For each transaction,identify which account is debited and which account is credited.Use proper account titles. \[\begin{array} { | l | l | l | } \hline { \text { Transaction } } & \text { Debit } & \text { Credit } \\ \hline \text { Received cash on account from } & & \\ \text { a customer } & & \\ \hline \text { The sole proprietor, Roberto } & & \\ \text { Sanchez, withdrew cash for } & & \\ \text { personal use. } & & \\ \hline \text { Purchased office supplies on } & & \\ \text { account } & & \\ \hline \text { Received cash from customers } & & \\ \text { for services to be performed } & & \\ \text { next month } & & \\ \hline \text { Paid employee's salary } & & \\ \hline \end{array}\]

The answer of For each transaction,identify which account is debited...

State whether the normal balance of each of the following accounts is a debit or credit. \[\begin{array} { | l | l | } \hline \text { Account } & \text { Normal Balance } \\ \hline \text { Martin, Capital } & \\ \hline \text { Accounts Receivable } & \\ \hline \text { Salaries Expense } & \\ \hline \text { Unearned Revenue } & \\ \hline \end{array}\]

\[\begin{array} { | l | l | } \hline \t

The following are the current month's balances for selected accounts of Sandlin Marketing Company. \[\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 7,000 \\ \hline \text { Revenue } & 11,000 \\ \hline \text { Cash } & 1,000 \\ \hline \text { Expenses } & 1,750 \\ \hline \text { Furniture } & 14,000 \\ \hline \text { Accounts Receivable } & 15,000 \\ \hline \text { Sandlin, Capital } & 9,250 \\ \hline \text { Notes Payable } & 4,500 \\ \hline \end{array}\] What is the net income for Sandlin Marketing for the current month?

A) $11,000 B) $9,250 C) $12,750 D) $12,000 A) $11,000 B) $9,250 C) $12,750 D) $12,000

Exam 2: Recording Business Transactions

The following transactions have been journalized and posted to the proper accounts.March is the first month of business operations for the sole proprietorship. Mar. 1 The business received $\$ 7,000$ cash from the owner in excharige for capital. Mar. 2 Paid the first month's rent of $\$ \mathbf { 8 0 0 }$ . Mar. 3 Purchased equipment by paying $\$ 3,000$ cash and executing a note payable for $\$ 4,000$ . Mar. 4 Purchased office supplies for $\$ 750 \mathrm { cash }$ . Mar. 5 Billed a client for $\$ 12,000$ of design services completed. Mar. 6 Received $\$ 6,000$ on account for the services previously recorded What is the ending balance in the Service Revenue account?

(Multiple Choice)

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Question 181

For each transaction,identify which account is debited and which account is credited.Use proper account titles. Transaction Debit Credit Received cash on account from a customer The sole proprietor, Roberto Sanchez, withdrew cash for personal use. Purchased office supplies on account Received cash from customers for services to be performed next month Paid employee's salary

(Essay)

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Question 182

A payable involves a future receipt of cash.

(True/False)

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Question 183

A business borrows cash by signing a note payable.Which of the following accounts is debited?

(Multiple Choice)

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Question 184

The trial balance reports the balances of assets,liabilities,and equity.

(True/False)

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Question 185

The accounting process of transferring data from the journal to the ledger is called ________.

(Multiple Choice)

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Question 186

The accounting analysis system is used to record the dual effects of each transaction.

(True/False)

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Question 187

Lance Gomez is the owner of a sole proprietorship.Lance withdrew $5,000 cash from the business for personal use.Which of the following accounts is credited?

(Multiple Choice)

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Question 188

The debt ratio is one indication of the ability of a company to fulfill its obligation to repay liabilities.

(True/False)

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Question 189

Debits in the journal are always posted as debits in the ledger.

(True/False)

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Question 190

For expenses,the category of account and its normal balance is ________.

(Multiple Choice)

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Question 191

Which one of the following account groups normally has a debit balance?

(Multiple Choice)

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Question 192

Which of the following journal entries would be recorded if a business purchased $800 of office supplies on account?

(Multiple Choice)

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Question 193

A business prepays four months' office rent.Which of the following accounts is debited?

(Multiple Choice)

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Question 194

A business purchases equipment with $8,000 cash.Which of the following accounts is credited?

(Multiple Choice)

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Question 195

List the four parts of a journal entry.

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Question 196

A business repays the amount borrowed on a note with cash.Which of the following accounts is debited?

(Multiple Choice)

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Question 197

State whether the normal balance of each of the following accounts is a debit or credit. Account Normal Balance Martin, Capital Accounts Receivable Salaries Expense Unearned Revenue

(Essay)

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Question 198

Provide an explanation for each of the follow asset accounts. Account Name Explanation Accounts Receivable Prepaid Expense Notes Receivable

(Essay)

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Question 199

The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable \ 7,000 Revenue 11,000 Cash 1,000 Expenses 1,750 Furniture 14,000 Accounts Receivable 15,000 Sandlin, Capital 9,250 Notes Payable 4,500 What is the net income for Sandlin Marketing for the current month?

(Multiple Choice)

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Question 200

Exam 2: Recording Business Transactions

A payable involves a future receipt of cash.

A business borrows cash by signing a note payable.Which of the following accounts is debited?

The trial balance reports the balances of assets,liabilities,and equity.

The accounting process of transferring data from the journal to the ledger is called ________.

The accounting analysis system is used to record the dual effects of each transaction.

Lance Gomez is the owner of a sole proprietorship.Lance withdrew $5,000 cash from the business for personal use.Which of the following accounts is credited?

The debt ratio is one indication of the ability of a company to fulfill its obligation to repay liabilities.

Debits in the journal are always posted as debits in the ledger.

For expenses,the category of account and its normal balance is ________.

Which one of the following account groups normally has a debit balance?

Which of the following journal entries would be recorded if a business purchased $800 of office supplies on account?

A business prepays four months' office rent.Which of the following accounts is debited?

A business purchases equipment with $8,000 cash.Which of the following accounts is credited?

List the four parts of a journal entry.

A business repays the amount borrowed on a note with cash.Which of the following accounts is debited?

State whether the normal balance of each of the following accounts is a debit or credit. Account Normal Balance Martin, Capital Accounts Receivable Salaries Expense Unearned Revenue

Provide an explanation for each of the follow asset accounts. Account Name Explanation Accounts Receivable Prepaid Expense Notes Receivable

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