Exam 4: Record-Keeping

An account from a painter for work completed on the office was received.The bill is due to be paid next month.The journal entry is: A. DR Accounts payable $\quad$ CR Repairs and maintenance expense B. DR Accounts payable $\quad$ CR Prepaid expenses C. DR Repairs and maintenance expense $\quad$ CR Accounts payable D. No entry is required at this stage.

Which of the following is NOT a source document of a business enterprise?

Use the information given above to answer the following questions: Greening Ltd is a newly established business selling computer hardware. Shown below are ledger accounts in T-account form, with entries made for the first month of operations. -Which transaction represents payment for an expense item?

Use the information given above to answer the following questions: Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business. -What do transactions (6A)and (6B)represent? A) sale of goods on credit and later collection of cash B) sale of goods on credit and for cash C) receipt of cash and purchase of inventory D) sale of goods for cash.

Which of the following is NOT an accounting transaction?

On 30 June,Dawes Pty Ltd receives an account for TV advertising for the month of June.It is not due for payment until August.The transaction would be recorded as: A. DR Expenses payable $\quad$ CR Advertising expense B. DR Advertising expense $\quad$ CR Prepaid expenses C. DR Prepaid expenses $\quad$ CR Expenses payable D. DR Advertising expense $\quad$ CR Expenses payable

What is the source document to support the sale of goods on credit?

Dawes Pty Ltd borrowed $10 000 from a finance company,promising to repay the debt in 3 years' time,together with interest at 12% p.a.Dawes Pty Ltd should record this transaction as: A. DR Cash $\quad$ CR Loan $\quad$ CR Interest payable B. DR Loan $\quad$ CR Cash C. DR Cash $\quad$ DR Interest expense $\quad$ CR Loan D. DR Cash $\quad$ CR Loan

Which of the following accounts does NOT appear on a post-closing trial balance?

A record in a journal is described as a(n):

What source document supports the provision of services on credit?

The bank notifies the company of fees for the month already taken out of the company's bank account.The transaction should be recorded as: A. DR Bank charges $\quad$ CR Accounts payable B. DR Bank charges $\quad$ CR Expenses payable C. DR Bank charges $\quad$ CR Cash D. No entry is required.

Dawes Pty Ltd purchased plant for $7000,paying $1000 cash and giving a 12-month promissory note for the balance.The transaction would be recorded as: A. DR Plant $\quad$ CR Cash B. DR Plant $\quad$ CR Cash $\quad$ CR Note payable C. DR Plant $\quad$ CR Note payable D. DR Note receivable $\quad$ CR Cash $\quad$ CR Plant

A set of accounts is called a:

Select the heading under which each of the items in the following questions should generally appear in the chart of accounts of a public company. -Fees receivable:

Select the heading under which each of the items in the following questions should generally appear in the chart of accounts of a public company. -Amortisation of goodwill:

The total of the debit column of the trial balance exceeds that of the credit column by $27.Which of the following errors could NOT have caused this?

Which of the following accounts are not closed off at balance date?