Question 1

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

Accepted Answer

A) True 
 B)False

Question 2

On November 30, the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment. Prepare the journal entry to correct this situation.

Accepted Answer

Nov. 30
Of

Question 3

The process of transferring the data from the journal to the ledger accounts is called posting.

Accepted Answer

A) True 
 B)False

Question 4

Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit.

Accepted Answer

The answer of Increases and decreases in various types of...

Question 5

Which of the following is not a correct rule of debits and credits?

Accepted Answer

A) Assets, expenses, and dividends are increased by debits. 
B) Assets are decreased by credits and have a normal debit balance. 
C) Liabilities, revenues, and stockholders' equity are increased by credits. 
D) The normal balance for revenues and expenses is a credit. 
A) Assets, expenses, and dividends are increased by debits. 
B) Assets are decreased by credits and have a normal debit balance. 
C) Liabilities, revenues, and stockholders' equity are increased by credits. 
D) The normal balance for revenues and expenses is a credit.

Question 6

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side
b.Debit side
-Interest Revenue

Accepted Answer

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

Question 7

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Accepted Answer

A) True 
 B)False

Question 8

The T account got its name because it resembles the letter "T."

Accepted Answer

A) True 
 B)False

Question 9

The post reference notation used in the journal is the page number.

Accepted Answer

A) True 
 B)False

Question 10

Which are the parts of the T account?

Accepted Answer

A) title, date, total 
B) date, debit side, credit side 
C) title, debit side, credit side 
D) title, debit side, total 
A) title, date, total 
B) date, debit side, credit side 
C) title, debit side, credit side 
D) title, debit side, total

Question 11

Answer the following questions for each of the errors listed below, considered individually:
(a)Did the error cause the trial balance totals to be unequal?
(b)What is the amount of the difference between the trial balance totals (where applicable)?
(c)Which of the trial balance totals, debit or credit, is the larger (where applicable)?
Present your answers in columnar form, using the following headings:
Error
Totals
Difference in Totals
Larger of Totals
(identifying number)(equal or unequal)(amount)(debit or credit)Errors:
(1)A dividend of $3,000 cash to shareholders was recorded by a debit of $3,000 to Salary Expense and a credit of $3,000 to Cash.(2)A $650 purchase of supplies on account was recorded as a debit of $1,650 to Equipment and a credit of $1,650 to Accounts Payable.(3)A purchase of equipment for $3,450 on account was not recorded.(4)A $870 receipt on account was recorded as a $870 debit to Cash and a $780 credit to Accounts Receivable.(5)A payment of $1,530 cash on account was recorded only as a credit to Cash.(6)Cash sales of $8,500 were recorded as a credit of $8,500 to Cash and a credit of $8,500 to Fees Earned.(7)The debit to record a $4,000 cash receipt on account was posted twice; the credit was posted once.(8)The credit to record a $300 cash payment on account was posted twice; the debit was posted once.(9)The debit balance of $7,400 in Accounts Receivable was recorded in the trial balance as a debit of $7,200.

Accepted Answer

@#IMG-DLM& Use the information below to answer the

Question 12

Depending on the account title, the right side of the account is referred to as the credit side.

Accepted Answer

A) True 
 B)False

Question 13

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side
b.Debit side
-Accounts Receivable

Accepted Answer

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

Question 14

A list of the accounts used by a business is called the

Accepted Answer

A) journal 
B) chart of accounts 
C) T chart 
D) debit listing 
A) journal 
B) chart of accounts 
C) T chart 
D) debit listing

Question 15

Journal entries include both debit and credit accounts for each transaction.

Accepted Answer

A) True 
 B)False

Question 16

The process of transferring the debits and credits from the journal entries to the accounts is called

Accepted Answer

A) sliding 
B) transposing 
C) journalizing 
D) posting 
A) sliding 
B) transposing 
C) journalizing 
D) posting

Question 17

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.
1.Cash
2.Accounts Receivable
3.Office Supplies
4.Land
5.Interest Receivable
6.Building
7.Truck
8.Equipment
9.Accounts Payable
10.Interest Payable
11.Insurance Payable
12.Utilities Expense
13.Notes Payable
14.Prepaid Insurance
15.Service Revenue
16.Common Stock
17.Insurance Expense
18.Interest Expense
19.Office Supplies Expense
20.Unearned Service Revenue
21.Dividends

Accepted Answer

The answer of Listed below are accounts to use for...

Question 18

On January 12, JumpStart Co. purchased $870 in office supplies.​
(a) Journalize this transaction as if JumpStart paid cash.​
(b) (1) Journalize this transaction as if JumpStart purchased the supplies on account.​
(b) (2) On January 18, JumpStart pays the amount due. Journalize this event.

Accepted Answer

The answer of On January 12, JumpStart Co. purchased $870...

Question 19

The debit side of an account

Accepted Answer

A) depends on whether the account is an asset, liability, or stockholders' equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account 
A) depends on whether the account is an asset, liability, or stockholders' equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account

Question 20

Accounts payable are accounts that you expect will be paid to you.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

On November 30, the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment. Prepare the journal entry to correct this situation.

The process of transferring the data from the journal to the ledger accounts is called posting.

Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit.

Which of the following is not a correct rule of debits and credits?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Interest Revenue

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

The T account got its name because it resembles the letter "T."

The post reference notation used in the journal is the page number.

Which are the parts of the T account?

Depending on the account title, the right side of the account is referred to as the credit side.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Accounts Receivable

A list of the accounts used by a business is called the

Journal entries include both debit and credit accounts for each transaction.

The process of transferring the debits and credits from the journal entries to the accounts is called

On January 12, JumpStart Co. purchased $870 in office supplies.​ (a) Journalize this transaction as if JumpStart paid cash.​ (b) (1) Journalize this transaction as if JumpStart purchased the supplies on account.​ (b) (2) On January 18, JumpStart pays the amount due. Journalize this event.

The debit side of an account

Accounts payable are accounts that you expect will be paid to you.

Introduction to Accounting and Business

The Adjusting Process

The Accounting Cycle

Accounting for Retail Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current, Installment Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Support Department and Joint Cost Allocation

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

The Balanced Scorecard and Corporate Social Responsibility

Investments

Filters

On January 12, JumpStart Co. purchased $870 in office supplies. (a) Journalize this transaction as if JumpStart paid cash. (b) (1) Journalize this transaction as if JumpStart purchased the supplies on account. (b) (2) On January 18, JumpStart pays the amount due. Journalize this event.