled in next to the debit and credit amounts.

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -A checking account at a bank