Question 1

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+), Decrease (-).

Accepted Answer

The answer of For each of the following accounts indicate...

Question 2

The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger.

Accepted Answer

A) True 
 B)False

Question 3

Mt. Zion Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would

Accepted Answer

A)  increase stockholders' equity by $5,000. 
B)  decrease the balance in Salaries and Wages Expense by $5,000. 
C)  decrease net income for the month by $5,000. 
D)  be recorded by a $5,000 debit to Salaries and Wages Payable and a $4,000 credit to Salaries and Wages Expense. 
A)  increase stockholders' equity by $5,000. 
B)  decrease the balance in Salaries and Wages Expense by $5,000. 
C)  decrease net income for the month by $5,000. 
D)  be recorded by a $5,000 debit to Salaries and Wages Payable and a $4,000 credit to Salaries and Wages Expense.

Question 4

Posting is the process of proving the equality of debits and credits in the trial balance.

Accepted Answer

A) True 
 B)False

Question 5

The chart of accounts used by Notwist Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.

Accepted Answer

The answer of The chart of accounts used by Notwist...

Question 6

Presented below is information related to Pickett Real Estate Agency.
Oct. 1 Jeff Pickett begins business as a real estate agent with a cash investment of $30,000 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office equipment for $3,500, by paying $500 cash with the balance on account.
6 Sells a house and lot for N. Foster, earning a fee of $6,900 with $900 collected in cash and the balance billed to N. Foster.
27 Pays $1,000 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,300 in salary for October.
31 Collects $1,500 of the balance owed by N. Foster.
Instructions
1. Journalize the transactions. (You may omit explanations.)
2. What balance would Pickett Real Estate Agency report for Accounts Payable in its October 31 financial statements? In which category of which financial statements would it be found?
3. What balance would Pickett Real Estate Agency report for Accounts Receivable in its October 31 financial statements? In which category of which financial statements would it be found?

Accepted Answer

2. The October 31 balance of Accounts Pa

Question 7

Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that insure that the ledger accounts are correct? Explain.

Accepted Answer

The initial step in the recording proces

Question 8

Which of the following are the same under both GAAP and IFRS?

Accepted Answer

A)  The account. 
B)  Debit and credit rules. 
C)  Steps in the recording process. 
D)  All of these answers are correct.
IFRS. 
A)  The account. 
B)  Debit and credit rules. 
C)  Steps in the recording process. 
D)  All of these answers are correct.
IFRS.

Question 9

In the first month of operations, the total of the debit entries to the cash account amounted to $1,200 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n)

Accepted Answer

A)  $800 credit balance. 
B)  $1,200 debit balance. 
C)  $400 debit balance. 
D)  $400 credit balance. 
A)  $800 credit balance. 
B)  $1,200 debit balance. 
C)  $400 debit balance. 
D)  $400 credit balance.

Question 10

Selected transactions for Good Home, a property management company, in its first month of business, are as follows:   Instructions
For each transaction indicate the following.
(a) The basic type of account debited and credited (asset (A), liability (L), stockholders' equity (SE)).
(b) The specific account debited and credited (cash, rent expense, service revenue, etc.).
(c) Whether the specific account is increased (incr.) or decreased (decr).
(d) The normal balance of the specific account.
Use the following format, in which the January 2 transaction is given as an example.

Accepted Answer

The answer of Selected transactions for Good Home, a property...

Question 11

The entire group of accounts maintained by a company is called the

Accepted Answer

A)  chart of accounts. 
B)  general journal. 
C)  general ledger. 
D)  trial balance. 
A)  chart of accounts. 
B)  general journal. 
C)  general ledger. 
D)  trial balance.

Question 12

After transaction information has been recorded in the journal, it is transferred to the

Accepted Answer

A)  trial balance. 
B)  income statement. 
C)  book of original entry. 
D)  ledger. 
A)  trial balance. 
B)  income statement. 
C)  book of original entry. 
D)  ledger.

Question 13

During 2018, its first year of operations, Neko's Bakery had revenues of $60,000 and expenses of $35,000. The business paid dividends of $20,000. What is the amount of stockholders' equity at December 31, 2018?

