Exam 3: Analyzing Business Transactions Using T Accounts

The ending balance of the capital account appears as a separate line item on what two statements?

Identify the accounts below that would ALL appear on the balance sheet.

The T account balances for the accounts of Rya's Planning Services as of January 31,2016 are listed below. Using the information given for Rya's Planning Services,create a Trial Balance as of January 31,2016.

Revenue is a subdivision of owner's equity.

An entry on the right side of an account is called a(n)___________________.

A column of figures is added and the total is entered in small pencil figures called a(n)___________________.

Debit entries increase asset,drawing,expense and liability accounts.

The error that occurs when the number $272.00 is written as $27.20 is called a(n)____________________ error.

Read each of the following transactions.Determine the accounts to be debited and credited. Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps,Capital Brandon Phipps,Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Performed services on credit

Another name for the profit and loss statement is the ____________________.

When charge customers pay cash to apply against their accounts,the amount is recorded

If a trial balance is not in balance (the Debit and Credit columns are not equal),a logical first step is to

A business pays a creditor on account.The entry to record this transaction is:

The consulting firm of Martin and Associates uses the accounts listed below.On a separate sheet of paper,set up T accounts for each of the accounts listed and record the balances on the normal balance side of the accounts. The firm has the following transactions during the month of December 2016.Record the effects of these transactions in the T accounts. a.Paid $1,300 for one month's rent b.Collected $5,600 in cash from credit customers c.Performed services for $7,500 in cash d.Paid $4,800 for salaries e.Issued a check for $3,400 to a creditor f.Performed services for $10,200 on credit g.Purchased office equipment for $1,800 on credit h.The owner withdrew $3,500 in cash for personal expenses i.Issued a check for $650 to pay the monthly utility bill Determine the account balances after the transactions have been recorded Prepare a trial balance as of December 31,2016.

Read each of the following transactions.Determine the accounts to be debited and credited. Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps,Capital Brandon Phipps,Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Issued a check to a creditor

The classification and normal balance of the salaries expense account is:

The modern system of accounting is called the double-entry system because a debit to one account is balanced by a credit to another account.

A business receives a bill for utilities but decides to pay it next month.The business would record the receipt of the bill by:

The account Moriah Paige,_______________ would appear on both the Statement of Owner's Equity and the Balance Sheet.

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below.All accounts have normal balances. Dom's had the following transactions during the month of June. a.Paid rent for June,$1,000 b.Dominic Goggin withdrew $4,500 from the business for personal use c.Performed services for $4,000 in cash d.Performed services for $22,750 on credit e.Received $12,000 from credit customers on account f.Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month by check g.Paid the electric and phone bills by check for a total of $600 h.Paid creditors $6,000 on account i.Purchased $7,500 in supplies on account j.Paid $1,800 cash for advertising in the local newspaper in June Using the information above,set up T accounts and enter transactions a-j.Foot each account as of June 30,2016.Prepare a Trial Balance.