Question 1

In which of the following types of accounts are decreases recorded by debits?

Accepted Answer

A)  assets 
B)  liabilities 
C)  expenses 
D)  dividends 
A)  assets 
B)  liabilities 
C)  expenses 
D)  dividends

Question 2

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Accepted Answer

A) True 
 B)False

Question 3

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

Accepted Answer

+ $210,500 − $245,0

Question 4

To determine the balance in an account, always subtract credits from debits.

Accepted Answer

A) True 
 B)False

Question 5

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Accepted Answer

A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts 
A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts

Question 6

On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction.

Accepted Answer

The answer of On October 30, JumpStart pays $3,330 in...

Question 7

If the two totals of a trial balance are not equal, it could be due to

Accepted Answer

A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances, such as a balance being incorrectly computed 
D)  recording the same transaction more than once 
A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances, such as a balance being incorrectly computed 
D)  recording the same transaction more than once

Question 8

Expense accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 9

The process of recording a transaction in the journal is called

Accepted Answer

A)  balancing 
B)  journalizing 
C)  posting 
D)  summarizing 
A)  balancing 
B)  journalizing 
C)  posting 
D)  summarizing

Question 10

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following entries records the receipt of cash from cash customers for services provided?

Accepted Answer

A)  Fees Earned, debit; Cash, credit 
B)  Fees Earned, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit 
A)  Fees Earned, debit; Cash, credit 
B)  Fees Earned, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit

Question 12

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make?

Accepted Answer

A)  Cash, debit; Wages Expense, credit 
B)  Wages Payable, debit; Wages Expense, credit 
C)  Wages Expense, debit; Cash, credit 
D)  Cash, debit; Wages Payable, credit 
A)  Cash, debit; Wages Expense, credit 
B)  Wages Payable, debit; Wages Expense, credit 
C)  Wages Expense, debit; Cash, credit 
D)  Cash, debit; Wages Payable, credit

Question 13

When an account receivable is collected in cash, the total assets of the business increase.

Accepted Answer

A) True 
 B)False

Question 14

The chart of accounts for the Miguel Company includes the following:   
 Page 3 of the journal contains the following transaction:
   
-What posting references will be found in the journal entry?

Accepted Answer

A)  15, 11 
B)  15, 3 
C)  11, 3 
D)  3, 15 
A)  15, 11 
B)  15, 3 
C)  11, 3 
D)  3, 15

Question 15

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 16

On December 1, JumpStart Company provides $2,800 in services to clients.
(a) Journalize this event as if the clients had paid cash at the time the services were rendered.
​
(b)(1) Journalize this event as if the clients had been rendered the services on account.
​
(b)(2) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.

Accepted Answer

The answer of On December 1, JumpStart Company provides $2,800...

Question 17

Which side of the account increases the cash account?

Accepted Answer

A)  credit 
B)  neither a debit nor a credit 
C)  debit 
D)  either a debit or a credit 
A)  credit 
B)  neither a debit nor a credit 
C)  debit 
D)  either a debit or a credit

Question 18

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts:   ​   ​   ​   ​   ​
Indicate the following for each debit and each credit:   ​
Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 19

On January 7, stockholders invest $45,000 in JumpStart in exchange for common stock. Provide the journal entry for this transaction.

Accepted Answer

The answer of On January 7, stockholders invest $45,000 in...

Question 20

The post reference notation used in the ledger is the account number.

Accepted Answer

A) True 
 B)False

In which of the following types of accounts are decreases recorded by debits?

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

To determine the balance in an account, always subtract credits from debits.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction.

If the two totals of a trial balance are not equal, it could be due to

Expense accounts are increased by credits.

The process of recording a transaction in the journal is called

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Which of the following entries records the receipt of cash from cash customers for services provided?

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make?

When an account receivable is collected in cash, the total assets of the business increase.

The chart of accounts for the Miguel Company includes the following: Page 3 of the journal contains the following transaction: -What posting references will be found in the journal entry?

Journalize the entries to correct the following errors:

Which side of the account increases the cash account?

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

On January 7, stockholders invest $45,000 in JumpStart in exchange for common stock. Provide the journal entry for this transaction.

The post reference notation used in the ledger is the account number.

Accounting and Business

Adjustments: Accruals and Deferrals

The Accounting Cycle

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Investments

Filters

Exam 2: Double-Entry Accounting

In which of the following types of accounts are decreases recorded by debits?

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

To determine the balance in an account, always subtract credits from debits.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction.

If the two totals of a trial balance are not equal, it could be due to

Expense accounts are increased by credits.

The process of recording a transaction in the journal is called

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Which of the following entries records the receipt of cash from cash customers for services provided?

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make?

When an account receivable is collected in cash, the total assets of the business increase.

The chart of accounts for the Miguel Company includes the following: Page 3 of the journal contains the following transaction: -What posting references will be found in the journal entry?

Journalize the entries to correct the following errors:

Which side of the account increases the cash account?

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: ​ ​ ​ ​ ​ Indicate the following for each debit and each credit: ​ Present your answers in the following form:

On January 7, stockholders invest $45,000 in JumpStart in exchange for common stock. Provide the journal entry for this transaction.

The post reference notation used in the ledger is the account number.

Accounting and Business

Adjustments: Accruals and Deferrals

The Accounting Cycle

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Investments

Filters

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form: