Question 1

Identify the entry below that records the purchase of office supplies on account.

Accepted Answer

A) debit Office Supplies Expense; credit Accounts Payable 
B) debit Office Supplies; credit Cash 
C) debit Accounts Payable; credit Office Supplies 
D) debit Office Supplies; credit Accounts Payable 
A) debit Office Supplies Expense; credit Accounts Payable 
B) debit Office Supplies; credit Cash 
C) debit Accounts Payable; credit Office Supplies 
D) debit Office Supplies; credit Accounts Payable D

Question 2

A firm purchased telephone equipment for cash. By mistake, the accountant debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. The correcting entry should contain:

Accepted Answer

A) a debit to Utilities Expense and a credit to Cash. 
B) a debit to Cash and a credit to Office Equipment. 
C) a debit to Office Equipment and a credit to Utilities Expense. 
D) a debit to Office Equipment and a credit to Cash. 
A) a debit to Utilities Expense and a credit to Cash. 
B) a debit to Cash and a credit to Office Equipment. 
C) a debit to Office Equipment and a credit to Utilities Expense. 
D) a debit to Office Equipment and a credit to Cash. C

Question 3

Transactions are entered in the journal in chronological order.

Accepted Answer

A) True 
 B)False  True

Question 4

Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately and will correct the remaining amount in 30 days. The journal entry to record this transaction is:

Accepted Answer

A) Debit Fees Income $2,500; Credit Cash $1,000; credit Accounts Receivable $1,500 
B) Debit Cash $1,000; Debit Accounts Receivable $1,500; Credit Fees Income $2,500 
C) Debit Fees Income $2,500; Credit Accounts Receivable $2,500 
D) Debit Cash $1,000; Credit Fees Income $1,000 
A) Debit Fees Income $2,500; Credit Cash $1,000; credit Accounts Receivable $1,500 
B) Debit Cash $1,000; Debit Accounts Receivable $1,500; Credit Fees Income $2,500 
C) Debit Fees Income $2,500; Credit Accounts Receivable $2,500 
D) Debit Cash $1,000; Credit Fees Income $1,000

Question 5

The Accounts Payable account has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is:

Accepted Answer

A) a $2,000 debit balance. 
B) a $1,000 debit balance. 
C) a $2,000 credit balance. 
D) a $4,000 credit balance. 
A) a $2,000 debit balance. 
B) a $1,000 debit balance. 
C) a $2,000 credit balance. 
D) a $4,000 credit balance.

Question 6

Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:

Accepted Answer

A) Debit Utilities Expense; Credit Accounts Payable 
B) Debit Utilities Expense; Credit Cash 
C) Debit Accounts Payable; Credit Cash 
D) Debit Cash; Credit Utilities Expense 
A) Debit Utilities Expense; Credit Accounts Payable 
B) Debit Utilities Expense; Credit Cash 
C) Debit Accounts Payable; Credit Cash 
D) Debit Cash; Credit Utilities Expense

Question 7

The journal entry to record the payment of salaries for the month is:

Accepted Answer

A) Debit Cash; Credit Salaries Payable 
B) Debit Salaries; Credit Accounts Payable 
C) Debit Salaries Expense; Credit Cash 
D) Debit Cash; Credit Salaries Expense 
A) Debit Cash; Credit Salaries Payable 
B) Debit Salaries; Credit Accounts Payable 
C) Debit Salaries Expense; Credit Cash 
D) Debit Cash; Credit Salaries Expense

Question 8

The journal entry to record the sale of services on credit should include:

Accepted Answer

A) a debit to Accounts Receivable and a credit to Capital. 
B) a debit to Accounts Receivable and a credit to Fees Income. 
C) a debit to Cash and a credit to Accounts Receivable. 
D) a debit to Fees Income and a credit to Accounts Receivable. 
A) a debit to Accounts Receivable and a credit to Capital. 
B) a debit to Accounts Receivable and a credit to Fees Income. 
C) a debit to Cash and a credit to Accounts Receivable. 
D) a debit to Fees Income and a credit to Accounts Receivable.

Question 9

When posting, the ________ is recorded in the Posting Reference column of the journal.

Accepted Answer

ledger acc

Question 10

The accounts with identification letters for Able Delivery Services are listed below.
   
