Question 1

When revenue is earned from charge-account sales,the accountant

Accepted Answer

A)  debits a revenue account and credits the capital account. 
B)  debits Accounts Receivable and credits a revenue account. 
C)  debits a revenue account and credits Accounts Receivable. 
D)  debits Cash and credits a revenue account. 
A)  debits a revenue account and credits the capital account. 
B)  debits Accounts Receivable and credits a revenue account. 
C)  debits a revenue account and credits Accounts Receivable. 
D)  debits Cash and credits a revenue account.

Question 2

On a statement of owner's equity,beginning capital is $30,000,Net Income for the year is $11,000 and Drawing for the year is $6,000,the ending capital amount would be

Accepted Answer

A)  $30,000. 
B)  $35,000. 
C)  $47,000. 
D)  $25,000. 
A)  $30,000. 
B)  $35,000. 
C)  $47,000. 
D)  $25,000.

Question 3

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.   Paid $6,000 in cash for the next six months' rent

Accepted Answer

Debit Prep

Question 4

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 an Income Statement,Statement of Owner's Equity,and Balance Sheet for January 2016.

Accepted Answer

The answer of The T account balances for the accounts...

Question 5

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

Accepted Answer

A)  Placing the Fees Income balance in the Credit column 
B)  Placing the Prepaid Rent balance in the Credit column 
C)  Placing the Rent Expense balance in the Debit column 
D)  Placing the Office Equipment balance in the Debit column 
A)  Placing the Fees Income balance in the Credit column 
B)  Placing the Prepaid Rent balance in the Credit column 
C)  Placing the Rent Expense balance in the Debit column 
D)  Placing the Office Equipment balance in the Debit column

Question 6

An account with a balance that carries over from one accounting period to another is a nominal account.

Accepted Answer

A) True 
 B)False

Question 7

Credits are used to record

Accepted Answer

A)  decreases in assets and owner's equity and increases in liabilities. 
B)  decreases in assets,liabilities,and owner's equity. 
C)  decreases in liabilities and increases in assets and owner's equity. 
D)  increases in liabilities and owner's equity. 
A)  decreases in assets and owner's equity and increases in liabilities. 
B)  decreases in assets,liabilities,and owner's equity. 
C)  decreases in liabilities and increases in assets and owner's equity. 
D)  increases in liabilities and owner's equity.

When revenue is earned from charge-account sales,the accountant

On a statement of owner's equity,beginning capital is $30,000,Net Income for the year is $11,000 and Drawing for the year is $6,000,the ending capital amount would be

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Paid $6,000 in cash for the next six months' rent

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 an Income Statement,Statement of Owner's Equity,and Balance Sheet for January 2016.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

An account with a balance that carries over from one accounting period to another is a nominal account.

Credits are used to record

Accounting: the Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters

Exam 3: Analyzing Business Transactions Using T Accounts

When revenue is earned from charge-account sales,the accountant

On a statement of owner's equity,beginning capital is $30,000,Net Income for the year is $11,000 and Drawing for the year is $6,000,the ending capital amount would be

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Paid $6,000 in cash for the next six months' rent

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 an Income Statement,Statement of Owner's Equity,and Balance Sheet for January 2016.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

An account with a balance that carries over from one accounting period to another is a nominal account.

Credits are used to record

Accounting: the Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters