Exam 3: Beginning the Accounting Cycle

Post the following transaction to the ledger of Wiley Services.The partial chart of accounts for Thompson's Company is: 111 Cash 121 Accounts Receivable 211 Accounts Payable 411 Service Fees $\quad$ $\quad$ $\quad$ $\quad$$\text { GENERAL JOURNAL}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Page 1}$ Date Acct. Titles and Description PR Debit Credit May 1 Accounts Receivable 10,000 Service Fees 10,000 Billed customer May 5 Accounts Payable 3,000 Cash 3,000 Paid amount due $\quad$ $\quad$ $\quad$ $\quad$$\text { GENERAL JOURNAL}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Page 1}$ Date Acct. Titles and Description PR Debit Credit May 1 Accounts Receivable 10,000 Service Fees 10,000 Billed customer May 5 Accounts Payable 3,000 Cash 3,000 Paid amount due $\quad$ $\quad$ $\quad$ $\text { Cash}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account 111}$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\text { Cash}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account 121}$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\text { Cash}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account 121}$ Date Explanation PR Debit Credit Debit Balance Credit Balance $\quad$ $\quad$ $\quad$ $\text { Service Fees}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Account 411}$ Date Explanation PR Debit Credit Debit Balance Credit Balance

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

All nine transactions for Ross Realty for June,the first month of operation,are recorded in the following T accounts: Prepare a trial balance,listing the accounts and their balance in proper order.

The following trial balance has been improperly completed.All the accounts have normal balances.Prepare a corrected trial balance in good form. Danielson Online Company Trial Balance March 31, 200x Salaries Expense 200 Rent Expense 250 Accounts Receivable 40 Equipment 2,250 Danielson, Capital 1,800 Danielson, Withdrawals 900 Service Fees Accounts Payable 2,000 Cash Totals

Renzi's Volleyball Gym purchased equipment for $1,200.It made a down payment of $600 with the remainder on account.The journal entry to record this transaction is:

Describe the difference in information contained in the general journal vs.the general ledger.

The general ledger:

If Accounts Payable has been debited,it is most likely that:

When the trial balance includes a debit column total of $10,350 and a credit column total of $11,350,it is probable that:

Correctly posting a transaction twice will cause the trial balance totals to be unequal.

A calendar year is:

Antonio's catered a reception.The total price was $500.The customer paid half of the fee in cash and placed the remainder on account.The journal entry to record this transaction is:

A running balance is maintained in the ledger after each transaction is posted.

The trial balance lists the accounts:

The time period for which an income statement is prepared is called the accounting period.

The entry to record the payment of office salaries would be:

Conner Sales' total assets and total liabilities increased $400.The transaction could have been:

Which of the following accounts would be debited in a proper journal entry?

The journal entry to record an exchange of assets would include:

Financial statements that are prepared for a period shorter than a year are called: