Exam 2: The Recording Process

Another name for journal is

Delta72 Company received a cash advance of $700 from a customer. As a result of this event,

The procedure of transferring journal entries to the ledger accounts is called

Which of the following statements is true?

On July 7, 2018, Hidden Camera Enterprises performed cash services of $1,700. The entry to record this transaction would include

Phair and Associates is a financial planning service. The account balances at December 31, 2018 are shown by the following alphabetical list: Instructions Prepare a trial balance with the accounts arranged in financial statement order.

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

Which one of the following is not a part of an account?

Which of the following is the correct sequence of steps in the recording process?

Selected transactions for Garver Company during its first month in business are presented below. Sept. 1 Invested $25,000 cash in the business in exchange for common stock. 5 Purchased equipment for $27,000 paying $6,000 in cash and the balance on account. 11 Performed $3,900 of services for clients, collecting $1,000 cash and billing them for the remainder. 25 Paid $7,000 cash on balance owed for equipment. 30 Declared and paid a $600 cash dividend. 30 Collected $1,200 from the clients from the September 11 transactions. The Chart of accounts shows: No. 101 Cash, No. 112 Accounts Receivable, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, No. 332 Dividends, and No. 400 Service Revenue. Instructions (a) Journalize the transactions on page 1 of the journal (Omit explanations). (b) Post the transactions using the standard account form. (c) Based only on these transactions, what amount would Garver Company report as total assets in the October 31 balance sheet? (d) Based only on these transactions, what amount would Garver Company report as total liabilities in the October 31 balance sheet.

The transactions of Medina Information Service are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided.

The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement.

On June 1, 2018, Portugal Inc. reported a cash balance of $12,000. During June, Portugal made deposits of $5,000 and made disbursements totalling $14,000. What is the cash balance at the end of June?

An accounting record where transactions are initially recorded in chronological order is called a ________________.

A trial balance does not prove that all transactions have been recorded or that the ledger is correct.

The entire group of accounts and their balances maintained by a company is called the ________________.

A list of accounts and their balances at a given time is called a(n)

Which of the following rules is incorrect?

On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client. Karl paid his telephone bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a

Prepare a corrected trial balance for Stereolab Company. All accounts should have a normal balance.