Question 1

A chart of accounts is a listing of accounts that make up the journal.

Accepted Answer

A) True 
 B)False

Question 2

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1, Erika Company purchased land...

Question 3

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: ​

Accepted Answer

A)  credit to Accounts Receivable for $500 
B)  credit to Accounts Receivable for $1,000 
C)  credit to Accounts Payable for $500 
D)  credit to Accounts Payable for $1,000 
A)  credit to Accounts Receivable for $500 
B)  credit to Accounts Receivable for $1,000 
C)  credit to Accounts Payable for $500 
D)  credit to Accounts Payable for $1,000

Question 4

Which of the following transactions increases stockholders' equity?

Accepted Answer

A)  Supplies are purchased on account. 
B)  Services are provided on account. 
C)  Cash is received from customers on account. 
D)  Utility bill will be paid next month. 
A)  Supplies are purchased on account. 
B)  Services are provided on account. 
C)  Cash is received from customers on account. 
D)  Utility bill will be paid next month.

Question 5

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Accepted Answer

A) True 
 B)False

Question 6

An account in its simplest form has three parts to it: a title, an increase side, and a decrease side.

Accepted Answer

A) True 
 B)False

Question 7

Even when a trial balance is in balance, there may be errors in the individual accounts.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not true with a double-entry accounting system?

Accepted Answer

A)  The accounting equation remains in balance. 
B)  The sum of all debits is always equal to the sum of all credits in each journal entry. 
C)  Each business transaction will have two debits. 
D)  Every transaction affects at least two accounts. 
A)  The accounting equation remains in balance. 
B)  The sum of all debits is always equal to the sum of all credits in each journal entry. 
C)  Each business transaction will have two debits. 
D)  Every transaction affects at least two accounts.

Question 9

Use the information below to answer the question that follows.
All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts:
   ​
   ​
   ​
   ​
   ​
​
-Prepare an unadjusted trial balance, listing the accounts in their proper order.

Accepted Answer

The answer of Use the information below to answer the...

Question 10

Which are the parts of the T account?

Accepted Answer

A)  title, date, total 
B)  date, debit side, credit side 
C)  title, debit side, credit side 
D)  title, debit side, total 
A)  title, date, total 
B)  date, debit side, credit side 
C)  title, debit side, credit side 
D)  title, debit side, total

Question 11

In accordance with the debit and credit rules, which of the following is true?

Accepted Answer

A)  Debits increase assets. 
B)  Credits increase assets. 
C)  Debits increase both assets and common stock. 
D)  Credits increase both assets and liabilities. 
A)  Debits increase assets. 
B)  Credits increase assets. 
C)  Debits increase both assets and common stock. 
D)  Credits increase both assets and liabilities.

Question 12

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred in Walker's first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.   ​

Accepted Answer

The answer of On January 1, Merry Walker and other...

Question 13

Which of the following entries records the payment of an account payable?

Accepted Answer

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

Question 14

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​   ​
Prepare a trial balance. The total of the credits is
​

Accepted Answer

A)  $15,800 
B)  $21,300 
C)  $22,600 
D)  $26,200 
A)  $15,800 
B)  $21,300 
C)  $22,600 
D)  $26,200

Question 15

Match between columns
                        Premises:  Unearned Rent
 Prepaid Insurance
 Fees Earned
 Patents
 Dividends

Accepted Answer

The Answer of Assets and Liabilities and Stockholders’ Equity and is...

Question 16

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset, liability, or stockholders' equity 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account 
A)  depends on whether the account is an asset, liability, or stockholders' equity 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account

Question 17

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

Accepted Answer

A)  No entry until the cash is received 
B)  Fees Earned, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit 
A)  No entry until the cash is received 
B)  Fees Earned, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit

Question 18

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.
​

Accepted Answer

The answer of For each of the following errors, considered...

Question 19

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A)  assets, expenses, liabilities, stockholders' equity, revenues 
B)  stockholders' equity, assets, liabilities, revenues, expenses 
C)  assets, liabilities, stockholders' equity, revenues, expenses 
D)  assets, liabilities, revenues, expenses, stockholders' equity 
A)  assets, expenses, liabilities, stockholders' equity, revenues 
B)  stockholders' equity, assets, liabilities, revenues, expenses 
C)  assets, liabilities, stockholders' equity, revenues, expenses 
D)  assets, liabilities, revenues, expenses, stockholders' equity

Question 20

Accounts are classified in the ledger

Accepted Answer

A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  with the accounts used most often listed first 
A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  with the accounts used most often listed first

A chart of accounts is a listing of accounts that make up the journal.

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a:

Which of the following transactions increases stockholders' equity?

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

An account in its simplest form has three parts to it: a title, an increase side, and a decrease side.

Even when a trial balance is in balance, there may be errors in the individual accounts.

Which of the following is not true with a double-entry accounting system?

Use the information below to answer the question that follows. All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts: -Prepare an unadjusted trial balance, listing the accounts in their proper order.

Which are the parts of the T account?

In accordance with the debit and credit rules, which of the following is true?

Which of the following entries records the payment of an account payable?

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is

The debit side of an account

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

In which order are the accounts listed in the chart of accounts?

Accounts are classified in the ledger

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

A chart of accounts is a listing of accounts that make up the journal.

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: ​

Which of the following transactions increases stockholders' equity?

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

An account in its simplest form has three parts to it: a title, an increase side, and a decrease side.

Even when a trial balance is in balance, there may be errors in the individual accounts.

Which of the following is not true with a double-entry accounting system?

Which are the parts of the T account?

In accordance with the debit and credit rules, which of the following is true?

Which of the following entries records the payment of an account payable?

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​ ​ Prepare a trial balance. The total of the credits is ​

The debit side of an account

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. ​

In which order are the accounts listed in the chart of accounts?

Accounts are classified in the ledger

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

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a:

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.