Exam 10: Module Accounting For A Professional Service Business The Combination Journal

Match the terms with the definitions. -The column in the combination journal used to credit accounts that are used infrequently.

(Multiple Choice)

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Question 21

When an individual entry is posted from the combination journal to a ledger account,what information is entered in the "Post.Ref." column of the combination journal?

(Multiple Choice)

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Question 22

Under the modified cash basis of accounting,no accounts receivable are entered in the accounting system.

(True/False)

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Question 23

A journal with Debit and Credit columns for Cash,as well as General Debit and General Credit columns,is called a general journal.

(True/False)

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Question 24

If a business records revenues when earned,regardless of whether cash has been received,and records expenses when they are incurred,the accounting system is a(n)

(Multiple Choice)

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Question 25

Posting from the combination journal to the general ledger must be done at the end of the month only.

(True/False)

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Question 26

In the columns below,insert the entry that would be made for each transaction under each accounting basis,using appropriate debit and credit account titles. 1. Performed services on account. 2. Supplies are partly used. 3. Purchased one-year insurance policy for cash. 4. Received bill for electricity. 5. Depreciation on equipment. 6. Purchased equipment on account. 7. Paid cash for wages. 8. Paid for equipment purchased on account. 9. Performed services for cash. 10. Paid cash for new equipment.

(Essay)

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Question 27

Match the terms with the definitions. -A journal with special and general columns.

(Multiple Choice)

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Question 28

Professional service business enterprises include attorneys,physicians,dentists,public accountants,artists,and educators.

(True/False)

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Question 29

In the columns below,insert the entry that would be made for each transaction under each accounting basis,using appropriate debit and credit account titles. 1. Purchased equipment on account. 2. Paid cash for new equipment. 3. Purchased one-year insurance policy for cash. 4. Received bill for electricity. 5. Performed services for cash. 6. Performed services on account. 7. Paid cash for wages. 8. Paid for equipment purchased on account. 9. Depreciation on equipment. 10. Supplies are partly used.

(Essay)

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Question 30

More time is required if a journal contains special columns for cash debits and cash credits.

(True/False)

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Question 31

The end-of-period work sheet is used to facilitate

(Multiple Choice)

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Question 32

Journalize Fred Buchanan's July transactions using the combination journal provided.Prove the journal.Fred uses the modified cash basis for his accounting records. July 1 Fred Buchanan invested \ 100,000 in his business. 2 Borrowed \ 50,000 from the bank. 3 Received \ 1,100 cash from customers. 7 Bought supplies on account, \ 750 10 Paid part-time receptionist \ 1,300. 15 Paid advertising bill \ 1,500 . 17 Purchased \ 14,000 of office furniture paying \ 4,000 ; the balance on account. 22 Billed credit customers, \ 4,500 . 27 Received \ 1,000 from credit customers. 29 Received \ 5,500 from cash customers. $Journalize Fred Buchanan's July transactions using the combination journal provided.Prove the journal.Fred uses the modified cash basis for his accounting records. \begin{aligned} \text { July } 1 & \text { Fred Buchanan invested } \$ 100,000 \text { in his business. } \\ 2 & \text { Borrowed } \$ 50,000 \text { from the bank. } \\ 3 & \text { Received } \$ 1,100 \text { cash from customers. } \\ 7 & \text { Bought supplies on account, } \$ 750 \\ 10 & \text { Paid part-time receptionist } \$ 1,300 . \\ 15 & \text { Paid advertising bill } \$ 1,500 \text {. } \\ 17 & \text { Purchased } \$ 14,000 \text { of office furniture paying } \$ 4,000 \text {; the balance on account. } \\ 22 & \text { Billed credit customers, } \$ 4,500 \text {. } \\ 27 & \text { Received } \$ 1,000 \text { from credit customers. } \\ 29 & \text { Received } \$ 5,500 \text { from cash customers. }\end{aligned}$

(Essay)

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Question 33

Under the modified cash basis of accounting,adjustments are made only for prepaid items and depreciation on plant and equipment.

(True/False)

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Question 34

The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

(Short Answer)

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Question 35

The amounts in the general columns of the combination journal should be posted

(Multiple Choice)

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Question 36

Ryan Honeycutt is opening a new dental practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal. Feb. 1 Invested \ 45,000 in the practice. 2 Purchased \ 300 of dental supplies on account. 3 Paid \ 2,000 for a one-year liability insurance policy. 4 Purchased \ 1,000 of dental equipment on account. 15 Paid receptionist wages, \ 500. 17 Billed clients, \ 1,600 22 Received \ 300 from clients previously billed. 27 Paid telephone bill, \ 150 . 28 Received February el ectric bill, \ 75 28 Wages owed to receptionist for the last two weeks of February, \ 500 to be paid in March. $Ryan Honeycutt is opening a new dental practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal. \begin{aligned} \text { Feb. } 1 & \text { Invested } \$ 45,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 300 \text { of dental supplies on account. } \\ 3 & \text { Paid } \$ 2,000 \text { for a one-year liability insurance policy. } \\ 4 & \text { Purchased } \$ 1,000 \text { of dental equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 . \\ 17 & \text { Billed clients, } \$ 1,600 \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received February el ectric bill, } \$ 75 \\ 28 & \text { Wages owed to receptionist for the last two weeks of February, } \$ 500 \text { to be paid in } \\ & \text { March. }\end{aligned}$ $Ryan Honeycutt is opening a new dental practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal. \begin{aligned} \text { Feb. } 1 & \text { Invested } \$ 45,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 300 \text { of dental supplies on account. } \\ 3 & \text { Paid } \$ 2,000 \text { for a one-year liability insurance policy. } \\ 4 & \text { Purchased } \$ 1,000 \text { of dental equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 . \\ 17 & \text { Billed clients, } \$ 1,600 \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received February el ectric bill, } \$ 75 \\ 28 & \text { Wages owed to receptionist for the last two weeks of February, } \$ 500 \text { to be paid in } \\ & \text { March. }\end{aligned}$

(Essay)

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Question 37

Which of the following amounts should NOT be posted to any ledger account?

(Multiple Choice)

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Question 38

Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.

(True/False)

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Question 39

Once an amount has been posted to the general ledger account from the combination journal,what is entered in the "Post.Ref." column of the combination journal?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 69

Match the terms with the definitions. -The column in the combination journal used to credit accounts that are used infrequently.

When an individual entry is posted from the combination journal to a ledger account,what information is entered in the "Post.Ref." column of the combination journal?

Under the modified cash basis of accounting,no accounts receivable are entered in the accounting system.

A journal with Debit and Credit columns for Cash,as well as General Debit and General Credit columns,is called a general journal.

If a business records revenues when earned,regardless of whether cash has been received,and records expenses when they are incurred,the accounting system is a(n)

Posting from the combination journal to the general ledger must be done at the end of the month only.

Match the terms with the definitions. -A journal with special and general columns.

Professional service business enterprises include attorneys,physicians,dentists,public accountants,artists,and educators.

More time is required if a journal contains special columns for cash debits and cash credits.

The end-of-period work sheet is used to facilitate

Under the modified cash basis of accounting,adjustments are made only for prepaid items and depreciation on plant and equipment.

The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

The amounts in the general columns of the combination journal should be posted

Which of the following amounts should NOT be posted to any ledger account?

Each entry is posted individually from the Cash Credit column of the combination journal to the proper general ledger account.

Once an amount has been posted to the general ledger account from the combination journal,what is entered in the "Post.Ref." column of the combination journal?

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

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