Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

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For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. -

(Essay)

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Question 21

Which type of account would not be reported on the income statement?

(Multiple Choice)

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Question 22

The left column of a financial statement is often used to:

(Multiple Choice)

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Question 23

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. -

(Essay)

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Question 24

The Accounts Payable account is:

(Multiple Choice)

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Question 25

Which of the following types of accounts has a normal credit balance?

(Multiple Choice)

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Question 26

Which of the following types of accounts has a normal debit balance?

(Multiple Choice)

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Question 27

Wages Expense appears on the balance sheet.

(True/False)

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Question 28

Accounts Payable would appear on which financial statement?

(Multiple Choice)

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Question 29

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

(Multiple Choice)

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Question 30

The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate. a. Tyler invested $6,500 in the bike service from his personal savings account. b. Bought office equipment for cash, $900. c. Performed bike service for a customer on account, $1,000. d. Company cell phone bill received, but not paid, $80. e. Collected $500 from customer in transaction c. f. Tyler withdrew $300 for personal use.

(Essay)

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Question 31

Expenses are recorded when paid.

(True/False)

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Question 32

A debit to an asset account was posted to an expense account. This error would cause:

(Multiple Choice)

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Question 33

The side of an account that increases the balance is always the same as the normal balance side.

(True/False)

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Question 34

Explain the difference between expenses and withdrawals.

(Essay)

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Question 35

Which of the statements of the rules of debit and credit is true?

(Multiple Choice)

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Question 36

Which of the following entries would be used to record the billing of fees earned?

(Multiple Choice)

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Question 37

A list of all the accounts from the ledger with their ending balances is called a:

(Multiple Choice)

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Question 38

Why is Revenue increased on the Credit side? (Explain as it pertains to the expanded accounting equation and its relationship to Owner's Equity.)

(Essay)

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Question 39

The entry to record Tom's payment of a home telephone bill is:

(Multiple Choice)

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Question 40

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Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. -

Which type of account would not be reported on the income statement?

The left column of a financial statement is often used to:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. -

The Accounts Payable account is:

Which of the following types of accounts has a normal credit balance?

Which of the following types of accounts has a normal debit balance?

Wages Expense appears on the balance sheet.

Accounts Payable would appear on which financial statement?

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Expenses are recorded when paid.

A debit to an asset account was posted to an expense account. This error would cause:

The side of an account that increases the balance is always the same as the normal balance side.

Explain the difference between expenses and withdrawals.

Which of the statements of the rules of debit and credit is true?

Which of the following entries would be used to record the billing of fees earned?

A list of all the accounts from the ledger with their ending balances is called a:

Why is Revenue increased on the Credit side? (Explain as it pertains to the expanded accounting equation and its relationship to Owner's Equity.)

The entry to record Tom's payment of a home telephone bill is:

Accounting Concepts and Procedures

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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