Exam 3: Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

Complete the following entries by using a "debit" or "credit". Received payment from a customer. Cash would have a: ________ Owner makes an investment of equipment. Capital would have a: ________ Paid rent in advance. Prepaid Rent would have a: ________ Billed a customer for services rendered. Revenue would have a: ________ Paid an advertising bill received last month. Cash would have a: ________ Owner withdrew cash. Withdrawals would have a: ________

A credit to an asset account was posted to a revenue account. This would cause

As Withdrawals increase,

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

When a computer is used for accounting, the journal may be stored in any of the following locations, EXCEPT

If you debit Prepaid Insurance, you most likely will

During the month of August, Our Town Hardware Store advertised an end-of-the-year sale in the local newspaper. Our Town Hardware Store received the bill for $60 in August, but waited until September to pay the advertising expense. The journal entry to record the bill in August is

BNL completed a performance and collected revenue of $10,000 not previously billed or recorded. The journal entry to record the collection would be

The time period for which an income statement is prepared is called the accounting period.

In preparing the trial balance of the Frank's Gardening Service, the Revenue account (which had a normal balance in the general ledger) was mistakenly listed as a debit for $6,000. What will be the difference between the debit and credit sides of the trial balance?

Correctly posting a transaction twice will cause the trial balance totals to be unequal.

The trial balance

The debit is indented in a journal entry.

Provide an explanation for the following journal entries: (a) Prepaid Rent debited, Cash credited (b) Office supplies debited, Accounts Payable credited (c) Cash debited, Capital credited (d) Withdrawals debited, Cash credited (e) Accounts Payable debited, Cash credited

The journal entry debiting Cash and crediting Capital would be a result of a(n)

An overpayment was discovered in computing and paying the wages of a West Heights Country Club employee. When the employee returns the amount of the overpayment, West Heights should make which of the following entries?

A trial balance is a list of the accounts and account numbers.

The general journal does not have a column titled

The process of initially recording business transactions in a journal is called

The process of transferring the data from the journal to the ledger accounts is called posting.