During the January, the company completed the transactions listed below. Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount. Some entries may need more than one debit and/or more than one credit. The first transaction is completed as an example.

Accepted Answer

The answer of The accounts with identification letters for Able...

Question 11

The journal entry to record the performance of services for cash would include:

Accepted Answer

A) a debit to Cash and a credit to Fees Income. 
B) a debit to Accounts Receivable and a credit to Cash. 
C) a debit to Fees Income and a credit to Cash. 
D) a debit to Cash and a credit to Accounts Receivable. 
A) a debit to Cash and a credit to Fees Income. 
B) a debit to Accounts Receivable and a credit to Cash. 
C) a debit to Fees Income and a credit to Cash. 
D) a debit to Cash and a credit to Accounts Receivable.

Question 12

On December 5, Honor Consulting Services issued a check to purchase $1,800 of office equipment. The journal entry to record this transaction is:

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 13

On June 1, XYZ Inc. paid $400 to its landlord for rent for the current month. The journal entry to record this transaction is:

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 14

On September 1, Lazy A, Inc. paid $2,200 for a one year insurance policy. The journal entry to record this transaction is:

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 15

When recording a business transaction into the journal, certain steps are followed. Identify the statement below that is CORRECT regarding the journalizing process.

Accepted Answer

A) All transactions are recorded first in the general ledger and then they are journalized in the journal. 
B) An explanation is indented and entered on the line underneath the last credit in the entry. 
C) All credited accounts are listed first and then all debited accounts are indented and listed on the next lines. 
D) No dates are used in the journal. 
A) All transactions are recorded first in the general ledger and then they are journalized in the journal. 
B) An explanation is indented and entered on the line underneath the last credit in the entry. 
C) All credited accounts are listed first and then all debited accounts are indented and listed on the next lines. 
D) No dates are used in the journal.

Question 16

An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger.

Accepted Answer

A) True 
 B)False

Question 17

The process of transferring data from a journal to a ledger is known as ________.

Accepted Answer

The answer of The process of transferring data from a...

Question 18

The______  is referred to as the record of final entry.

Accepted Answer

ledger or

Question 19

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 20

For each of the accounts listed below, enter the words, Increase or Decrease, in the Debit and Credit columns to indicate the effects of each on the account balance. The first row has been completed for reference.
$\begin{array}{|l|l|l|l|}
\hline &{\text { Account }} & \text { Debit } & \text { Credit } \
\hline \text { A. } & \text { Cash } & \text { Increase } & \text { Decrease } \
\hline \text { B. } & \text { Accounts Payable } & & \\hline \text { C. } & \text { Fees Income } \
\hline \text { D. } & \text { Ian Roberts, Capital } \
\hline \text { E. } & \text { Ian Roberts, Drawing } \
\hline \text { F. } & \text { Rent Expense } \
\hline \text { G. } & \text { Store Equipment } \
\hline \text { H. } & \text { Telephone Expense } \
\hline
\end{array}$

Accepted Answer

The answer of For each of the accounts listed below,...

Exam 4: The General Journal and the General Ledger

Identify the entry below that records the purchase of office supplies on account.

A firm purchased telephone equipment for cash. By mistake, the accountant debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. The correcting entry should contain:

Transactions are entered in the journal in chronological order.

Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately and will correct the remaining amount in 30 days. The journal entry to record this transaction is:

The Accounts Payable account has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is:

Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:

The journal entry to record the payment of salaries for the month is:

The journal entry to record the sale of services on credit should include:

When posting, the ________ is recorded in the Posting Reference column of the journal.

The journal entry to record the performance of services for cash would include:

On December 5, Honor Consulting Services issued a check to purchase $1,800 of office equipment. The journal entry to record this transaction is:

On June 1, XYZ Inc. paid $400 to its landlord for rent for the current month. The journal entry to record this transaction is:

On September 1, Lazy A, Inc. paid $2,200 for a one year insurance policy. The journal entry to record this transaction is:

When recording a business transaction into the journal, certain steps are followed. Identify the statement below that is CORRECT regarding the journalizing process.

An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger.

The process of transferring data from a journal to a ledger is known as ________.

The______ is referred to as the record of final entry.

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accounting: The Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

Adjustments and the Worksheet

Closing Entries and Teh Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analysis

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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