Question 1

The ledger account balances for Galaxie 500 Company are listed below.   Instructions
Prepare a trial balance in proper form for Galaxie at December 31, 2018.

Accepted Answer

The answer of The ledger account balances for Galaxie 500...

Question 2

An account is a part of the financial information system and is described by all except which one of the following?

Accepted Answer

A)  An account has a debit and credit side. 
B)  An account is a source document. 
C)  An account may be part of a manual or a computerized accounting system. 
D)  An account has a title. 
A)  An account has a debit and credit side. 
B)  An account is a source document. 
C)  An account may be part of a manual or a computerized accounting system. 
D)  An account has a title.

Question 3

TNT has the following transactions during April of the current year. Indicate
(a) the effect on the accounting equation and (b) the debit-credit analysis.
Apr. 1 Opens a law office, investing $25,000 in cash.
4 Pays rent in advance for 6 months, $9,000 cash.
16 Receives $8,000 from clients for services provided.
27 Pays secretary $2,800 salary.

Accepted Answer

The answer of TNT has the following transactions during April...

Question 4

Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.

Accepted Answer

The answer of Prepare a trial balance from the ledger...

Question 5

The basic steps in the recording process are: _______________ each transaction, enter the transaction in a ________________, and transfer the _______________ information to appropriate accounts in the ________________.

Accepted Answer

analyze jo

Question 6

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction.
1. Andrew Bird invested $35,000 cash in exchange for stock.
2. Hired an employee to be paid $400 per week, starting tomorrow.
3. Paid two years' rent in advance, $7,440.
4. Paid the worker's weekly wage.
5. Recorded revenue earned and received for the week, $1,900.

Accepted Answer

The answer of Journalize the following business transactions in general...

Question 7

At December 1, 2018, Cursive Company's accounts receivable balance was $1,800. During December, Cursive had revenues on account of $7,200 and collected accounts receivable of $6,000. At December 31, 2018, the accounts receivable balance is

Accepted Answer

A)  $600 debit. 
B)  $3,000 debit. 
C)  $600 credit. 
D)  $3,000 credit. 
A)  $600 debit. 
B)  $3,000 debit. 
C)  $600 credit. 
D)  $3,000 credit.

Question 8

The right side of an account

Accepted Answer

A)  is the correct side. 
B)  reflects all transactions for the accounting period. 
C)  shows all the balances of the accounts in the system. 
D)  is the credit side. 
A)  is the correct side. 
B)  reflects all transactions for the accounting period. 
C)  shows all the balances of the accounts in the system. 
D)  is the credit side.

Question 9

An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased and its normal balance.

Accepted Answer

The basic accounting equation is:
Assets

Question 10

When journalizing, the reference column is

Accepted Answer

A)  left blank. 
B)  used to reference the source document. 
C)  used to reference the journal page. 
D)  used to reference the financial statements. 
A)  left blank. 
B)  used to reference the source document. 
C)  used to reference the journal page. 
D)  used to reference the financial statements.

Question 11

The transactions of the Liberty Belle Store are recorded in the general journal below. You are to post the journal entries to T-accounts.

Accepted Answer

The answer of The transactions of the Liberty Belle Store...

Question 12

A debit is not the normal balance for which of the following?

Accepted Answer

A)  Asset account 
B)  Dividends account 
C)  Expense account 
D)  Common stock account 
A)  Asset account 
B)  Dividends account 
C)  Expense account 
D)  Common stock account

Question 13

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

Accepted Answer

A) True 
 B)False

Question 14

At October 1, 2018, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2018, the accounts payable balance is

Accepted Answer

A)  $25,000. 
B)  $41,000. 
C)  $55,000. 
D)  $121,000. 
A)  $25,000. 
B)  $41,000. 
C)  $55,000. 
D)  $121,000.

Question 15

The usual order of accounts in the general ledger is

Accepted Answer

A)  assets, liabilities, common stock, retained earnings, dividends, revenues, and expenses. 
B)  assets, liabilities, dividends, common stock, retained earnings, expenses, and revenues. 
C)  liabilities, assets, common stock, retained earnings, revenues, expenses, and dividends. 
D)  common stock, retained earnings, assets, liabilities, dividends, expenses, and revenues. 
A)  assets, liabilities, common stock, retained earnings, dividends, revenues, and expenses. 
B)  assets, liabilities, dividends, common stock, retained earnings, expenses, and revenues. 
C)  liabilities, assets, common stock, retained earnings, revenues, expenses, and dividends. 
D)  common stock, retained earnings, assets, liabilities, dividends, expenses, and revenues.

