Exam 3: Beginning the Accounting Cycle

Complete the following entries by using a "debit" or "credit."

If the business records a number as 179 and it should be 197, this error would be called:

A debit to a liability account was posted to an expense account. This would cause:

If Accounts Payable has been credited, it is most likely that:

Post the following transactions to the ledger of Jason Company. The partial chart of accounts of Jason Company is as follows: 111 Cash 121 Equipment 211 Accounts Payable 311 Jason, Capital

How are credits distinguished from debits in the journal?

The journal entry to record an investment by the owner would most commonly include:

The posting reference column on the general journal:

If the trial balance is in balance, it proves that all transactions were properly recorded.

A credit to an asset account was posted to a revenue account. This would cause:

To correct an error made in the journal (prior to posting in the ledger):

Which of the following entries records the acquisition of office supplies for cash?

The trial balance lists the accounts:

The purpose of posting is to:

The general journal entry to record the purchase of an asset on account would include:

An $900 check written for supplies was journalized as $180. The entry to correct this error is:

The journal entry to record a withdrawal by the owner would most commonly include:

Financial statements that are prepared for a period shorter than a year are called:

The twelve-month period a business chooses for its accounting period is a(n):

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