Question 1

To debit an account is to enter an amount on the left side of the account.

Accepted Answer

A) True 
 B)False  True

Question 2

Analyze the following transactions using the T account approach.Place the dollar amount on the debit and credit sides.After all transactions have been recorded,foot the accounts where necessary and enter the balance in the proper place.
​
 1. Owner invested $\$ 15,000$ in a business.
2. Owner invested a truck worth $\$ 5,000$ into the business.
3. Cash received for services rendered for the month was $\$ 4,300$.
4. Received a bill for $\$ 150$ for repairs.
5. Purchased a piece of equipment worth $\$ 1,500$, making a down payment of $\$ 250$.
6. Owner withdrew $\$ 1,400$ from the company. ​
 $\begin{array}{cc}\text {Cash }\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text { Accounts Payable}\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text { Owner's Capital}\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text {  Truck}\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text {Equipment }\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text { Owner's Drawing}\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ ​
 $\begin{array}{cc}\text {Repair Expense }\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ $\begin{array}{cc}\text { Revenue}\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$

Accepted Answer

​ ​ $\begin{array}{cc}\text { Cash}\\hline
\begin{array}{ll|l}
\text { (1) } &15,000 & \text { (5) }& 250 \
\text { (3) }& 4,300 & \text { (6) } &1,400 \
&19,300 & & 1,650 \
& & \
\text { Bal. } &17,650 & &
\end{array}
\end{array}$ ​ $\begin{array}{cc}\text { Accounts Payable}\\hline
\begin{array}{ll|l}
&&(4)& 150\
&&(5) &1,250\
&&Bal. &1,400\
\end{array}
\end{array}$ ​ $\begin{array}{cc}\text {Owner's Capital }\\hline
\begin{array}{ll|l}
&&(1) &15,000\
&&(2) &5,000\
&&Bal. &20,000
\end{array}
\end{array}$ ​ $\begin{array}{cc}\text {Truck  }\\hline
\begin{array}{ll|l}
(2)&5,000 \
\end{array}
\end{array}$ ​ $$\begin{array} { l } 
\text { Equipment } \
\hline \text { (5) } 1,500 \mid
\end{array}$$ ​ $\begin{array}{cc}\text {Owner's Drawing }\\hline
\begin{array}{ll|l}
(6)& 1,400\
\end{array}
\end{array}$ $\begin{array}{cc}\text { Repair Expense}\\hline
\begin{array}{ll|l}
(4)&150& \
\end{array}
\end{array}$ $\begin{array}{cc}\text {Revenue }\\hline
\begin{array}{ll|l}
& &(3)& 4,300\
\end{array}
\end{array}$

Question 3

Match the terms with the definitions.
 
-The side that increases an account.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance H

Question 4

An investment of cash in a business by the owner

Accepted Answer

A)  increases cash. 
B)  decreases owner's equity. 
C)  appears in a liability account. 
D)  represents an obligation of the business. 
A)  increases cash. 
B)  decreases owner's equity. 
C)  appears in a liability account. 
D)  represents an obligation of the business.

Question 5

Asset and expense accounts normally have

Accepted Answer

A)  credit balances. 
B)  large balances. 
C)  debit balances. 
D)  negative balances. 
A)  credit balances. 
B)  large balances. 
C)  debit balances. 
D)  negative balances.

Question 6

Kate made a $475 payment on her company van.She should credit Accounts Payable and debit the automobile account.

Accepted Answer

A) True 
 B)False

Question 7

The total dollar amounts on the debit and credit sides of a T account are known as ____________________.

Accepted Answer

The answer of The total dollar amounts on the debit...

Question 8

Connie made a purchase on account of printer paper to last for about three months; this transaction increased Supplies and decreased Accounts Payable.

Accepted Answer

A) True 
 B)False

Question 9

At least two accounts are affected by every transaction.

Accepted Answer

A) True 
 B)False

Question 10

Expense accounts normally have debit balances.

