Exam 2: The Recording Process

At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000.During the month, the company performed services on account of $30,000 and collected accounts receivable of $22,000.What is the balance in accounts receivable at June 30, 2021?

Posting

A credit to a liability account

Customarily, a trial balance is prepared

For the basic accounting equation to stay in balance, each transaction recorded must

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

During 2021, its first year of operations, Neko's Bakery had revenues of $60,000 and expenses of $35,000.The business paid dividends of $20,000.What is the amount of retained earnings at December 31, 2021?

Another name for journal is

An awareness of the normal balances of accounts would help you spot which of the following as an error in recording?

Beethoven Company provided consulting services and billed the client $3,100.As a result of this event,

When two accounts are required in one journal entry, the entry is referred to as a

The recording process occurs

An accountant has debited an asset account for $1,300 and credited a liability account for $500.Which of the following would be an incorrect way to complete the recording of the transaction?

Devendra Company pays cash dividends of $600.The entry for this transaction will include a debit of $600 to

A credit is not the normal balance for which account listed below?

Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts.

Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co.for $3,100 cash.The entry for this transaction will include a

Which of the following is incorrect regarding a trial balance?

When journalizing, the reference column is

Mt.Zion Inc.pays its employees twice a month, on the 7th and the 21st.On June 21, Mt.Zion Inc.paid employee salaries of $5,000.This transaction would