Exam 2: Analyzing and Recording Transactions

The general journal provides a place for recording

If an account was incorrectly debited for $300 instead of correctly credited for $300, the account is out of balance by $300.

Of the following accounts, the one that normally has a credit balance is

The purchase on credit of a delivery truck for $9,600 was posted to Delivery Trucks asa $9,600 debit and to Rent Expense as a $9,600 debit. What effect would this error have on the trial balance?

Put the steps of the accounting cycle in the correct order:AdjustAnalyze transactionsCloseJournalizePostPrepare adjusted trial balancePrepare post-closing trial balancePrepare statementsPrepare unadjusted trial balance

On December 2, 2015, the Tropic Company paid $400 for office supplies. Prepare the general journal entry to record this transaction.

The process of transferring data from the general journal to the general ledger is called

A place or location within an accounting system in which the increases and decreases ina specific asset, liability, or equity item is recorded and stored is called a(n):

Asset accounts normally have credit balances and expense accounts normally have debit balances.

A transaction that increases an asset account and decreases a liability account must also affect another account.

A journal in which transactions are first recorded is

A T-Account is a formal account frequently used in business

A credit is used to record

During the month of November, Cornish Company had cash receipts of $3,500 and paid out $1,000 for expenses. The November 30th cash balance was $4,300. What was thecash balance on November 1?

D. Brown Plumbing Co completed the following transactions during February of the current year: Prepare general journal entries to record the transactions. Include a brief description for each entry.

A simple account form widely used in accounting education to illustrate how debits and credits work is called a:

The accounting equation can be expressed as liabilities = assets - equity

A debit entry

A record of all accounts used by a business is called a

Since all figures are eventually posted to the ledger, the posting reference column in a journal is not necessary.