Exam 3: Beginning the Accounting Cycle

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.

How are explanations distinguished in the journal?

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

The informal listing of the ledger accounts and their balances in the ledger to aid in providing the equality of debits and credits is the:

To find an explanation for a transaction, look in the:

The general journal:

A journal is called the book of final entry.

During the month of October, Ford advertised on the Internet. Ford received the bill for $600 in October, but waited until November to pay the advertising expense. The journal entry to record the payment in November is:

A debit to a liability account was posted to a revenue account. This would cause:

A business's fiscal year that ends at the same time as a slow seasonal period begins is the natural business year.

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

Business transactions are first recorded in the:

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

Insurance paid in advance is a liability.

A compound journal entry affects more than two accounts in the transaction.

Posting is the process of transferring information from the journal to the trial balance.

Prepare in proper form journal entries for the following transactions. Omit explanations. October

The dollar amount of the debits must be equal to the dollar amount of the credits for each transaction.

Posting is the process of entering amounts in the journal.

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