Question 1

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

Accepted Answer

A)  journal. 
B)  posting. 
C)  trial balance. 
D)  income statement. 
A)  journal. 
B)  posting. 
C)  trial balance. 
D)  income statement.

Question 2

Journalize the following transactions for Tanaka Company for June 2022, the company's first month of operations. You may omit explanations for the transactions.
1. Purchased equipment on account for $9,800.
2. Billed customers $5,600 for services performed.
3. Made payment of $2,400 on account for equipment purchased earlier in the month.
4. Collected $3,900 on customer accounts.

Accepted Answer

The answer of Journalize the following transactions for Tanaka Company...

Question 3

A trial balance is a listing of

Accepted Answer

A)  transactions in a journal. 
B)  the chart of accounts. 
C)  general ledger accounts and balances. 
D)  the totals from the journal pages. 
A)  transactions in a journal. 
B)  the chart of accounts. 
C)  general ledger accounts and balances. 
D)  the totals from the journal pages.

Question 4

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

Accepted Answer

The journal makes several significant co

Question 5

The account debited in a journal entry is entered _______________ on the extreme ____________ margin.

Accepted Answer

The answer of The account debited in a journal entry...

Question 6

These accounts are among the accounts in Barrelhouse Pub's trial balance: $\begin{array}{lr}
\text { Cash } & \$ 23,000 \
\text { Accounts Payable } & 9,000 \
\text { Owner's Capital } & 47,000 \
\text { Owner's Drawing } & 6,000 \
\text { Food Revenue } & 90,000 \
\text { Utilities Expense } & 4,000
\end{array}$ Based on these accounts only, what are the total credits in Barrelhouse Pub's trial balance?

Accepted Answer

A)  $79,000. 
B)  $103,000. 
C)  $142,000. 
D)  $146,000. 
A)  $79,000. 
B)  $103,000. 
C)  $142,000. 
D)  $146,000.

Question 7

The last step in preparing a trial balance is

Accepted Answer

A)  List the account titles and their normal balances in the appropriate debit or credit column. 
B)  List the account titles in the order in which they appear in the ledger. 
C)  Total the debit and credit columns. 
D)  Prove the equality of the two columns. 
A)  List the account titles and their normal balances in the appropriate debit or credit column. 
B)  List the account titles in the order in which they appear in the ledger. 
C)  Total the debit and credit columns. 
D)  Prove the equality of the two columns.

Question 8

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Accepted Answer

A)  Owner's Capital - debit. 
B)  Salary Expense - debit. 
C)  Accounts Payable - credit. 
D)  Accounts Receivable - debit. 
A)  Owner's Capital - debit. 
B)  Salary Expense - debit. 
C)  Accounts Payable - credit. 
D)  Accounts Receivable - debit.

Question 9

A compound journal entry requires several debits to one account and several credits to one account.

Accepted Answer

A) True 
 B)False

Question 10

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Accepted Answer

A)  Accounts Receivable- credit. 
B)  Notes Payable - credit. 
C)  Owner's Capital - credit. 
D)  Owner's Drawing - debit. 
A)  Accounts Receivable- credit. 
B)  Notes Payable - credit. 
C)  Owner's Capital - credit. 
D)  Owner's Drawing - debit.

Question 11

The three-column form of account has three amount columns: debit, credit, and

Accepted Answer

A)  explanation. 
B)  reference. 
C)  balance. 
D)  beginning amount. 
A)  explanation. 
B)  reference. 
C)  balance. 
D)  beginning amount.

Question 12

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Accepted Answer

A)  cash register sales tape. 
B)  bill. 
C)  advertising brochure. 
D)  check. 
A)  cash register sales tape. 
B)  bill. 
C)  advertising brochure. 
D)  check.

Question 13

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

Accepted Answer

A)  Service Revenue. 
B)  Owner's Capital. 
C)  Accounts Receivable. 
D)  Cash. 
A)  Service Revenue. 
B)  Owner's Capital. 
C)  Accounts Receivable. 
D)  Cash.