Accepted Answer

A) True 
 B)False

Question 11

An example of an expense is

Accepted Answer

A)  prepaid insurance. 
B)  advertising. 
C)  accounts payable. 
D)  cash. 
A)  prepaid insurance. 
B)  advertising. 
C)  accounts payable. 
D)  cash.

Question 12

A trial balance is a formal business report.

Accepted Answer

A) True 
 B)False

Question 13

Match the terms with the definitions.
 
-To enter an amount on the right side of an account.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance

Question 14

The difference between the footings of an account is called the balance.

Accepted Answer

A) True 
 B)False

Question 15

The normal balance of a capital account

Accepted Answer

A)  can be either a debit or a credit balance. 
B)  is a debit balance. 
C)  is a credit balance. 
D)  is called a footing. 
A)  can be either a debit or a credit balance. 
B)  is a debit balance. 
C)  is a credit balance. 
D)  is called a footing.

Question 16

An account is a form or record used to keep track of the increases or decreases in the individual assets,liabilities,owner's equity,revenues,and expenses of a business entity.

Accepted Answer

A) True 
 B)False

Question 17

When services are performed for which payment will be received later,accounts receivable increases.

Accepted Answer

A) True 
 B)False

Question 18

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called complex-entry accounting.

Accepted Answer

A) True 
 B)False

Question 19

Match the terms with the definitions.
 
-The normal balance of asset,expense,and drawing accounts.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance

Question 20

The standard T account includes all of the following EXCEPT

Accepted Answer

A)  a credit side. 
B)  a debit side. 
C)  a title. 
D)  the current date. 
A)  a credit side. 
B)  a debit side. 
C)  a title. 
D)  the current date.

To debit an account is to enter an amount on the left side of the account.

Match the terms with the definitions. -The side that increases an account.

An investment of cash in a business by the owner

Asset and expense accounts normally have

Kate made a $475 payment on her company van.She should credit Accounts Payable and debit the automobile account.

The total dollar amounts on the debit and credit sides of a T account are known as ____________________.

Connie made a purchase on account of printer paper to last for about three months; this transaction increased Supplies and decreased Accounts Payable.

At least two accounts are affected by every transaction.

Expense accounts normally have debit balances.

An example of an expense is

A trial balance is a formal business report.

Match the terms with the definitions. -To enter an amount on the right side of an account.

The difference between the footings of an account is called the balance.

The normal balance of a capital account

An account is a form or record used to keep track of the increases or decreases in the individual assets,liabilities,owner's equity,revenues,and expenses of a business entity.

When services are performed for which payment will be received later,accounts receivable increases.

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called complex-entry accounting.

Match the terms with the definitions. -The normal balance of asset,expense,and drawing accounts.

The standard T account includes all of the following EXCEPT

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

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Exam 3: The Double-Entry Framework

To debit an account is to enter an amount on the left side of the account.

Match the terms with the definitions. -The side that increases an account.

An investment of cash in a business by the owner

Asset and expense accounts normally have

Kate made a $475 payment on her company van.She should credit Accounts Payable and debit the automobile account.

The total dollar amounts on the debit and credit sides of a T account are known as ____________________.

Connie made a purchase on account of printer paper to last for about three months; this transaction increased Supplies and decreased Accounts Payable.

At least two accounts are affected by every transaction.

Expense accounts normally have debit balances.

An example of an expense is

A trial balance is a formal business report.

Match the terms with the definitions. -To enter an amount on the right side of an account.

The difference between the footings of an account is called the balance.

The normal balance of a capital account

An account is a form or record used to keep track of the increases or decreases in the individual assets,liabilities,owner's equity,revenues,and expenses of a business entity.

When services are performed for which payment will be received later,accounts receivable increases.

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called complex-entry accounting.

Match the terms with the definitions. -The normal balance of asset,expense,and drawing accounts.

The standard T account includes all of the following EXCEPT

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters