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

A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a

(Multiple Choice)

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Question 61

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 ledger account?

(Multiple Choice)

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Question 62

Record the following transactions for K-9 Kennel and Grooming Salon in a combination journal using the modified cash basis of accounting.Total,rule,and prove the combination journal. ? May 1 Purchased shampoo supplies for \ 322 on account. 2 Paid rent, \ 1,250 . 4 Cash received from customers for the week, \ 2,000 . 7 Purchased office equipment for \ 1,670 . Paid \ 500 down and the remainder on account. 8 Paid the tel ephone bill, \ 89 . (Utility expense) 15 Paid wages, \ 2,780 . 15 Billed credit customers, \ 3,250 . 17 Owner, K. Kennel, withdrew \ 1,000 cash for personal use. 18 Paid for a one-year liability insurance policy, \ 1,250 21 Paid bill for shampoo supplies purchased on May 1 24 Cash received from customers for the week, \ 1,942. 25 Paid for the office equipment bought on account. 27 Billed credit customers, \ 2,270 . 29 Received el ectric bill, \ 244 . 31 Received \ 2,930 from credit customers. ? $Record the following transactions for K-9 Kennel and Grooming Salon in a combination journal using the modified cash basis of accounting.Total,rule,and prove the combination journal. ? \begin{array}{cl}\text { May } 1 & \text { Purchased shampoo supplies for } \$ 322 \text { on account. } \\ 2 & \text { Paid rent, } \$ 1,250 \text {. } \\ 4 & \text { Cash received from customers for the week, } \$ 2,000 \text {. } \\ 7 & \text { Purchased office equipment for } \$ 1,670 \text {. Paid } \$ 500 \text { down and the remainder on account. } \\ 8 & \text { Paid the tel ephone bill, } \$ 89 \text {. (Utility expense) } \\ 15 & \text { Paid wages, } \$ 2,780 \text {. } \\ 15 & \text { Billed credit customers, } \$ 3,250 \text {. } \\ 17 & \text { Owner, K. Kennel, withdrew } \$ 1,000 \text { cash for personal use. } \\ 18 & \text { Paid for a one-year liability insurance policy, } \$ 1,250 \\ 21 & \text { Paid bill for shampoo supplies purchased on May } 1 \\ 24 & \text { Cash received from customers for the week, } \$ 1,942 . \\ 25 & \text { Paid for the office equipment bought on account. } \\ 27 & \text { Billed credit customers, } \$ 2,270 \text {. } \\ 29 & \text { Received el ectric bill, } \$ 244 \text {. } \\ 31 & \text { Received } \$ 2,930 \text { from credit customers. }\end{array} ? \begin{array}{|l|c|c|c|c|c|} \hline < & \text { Day } & \begin{array}{c} \text { GROOMING } \\ \text { FEES } \\ \text { CREDIT } \end{array} & \begin{array}{c} \text { SUPPLIES } \\ \text { DEBIT } \end{array} & \begin{array}{c} \text { WAGES } \\ \text { EXPENSE } \\ \text { DEBIT } \end{array} & \begin{array}{c} \text { UTILITIES } \\ \text { EXPENSE } \\ \text { DEBIT } \end{array} \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\ \hline< & & & & & \\\hline< & & & & & \\ \hline< & & & & & \\ \hline \end{array}$ < Day GROOMING FEES CREDIT SUPPLIES DEBIT WAGES EXPENSE DEBIT UTILITIES EXPENSE DEBIT < < < < < < < < < < < < < < < <

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Question 63

The debits and credits to Cash are not posted until the end of the accounting period.

(True/False)

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Question 64

The ____________________ column in the combination journal is used to debit accounts that are used infrequently.

(Short Answer)

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Question 65

The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.

(Short Answer)

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Question 66

Match the terms with the definitions. -The column in the combination journal used to enter the account titles for the General Debit and General Credit columns,to identify specific creditors when assets are purchased on account,and to identify amounts forwarded.

(Multiple Choice)

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Question 67

Professional service business enterprises include the following businesses EXCEPT

(Multiple Choice)

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Question 68

Financial statements are normally prepared at the end of the fiscal year.

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Question 69

Showing 61 - 69 of 69

A type of business in which the principal source of revenue is compensation for services rendered to a business firm or to a person is a

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 ledger account?

The debits and credits to Cash are not posted until the end of the accounting period.

The ____________________ column in the combination journal is used to debit accounts that are used infrequently.

The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.

Match the terms with the definitions. -The column in the combination journal used to enter the account titles for the General Debit and General Credit columns,to identify specific creditors when assets are purchased on account,and to identify amounts forwarded.

Professional service business enterprises include the following businesses EXCEPT

Financial statements are normally prepared at the end of the fiscal year.

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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