Exam 3: Processing Accounting Information

A cash register tape would be a source document for which of the following?

The correct term for the process of transferring amounts from a book of original entry to specific assets,liabilities,revenues,expenses,and stockholders' equity items is

Which of the following statements is true?

An abbreviated version of an account that is useful for analyzing the effects of business transactions is the

A file or book that contains a record for all accounts used by a company,including the account balance,is called a

The record used to accumulate monetary information for each individual asset,liability,stockholders' equity,revenue,and expense item is a(n)

Under the cost principle,assets are always carried at their original cost or historical cost.

Which of the following accounts is increased by a credit entry?

A truck is purchased on credit.For this transaction,identify the effect on the accounting equation.

Which of the following statements best describes the effects of recognizing revenue earned by a business entity?

Which of the following entries causes a decrease in assets and in net income?

The accounting equation must balance after each transaction.

Transactions are recorded in the general journal in

Briefly explain what accountants mean when they refer to the double-entry system of accounting.

When the amount for a debit entry in a journal is transferred to a specific account in the general ledger,

The acquisition of a computer for $1,200,with a down payment of $200 cash and the signing of a $1,000 note payable for the balance,increases both assets and ____________________.

Unfortunately,the bookkeeper notices that two transactions for Patio Publications were not reflected in the balances of the trial balance: one to record $800 of accrued wages and salaries to be paid on the next pay period,and the other was the use of $560 of office supplies from the supplies on hand.If the Trial Balance column totals are $15,380 prior to discovering these mistakes,what are the totals of the Trial Balance columns after the corrections are made?

Under the double-entry system of accounting,every transaction is entered in at least two accounts on opposite sides of T accounts.

All of the following accounts have normal debit balances except

Wolfe Inc. Wolfe Inc.reports these account balances at January 1,2017: ? Retained Earnings \ 49,000 Accounts Receivable 20,000 Accounts Payable 24,000 Capital Stock 185,000 Land 153,000 Cash 13,000 Equipment 20,000 Notes Payable 28,000 Buildings 80,000 ? -See the account balances for Wolfe Inc. ? On January 31,Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31,2017,the total liabilities are