Accepted Answer

A)  $0 
B)  $5,000 credit 
C)  $25,000 credit 
D)  $20,000 debit 
A)  $0 
B)  $5,000 credit 
C)  $25,000 credit 
D)  $20,000 debit

Question 14

Eight transactions are recorded in the following T-accounts:   Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, revenue, or expense account was affected and (b) whether the account was increased (+) or (-) decreased. Answers should be presented in the following chart form:

Accepted Answer

The answer of Eight transactions are recorded in the following...

Question 15

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

Accepted Answer

The basic steps in the recording process

Question 16

The normal balance of all accounts is a debit.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true?

Accepted Answer

A)  Transaction analysis is completely different under IFRS and GAAP. 
B)  Most transactions are recorded differently under IFRS and GAAP. 
C)  Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently. 
D)  All transactions are recorded the same under IFRS and GAAP.
IFRS. 
A)  Transaction analysis is completely different under IFRS and GAAP. 
B)  Most transactions are recorded differently under IFRS and GAAP. 
C)  Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently. 
D)  All transactions are recorded the same under IFRS and GAAP.
IFRS.

Question 18

A debit to an account indicates an increase in that account.

Accepted Answer

A) True 
 B)False

Question 19

Post the following transactions to T-accounts and determine each account's ending balance.

Accepted Answer

The answer of Post the following transactions to T-accounts and...

Question 20

Which of the following is false about a journal?

Accepted Answer

A)  It discloses in one place the complete effects of a transaction. 
B)  It provides a chronological record of transactions. 
C)  It helps to prevent or locate errors because debit and credit amounts for each entry can be readily compared. 
D)  It keeps in one place all the information about changes in specific account balances. 
A)  It discloses in one place the complete effects of a transaction. 
B)  It provides a chronological record of transactions. 
C)  It helps to prevent or locate errors because debit and credit amounts for each entry can be readily compared. 
D)  It keeps in one place all the information about changes in specific account balances.

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+), Decrease (-).

The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger.

Mt. Zion Inc. pays its employees twice a month, on the 7^th and the 21^st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would

Posting is the process of proving the equality of debits and credits in the trial balance.

The chart of accounts used by Notwist Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.

Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that insure that the ledger accounts are correct? Explain.

Which of the following are the same under both GAAP and IFRS?

In the first month of operations, the total of the debit entries to the cash account amounted to $1,200 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n)

The entire group of accounts maintained by a company is called the

After transaction information has been recorded in the journal, it is transferred to the

During 2018, its first year of operations, Neko's Bakery had revenues of $60,000 and expenses of $35,000. The business paid dividends of $20,000. What is the amount of stockholders' equity at December 31, 2018?

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

The normal balance of all accounts is a debit.

Which of the following is true?

A debit to an account indicates an increase in that account.

Post the following transactions to T-accounts and determine each account's ending balance.

Which of the following is false about a journal?

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions

Statement of Cash Flows

Financial Statement Analysis

Specimen Financial Statements: Apple Inc

Specimen Financial Statements: Pepsico, Inc

Specimen Financial Statements: the Coca-Cola Company

Specimen Financial Statements: Amazoncom, Inc

Specimen Financial Statements: Wal-Mart Stores, Inc

Filters

Exam 2: The Recording Process

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+), Decrease (-).

The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger.

Mt. Zion Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would

Posting is the process of proving the equality of debits and credits in the trial balance.

The chart of accounts used by Notwist Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.

Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that insure that the ledger accounts are correct? Explain.

Which of the following are the same under both GAAP and IFRS?

In the first month of operations, the total of the debit entries to the cash account amounted to $1,200 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n)

The entire group of accounts maintained by a company is called the

After transaction information has been recorded in the journal, it is transferred to the

During 2018, its first year of operations, Neko's Bakery had revenues of $60,000 and expenses of $35,000. The business paid dividends of $20,000. What is the amount of stockholders' equity at December 31, 2018?

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

The normal balance of all accounts is a debit.

Which of the following is true?

A debit to an account indicates an increase in that account.

Post the following transactions to T-accounts and determine each account's ending balance.

Which of the following is false about a journal?

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions

Statement of Cash Flows

Financial Statement Analysis

Specimen Financial Statements: Apple Inc

Specimen Financial Statements: Pepsico, Inc

Specimen Financial Statements: the Coca-Cola Company

Specimen Financial Statements: Amazoncom, Inc

Specimen Financial Statements: Wal-Mart Stores, Inc

Filters

Mt. Zion Inc. pays its employees twice a month, on the 7^th and the 21^st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would