Question 1

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Accepted Answer

A) True 
 B)False

Question 2

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Accepted Answer

A) Liabilities and expenses. 
B) Assets and revenues. 
C) Revenues and expenses. 
D) Revenues and liabilities. 
E) Dividends and liabilities. 
A) Liabilities and expenses. 
B) Assets and revenues. 
C) Revenues and expenses. 
D) Revenues and liabilities. 
E) Dividends and liabilities.

Question 3

Larry Matt completed these transactions during December of the current year:
   Prepare general journal entries to record these transactions.

Accepted Answer

The answer of Larry Matt completed these transactions during December...

Question 4

Identify the item below that would cause the trial balance to not balance?

Accepted Answer

A) A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash. 
B) The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and $2,350 credit to Accounts Payable. 
C) A $50 cash receipt for the performance of a service was not recorded at all. 
D) The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200. 
E) The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750. 
A) A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash. 
B) The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and $2,350 credit to Accounts Payable. 
C) A $50 cash receipt for the performance of a service was not recorded at all. 
D) The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200. 
E) The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.

Question 5

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

Accepted Answer

A) Debit Accounts Receivable,$1,800; credit Unearned Legal Fees Revenue,$1,800. 
B) Debit Cash,$1,800; credit Unearned Legal Fees Revenue,$1,800. 
C) Debit Legal Fees Revenue,$1,800; credit Accounts Receivable,$1,800. 
D) Debit Accounts Receivable,$1,800; credit Legal Fees Revenue,$1,800. 
E) Debit Cash,$1,800; credit Accounts Receivable,$1,800. 
A) Debit Accounts Receivable,$1,800; credit Unearned Legal Fees Revenue,$1,800. 
B) Debit Cash,$1,800; credit Unearned Legal Fees Revenue,$1,800. 
C) Debit Legal Fees Revenue,$1,800; credit Accounts Receivable,$1,800. 
D) Debit Accounts Receivable,$1,800; credit Legal Fees Revenue,$1,800. 
E) Debit Cash,$1,800; credit Accounts Receivable,$1,800.

Question 6

The following trial balance is prepared from the general ledger of HG's Auto Maintenance.
   Because the trial balance did not balance,you decided to examine the accounting records.You found that the following errors had been made:
1.A purchase of supplies on account for $245 was posted as a debit to Supplies and as a debit to Accounts Payable.
2.An investment of $500 cash by a stockholder was debited to Common Stock and credited to Cash.
3.In computing the balance of the Accounts Receivable account,a debit of $600 was omitted from the computation.
4.One debit of $300 to the Dividends account was posted as a credit.
5.Office equipment purchased for $800 was posted to the Shop Equipment account.
6.One entire entry was not posted to the general ledger.The transaction involved the receipt of $125 cash for repair services performed for cash.
Prepare a corrected trial balance for the HG's Auto Maintenance as of October 31.

Accepted Answer

@#IMG-DLM&
a.Cash: Balance $1,975 + $1,000 (2) + 1

Question 7

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

Accepted Answer

A) True 
 B)False

Question 8

A debit is used to record an increase in all of the following accounts except:

Accepted Answer

A) Supplies 
B) Cash 
C) Accounts Payable 
D) Dividends 
E) Prepaid Insurance 
A) Supplies 
B) Cash 
C) Accounts Payable 
D) Dividends 
E) Prepaid Insurance

Question 9

A company's ledger is:

Accepted Answer

A) A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item. 
B) A journal in which transactions are first recorded. 
C) A collection of documents that describe transactions and events entering the accounting process. 
D) A list of all identification numbers used by the company. 
E) A record containing all accounts and their balances used by the company. 
A) A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item. 
B) A journal in which transactions are first recorded. 
C) A collection of documents that describe transactions and events entering the accounting process. 
D) A list of all identification numbers used by the company. 
E) A record containing all accounts and their balances used by the company.

Question 10

Assets would be increased with a ________ entry and liabilities would be increased with a________ entry.

Accepted Answer

The answer of Assets would be increased with a ________...

Question 11

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Accepted Answer

A) Debit Office supplies expense,$500; credit Cash,$500. 
B) Debit Cash,$500; credit Office supplies,$500. 
C) Debit Office supplies,$500; credit Cash,$500. 
D) Debit Office supplies,$500; credit Accounts payable,$500. 
E) Debit Accounts payable,$500; credit Office supplies,$500. 
A) Debit Office supplies expense,$500; credit Cash,$500. 
B) Debit Cash,$500; credit Office supplies,$500. 
C) Debit Office supplies,$500; credit Cash,$500. 
D) Debit Office supplies,$500; credit Accounts payable,$500. 
E) Debit Accounts payable,$500; credit Office supplies,$500.

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions.

Identify the item below that would cause the trial balance to not balance?

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

A debit is used to record an increase in all of the following accounts except:

A company's ledger is:

Assets would be increased with a entry and liabilities would be increased with a entry.

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash,fraud,and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Time Value of Money

Investments

Lean Principles and Accounting

Filters

Exam 2: Accounting for Business Transactions

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions.

Identify the item below that would cause the trial balance to not balance?

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

A debit is used to record an increase in all of the following accounts except:

A company's ledger is:

Assets would be increased with a ________ entry and liabilities would be increased with a________ entry.

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash,fraud,and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Time Value of Money

Investments

Lean Principles and Accounting

Filters

Assets would be increased with a entry and liabilities would be increased with a entry.