Question 16

After journal entries are posted, the reference column

Accepted Answer

A)  of the general journal will be blank. 
B)  of the general ledger will show journal page numbers. 
C)  of the general journal will show "Dr" or "Cr". 
D)  of the general ledger will show account numbers. 
A)  of the general journal will be blank. 
B)  of the general ledger will show journal page numbers. 
C)  of the general journal will show "Dr" or "Cr". 
D)  of the general ledger will show account numbers.

Question 17

When a company distributes dividends

Accepted Answer

A)  it doesn't have to be cash, it could be another asset. 
B)  the dividends account will be increased with a credit. 
C)  the retained earnings account will be directly increased with a debit. 
D)  the dividends account will be decreased with a debit. 
A)  it doesn't have to be cash, it could be another asset. 
B)  the dividends account will be increased with a credit. 
C)  the retained earnings account will be directly increased with a debit. 
D)  the dividends account will be decreased with a debit.

Question 18

Match between columns
                        Premises: An entry that involves only two accounts.
Left side of an account.
A record of increases and decreases in specific assets, liabilities, and stockholdersl items.
A list of accounts and their balances at a given time.
Transferring journal entries to ledger accounts.
A book of original entry.
A list of all the accounts used by a company.
An entry that involves three or more accounts.
The side which increases an account.
Has a credit normal balance

Accepted Answer

The Answer of Account and Compound entry and Revenue account is...

Question 19

______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances.

Accepted Answer

Assets expenses divi

Question 20

When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

Accepted Answer

A) True 
 B)False

The ledger account balances for Galaxie 500 Company are listed below. Instructions Prepare a trial balance in proper form for Galaxie at December 31, 2018.

An account is a part of the financial information system and is described by all except which one of the following?

Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.

The basic steps in the recording process are: _______ each transaction, enter the transaction in a , and transfer the _ information to appropriate accounts in the __________.

At December 1, 2018, Cursive Company's accounts receivable balance was $1,800. During December, Cursive had revenues on account of $7,200 and collected accounts receivable of $6,000. At December 31, 2018, the accounts receivable balance is

The right side of an account

An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased and its normal balance.

When journalizing, the reference column is

The transactions of the Liberty Belle Store are recorded in the general journal below. You are to post the journal entries to T-accounts.

A debit is not the normal balance for which of the following?

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

At October 1, 2018, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2018, the accounts payable balance is

The usual order of accounts in the general ledger is

After journal entries are posted, the reference column

When a company distributes dividends

______, _, and _ have debit normal account balances whereas _, , and ______ have credit normal account balances.

When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

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

The ledger account balances for Galaxie 500 Company are listed below. Instructions Prepare a trial balance in proper form for Galaxie at December 31, 2018.

An account is a part of the financial information system and is described by all except which one of the following?

Prepare a trial balance from the ledger accounts of Black Diamond Express as of January 31, 2018.

The basic steps in the recording process are: _______________ each transaction, enter the transaction in a ________________, and transfer the _______________ information to appropriate accounts in the ________________.

At December 1, 2018, Cursive Company's accounts receivable balance was $1,800. During December, Cursive had revenues on account of $7,200 and collected accounts receivable of $6,000. At December 31, 2018, the accounts receivable balance is

The right side of an account

An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased and its normal balance.

When journalizing, the reference column is

The transactions of the Liberty Belle Store are recorded in the general journal below. You are to post the journal entries to T-accounts.

A debit is not the normal balance for which of the following?

The account titles used in journalizing transactions need not be identical to the account titles in the ledger.

At October 1, 2018, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2018, the accounts payable balance is

The usual order of accounts in the general ledger is

After journal entries are posted, the reference column

When a company distributes dividends

______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances.

When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

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

The basic steps in the recording process are: _______ each transaction, enter the transaction in a , and transfer the _ information to appropriate accounts in the __________.

______, _, and _ have debit normal account balances whereas _, , and ______ have credit normal account balances.