Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? \[\begin{array}{l} \begin{array} {| l | l | } \hline \text {Cash}&\$1000 \\ \hline \text {Equipment}&500\\ \hline \text {Accounts Payable}&250\\ \hline \text {Capital}&1000\\\hline \text {Service Fees }&1000\\ \hline \text {Salaries Expense}&750\\\hline \end{array} \end{array}\]

A) $3,250 debit, $3,250 credit B) $1,125 debit, $1,125 credit C) $4,500 debit, $4,500 credit D) $2,250 debit, $2,250 credit A) $3,250 debit, $3,250 credit B) $1,125 debit, $1,125 credit C) $4,500 debit, $4,500 credit D) $2,250 debit, $2,250 credit

Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate. a. Tyler invested $6,500 in the bike service from his personal savings account. b. Bought office equipment for cash, $900. c. Performed bike service for a customer on account, $1,000. d. Company cell phone bill received, but not paid, $80. e. Collected $300 from customer in transaction c. f. Tyler withdrew $100 for personal use. Cash 111 Accounts Reœeivable 112 Office Equipment 112 Accounts Payable 211 Tyler's Capital 311 Tyler's Withdrawals 312 Bike Fees 411 Telephone Expense 512

(Essay)

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Question 21

Withdrawals increase on the debit side of the account.

(True/False)

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Question 22

Chuck, the owner of Computer Sales Co., paid his personal VISA bill using a company cheque. The correct entry to record the transaction is

(Multiple Choice)

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Question 23

The business incurred an expense and paid it immediately. To record this,

(Multiple Choice)

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Question 24

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? Cash \1 000 Equipment 500 Accounts Payable 250 Capital 1000 Service Fees 1000 Salaries Expense 750

(Multiple Choice)

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Question 25

Which of the following is prepared first?

(Multiple Choice)

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Question 26

The owner of Wolverines R Us paid his personal MasterCard bill using a company cheque. The correct entry to record the transaction is

(Multiple Choice)

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Question 27

Accounts Payable indicates monies owed to us by our clients or customers.

(True/False)

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Question 28

A transaction that has more than one debit and one credit is called a

(Multiple Choice)

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Question 29

Which of these statements about T accounts is FALSE?

(Multiple Choice)

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Question 30

The chart of accounts

(Multiple Choice)

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Question 31

Extreme Home bought painting equipment on account for $2,200. The entry would include

(Multiple Choice)

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Question 32

The first step in analyzing a transaction is

(Multiple Choice)

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Question 33

The word "debit" comes from which language?

(Multiple Choice)

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Question 34

When speaking of the Standard Account Form, it is TRUE to say that

(Multiple Choice)

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Question 35

One asset would be debited and another credited if

(Multiple Choice)

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Question 36

Withdrawals and expenses are reported on the income statement.

(True/False)

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Question 37

Net income appears on which of the following financial reports?

(Multiple Choice)

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Question 38

The Office Supplies account is

(Multiple Choice)

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Question 39

What would be the effect on accounts if the business provided services to a customer collecting cash?

(Multiple Choice)

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Question 40

Withdrawals increase on the debit side of the account.

Chuck, the owner of Computer Sales Co., paid his personal VISA bill using a company cheque. The correct entry to record the transaction is

The business incurred an expense and paid it immediately. To record this,

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? Cash \1 000 Equipment 500 Accounts Payable 250 Capital 1000 Service Fees 1000 Salaries Expense 750

Which of the following is prepared first?

The owner of Wolverines R Us paid his personal MasterCard bill using a company cheque. The correct entry to record the transaction is

Accounts Payable indicates monies owed to us by our clients or customers.

A transaction that has more than one debit and one credit is called a

Which of these statements about T accounts is FALSE?

The chart of accounts

Extreme Home bought painting equipment on account for $2,200. The entry would include

The first step in analyzing a transaction is

The word "debit" comes from which language?

When speaking of the Standard Account Form, it is TRUE to say that

One asset would be debited and another credited if

Withdrawals and expenses are reported on the income statement.

Net income appears on which of the following financial reports?

The Office Supplies account is

What would be the effect on accounts if the business provided services to a customer collecting cash?

Accounting Concepts and Procedures: an Introduction

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

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

The Employers Tax Responsibilities: Principles and Procedures

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Completion of the Accounting Cycle for a Merchandising Company

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