Exam 3: Beginning the Accounting Cycle

On July 1,Hill's Construction paid six months' insurance in advance.The journal entry to record this transaction is:

The general journal does not have a column titled:

The journal entry debiting Cash and crediting Capital would be a result of a(n):

Post the following transactions to the ledger of Jason Company.The partial chart of accounts of Jason Company is as follows: 111 Cash 121 Equipment 211 Accounts Payable 311 Jason,Capital $\quad$ $\quad$ $\quad$$\text {GENERAL JOURNAL}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Page 1}$ Date Acct. Titles and Description PR Debit Credit April 1 Cash 14,000 Jason, Capital 14,000 Cash investment April 5 Equipment 4,000 Cash 1,000 Accounts Payable 3,000 Purchased equipment $\quad$ $\quad$ $\quad$ $\quad$$\text { Cash }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account } 111$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\quad$$\text { Equipment }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account } 121$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\quad$$\text { Accounts Payable }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text { Account } 211$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\quad$$\text { Jason, Capital }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text { Account } 311$ Date Explanation PR Debit Credit Debit Balance Credit Balance

Which of the following entries records the acquisition of office supplies for cash?

Journalize,in proper form,the following transactions that occurred during September.Omit explanations. September 5 $\quad$ Michele invested $\$ 23,000$ cash and $\$ 10,000$ of equipirnent into her new business 10 $\quad$ Paid three months' rent in advance, $\$ 2,470$ 23 $\quad$ Withdrew $\$ 400$ from the business 24 $\quad$ Billed client for services rendered, $18, 000

A slide is evenly divisible by the number 8.

If the debit and credit totals of a trial balance are not equal,it could be due to the following type of error:

Provide an explanation for the following journal entries: a)Prepaid Rent debited,Cash credited b)Office supplies debited,Accounts Payable credited c)Cash debited,Capital credited d)Withdrawals debited,Cash credited e)Accounts Payable debited,Cash credited

The time period for which a statement of owner's equity is prepared is a(n):

A transaction completed by Norton Company caused a $4,000 increase in both the total assets and the total liabilities.This transaction could have been:

If Rent Expense has been debited,it is likely that:

A credit to an asset account was posted to an expense account.This would cause:

Journalizing a transaction with both the debit and the credit for $75 instead of $57 will cause the trial balance to be out of balance.

If Fees Earned has been credited,it is most likely that:

Which of the following entries records the owner taking cash for personal use?

When recording a transaction in a journal,the account listed first is always the:

Prepare in proper form journal entries for the following transactions.Omit explanations. October 2 $\quad$ Owner made a cash investment into the company $\$ 5,000$ 8 $\quad$ Bought supplies on accosst $\$ 100$ . 10 $\quad$ Paid salaries, $\$ 700$ 15 $\quad$ Paid for supplies purchased on October $8$ 21 $\quad$ Received company telephone bill, to be paid later, $\$ 30$

The purpose of posting is to:

The posting reference column in the ledger is: