Question 1

Journalizing a transaction with both the debit and the credit for $75 instead of $57 will cause the trial balance to be out of balance.

Accepted Answer

A) True 
 B)False

Question 2

The debit part of the transaction is recorded first in the journal entry.

Accepted Answer

A) True 
 B)False

Question 3

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:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 4

Riley's Book Review billed customers $450. The journal entry to record this transaction is:

Accepted Answer

A) Accounts Receivable debit $450; Editing Fees credit $450 
B) Editing Fees debit $450; Riley, Capital credit $450 
C) Accounts Payable debit $450; Editing Fees credit $450 
D) Accounts Payable debit $450; Riley, Capital credit $450 
A) Accounts Receivable debit $450; Editing Fees credit $450 
B) Editing Fees debit $450; Riley, Capital credit $450 
C) Accounts Payable debit $450; Editing Fees credit $450 
D) Accounts Payable debit $450; Riley, Capital credit $450

Question 5

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

Accepted Answer

A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be understated. 
D) expenses to be overstated. 
A) assets to be overstated. 
B) liabilities to be understated. 
C) capital to be understated. 
D) expenses to be overstated.

Journalizing a transaction with both the debit and the credit for $75 instead of $57 will cause the trial balance to be out of balance.

The debit part of the transaction is recorded first in the journal entry.

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:

Riley's Book Review billed customers $450. The journal entry to record this transaction is:

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

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 3: Beginning the Accounting Cycle

Journalizing a transaction with both the debit and the credit for $75 instead of $57 will cause the trial balance to be out of balance.

The debit part of the transaction is recorded first in the journal entry.

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:

Riley's Book Review billed customers $450. The journal entry to record this transaction is:

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

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters