Exam 2: Analyzing Business Transactions

Which of the following errors will cause the trial balance to be out of balance?

Match each definition with the correct term below. -Compound entry

When the columns of the trial balance equal each other,it means that no errors have occurred in recording and posting the transactions.

Which of the following business events is not a transaction?

When stockholders make an investment,the Common Stock account is debited.

Office supplies are classified as an asset.

If a debit to Supplies were posted as a credit,and a credit of the same amount to Cash were posted as a debit,what would be the effect,if any,on the two accounts and on the trial balance column totals?

If Accounts Payable has debit postings of $34,000,credit postings of $28,000,and a normal ending balance of $12,000,what was its beginning balance?

Which pair of accounts follows the rules of debit and credit in the opposite manner?

Which of the following accounts should be credited in a journal entry?

When revenue has been earned,an entry can often be recorded before the related cash has been collected.

Which of the following accounts is decreased with a credit?

Purchase requisitions are recognized in the accounting records.

The primary purpose of the trial balance is to test the

Here is the trial balance for Sebastian Corporation: If the trial balance showed a balance of $16,000 in the Wages Expense account and a balance of $68,000 in the Advertising Fees Earned account,what would be the amount of A?

A $150 debit item is accidentally posted as a credit.The trial balance column totals will therefore differ by

Here is the trial balance for Sebastian Corporation: On the trial balance,total assets equal

Which of the following accounts will not affect stockholders' equity?

In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.

Recording an account with a debit balance as a credit,or vice versa,will cause the trial balance to be out of balance by an amount that is evenly divisible by 2.