Question 14

The ledger should be arranged in

Accepted Answer

A)  alphabetical order. 
B)  chronological order. 
C)  dollar amount order. 
D)  None of these choices are correct. 
A)  alphabetical order. 
B)  chronological order. 
C)  dollar amount order. 
D)  None of these choices are correct.

Question 15

The trial balance does not

Accepted Answer

A)  list all the accounts. 
B)  show all the account balances at a given time. 
C)  aid in the preparation of financial statements. 
D)  provide all the account activity for each account. 
A)  list all the accounts. 
B)  show all the account balances at a given time. 
C)  aid in the preparation of financial statements. 
D)  provide all the account activity for each account.

Question 16

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

Accepted Answer

A)  owner's equity decreased by $2,300. 
B)  total assets increased by $2,300. 
C)  total assets remained unchanged. 
D)  owner's equity decreased and total assets increased by $2,300. 
A)  owner's equity decreased by $2,300. 
B)  total assets increased by $2,300. 
C)  total assets remained unchanged. 
D)  owner's equity decreased and total assets increased by $2,300.

Question 17

A journal entry to record the performance of services for cash is posted to the

Accepted Answer

A)  debit side of Cash. 
B)  credit side of Cash. 
C)  debit side of Owner's Capital. 
D)  credit side of Owner's Capital. 
A)  debit side of Cash. 
B)  credit side of Cash. 
C)  debit side of Owner's Capital. 
D)  credit side of Owner's Capital.

Question 18

Companies arrange the ledger in this sequence:

Accepted Answer

A)  assets, liabilities, owner's capital, owner's drawings, revenues, expenses. 
B)  revenues, expenses, assets, liabilities, owner's capital, owner's drawings. 
C)  assets, revenues, liabilities, expenses, owner's capital, owner's drawings. 
D)  owner's capital, owner's drawings, assets, liabilities, revenues, expenses. 
A)  assets, liabilities, owner's capital, owner's drawings, revenues, expenses. 
B)  revenues, expenses, assets, liabilities, owner's capital, owner's drawings. 
C)  assets, revenues, liabilities, expenses, owner's capital, owner's drawings. 
D)  owner's capital, owner's drawings, assets, liabilities, revenues, expenses.

Question 19

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 20

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business.
2. Purchased supplies on account for $1,000.
3. Billed customers $2,000 for services performed.
4. Paid salaries of $1,200.

Accepted Answer

The answer of Identify the accounts to 1. The owner,...

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

A trial balance is a listing of

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

The account debited in a journal entry is entered ___ on the extreme margin.

These accounts are among the accounts in Barrelhouse Pub's trial balance: Cash \ 23,000 Accounts Payable 9,000 Owner's Capital 47,000 Owner's Drawing 6,000 Food Revenue 90,000 Utilities Expense 4,000 Based on these accounts only, what are the total credits in Barrelhouse Pub's trial balance?

The last step in preparing a trial balance is

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

A compound journal entry requires several debits to one account and several credits to one account.

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

The three-column form of account has three amount columns: debit, credit, and

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

The ledger should be arranged in

The trial balance does not

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

A journal entry to record the performance of services for cash is posted to the

Companies arrange the ledger in this sequence:

When journalizing, the reference column is

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200.

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters

Exam 4: The Recording Process: the Journal, the Ledger, and the Trial Balance

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

A trial balance is a listing of

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

The account debited in a journal entry is entered _______________ on the extreme ____________ margin.

These accounts are among the accounts in Barrelhouse Pub's trial balance: Cash \ 23,000 Accounts Payable 9,000 Owner's Capital 47,000 Owner's Drawing 6,000 Food Revenue 90,000 Utilities Expense 4,000 Based on these accounts only, what are the total credits in Barrelhouse Pub's trial balance?

The last step in preparing a trial balance is

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

A compound journal entry requires several debits to one account and several credits to one account.

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

The three-column form of account has three amount columns: debit, credit, and

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

The ledger should be arranged in

The trial balance does not

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

A journal entry to record the performance of services for cash is posted to the

Companies arrange the ledger in this sequence:

When journalizing, the reference column is

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200.

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters

The account debited in a journal entry is entered ___ on the extreme margin.