Exam 2: Analyzing and Recording Business Transactions

The account "Salaries Expense" began with a zero balance and then had the following changes: increase of $450,decrease of $175,increase of $600,and an increase of $350.The final balance is a:

A type of asset in which a customer owes the company money would be a:

A trial balance will determine if:

The fourth step in analyzing a transaction is to determine:

Mackay,Inc.paid one of its creditors $678 on their balance due.The journal entry would require a:

A company has a fifty million dollar debit balance in its cash account.Given this information,which of the following is a TRUE statement?

A listing of all accounts in numerical order is called a chart of accounts.

The fourth step in recording a transaction in the general journal is to record the:

A business generally has fewer liability accounts than asset accounts.

Which of the following is NOT an asset?

Winn Corporation purchased $400 of office supplies on account and treated the supplies as a prepaid expense.The journal entry would require a:

The ________ keeps a running balance of an individual account.

A company purchased a truck for $800 on credit.The journal entry to record this transaction,however,was a debit to 'Truck' for $500 and a credit to 'Account Payable' for $500.What will the effect be on the trial balance?

Dividends are paid with cash to shareholders.Dividends are in what category of the chart of accounts?

Which of the following is TRUE regarding the accounts supplies payable and supplies expense?

Revenues ________ Retained Earnings,and increase on the ________ side.

The general ledger is arranged in the:

The order in which accounts appear in the chart of accounts is:

Which of the financial statements covers a period of time?

Which of the following would start with a 1 in the chart of accounts?