Exam 2: Analyzing and Recording Business Transactions

Marketing expenditures account 511 would belong to what category of accounts?

Prepare a trial balance from the following information for Computer Systems, Inc. for December 31, 2012.

For the accounts listed below, determine the normal balance of the account is it a debit or credit.

Accounts that increase on the credit side are assets, dividends, and expenses.

Tonga Corporation purchased $350 of office supplies on account and treated the supplies as a prepaid expense. The journal entry would require a __________.

Journalize the following transactions. You may omit the explanations and disregard the posting reference. A. Rick invested $21,500 into his company, Rick's Fishing, on January 11. B. The company purchased $2,900 of furniture for cash on February 3. C. The company paid three month's rent of $2250 and recorded it as a prepaid expense on February 9. D. The company bought $2,300 of office fixtures and $6,200 of stock bins for $7,000 cash and the balance on account dated March 9. E. The company receives payment of $575 of from a customer on her bill. This transaction was on March 12.

The __________ indicates where the information originated and to where the information was transferred.

An entry could have been posted twice and the trial balance might still balance.

Land, cash, office equipment, and accounts receivable belong to what category of accounts?

Given the following accounts, identify which account(s), by letter, would be debited or credited for the following transactions. A. Cash B. Accounts Receivable C. Supplies D. Computer Equipment E. Accounts Payable F. Fees Revenue G. Marketing Expense H. Salaries Expense I. Internet Expense J. Office Equipment K. Common Shares L. Rent Expense 1. Purchased supplies on account. 2. Purchased computer equipment for cash. 3. Earned revenue from doing tax returns on account. 4. Paid this month's rent. 5. Paid a bill due on account. 6. Collected payment from a customer. 7. Invested additional cash into the business. 8. Paid the marketing bill. 9. Earned revenue from doing tax returns for cash. 10. Paid salaries in cash. 11. Purchased office equipment on account.

One of the customers of Amanda Company paid $223 on her bill. The journal entry that Amanda Company would record is __________.

Office equipment was purchased for $2,400 on account to Business Furniture Company. The journal entry would include a __________.

For the accounts listed below, identify the type of account. Is it an (A) Asset, (L) Liability, (S) Shareholders equity, (R) Revenue, or (E) Expense. Accounts Payable Accounts Receivable Building Cash Common Shares Dividends Equipment Inventory Land Notes Payable Office Equipment Office Supplies Rental Expense Service Revenue Travel Expense Utilities Expense Wages Expense

The total amount of debits must equal the total amount of credits. This is a rule of __________.

Cash, common shares, and advertising expense have normal balances of __________, __________, and __________, respectively.

All payables are listed as __________.

The order in which accounts appear in the chart of accounts is: __________.

Taylor's trial balance contains the following balances: What is the total for the trial balance?

Jill invested $25,000 in her business, Fashion, Unlimited. The journal entry would include a __________.

The account "Cash" had the following changes: increase of $250, decrease of $75, increase of $113, and a decrease of $35. The final balance is a __________.