The following are the current month's balances for Toys Galore: \[\begin{array} { | l | l | } \hline \text { Accounts payable } & \$ 8000 \\ \hline \text { Revenue } & 9000 \\ \hline \text { Cash } & 7000 \\ \hline \text { Expenses } & 1500 \\ \hline \text { Furniture } & 11,000 \\ \hline \text { Accounts receivable } & 13,000 \\ \hline \text { Iones, capital } & 8250 \\ \hline \text { Loan payable } & 4000 \\ \hline \end{array}\] What is the total amount of debits for the trial balance?

A) $32,500 B) $24,000 C) $25,500 D) $31,000 A) $32,500 B) $24,000 C) $25,500 D) $31,000

The following are the current month's balances for Toys Galore,before preparing the trial balance. \[\begin{array} { | l | l | } \hline \text { Accounts payable } & \$ 8000 \\ \hline \text { Revenue } & 5000 \\ \hline \text { Cash } & 6000 \\ \hline \text { Expenses } & 17,500 \\ \hline \text { Furniture } & 10,000 \\ \hline \text { Accounts receivable } & 14,000 \\ \hline \text { Iones, capital } &? \\ \hline \text { Loan payable } & 6500 \\ \hline \end{array}\] What amount should be shown for Jones,capital on the trial balance?

A) $30,000 B) $52,000 C) $28,000 D) $14,500 A) $30,000 B) $52,000 C) $28,000 D) $14,500

Exam 2: Recording Business Transactions

The following are the current month's balances for Toys Galore: Accounts payable \ 8000 Revenue 9000 Cash 7000 Expenses 1500 Furniture 11,000 Accounts receivable 13,000 Iones, capital 8250 Loan payable 4000 What is the total amount of debits for the trial balance?

(Multiple Choice)

4.9/5

(51)

Question 41

Which of the following journal entries would be recorded if Jane Brown started a business and then deposited cash of $6 000 into the business bank account?

(Multiple Choice)

4.8/5

(34)

Question 42

Which of the following journal entries would be recorded if a business purchased equipment for $3 000 cash?

(Multiple Choice)

4.9/5

(30)

Question 43

Which of the following journal entries would be recorded if a business renders services and receives cash of $400 from the customer?

(Multiple Choice)

4.9/5

(42)

Question 44

Which of the following accounts increases with a credit?

(Multiple Choice)

4.9/5

(38)

Question 45

A trial balance is the list of all of a company's accounts along with their account numbers.

(True/False)

4.7/5

(39)

Question 46

For Drawings,the category of account and its normal balance are:

(Multiple Choice)

4.8/5

(39)

Question 47

Which of the following statements about revenue is CORRECT?

(Multiple Choice)

4.9/5

(35)

Question 48

A business has the following transactions: The business is started by receiving $20 000 from the owner.The business purchases $500 in supplies on credit.The business purchases $2 000 in furniture on credit.The business renders services to various clients totalling $9 000 on credit.The business pays out $2 000 for Salary expense and $3 000 for Rent expense.The business pays $500 to a supplier for the supplies purchased earlier.The business collects $1 500 from one of its clients for services rendered earlier in the month.At the end of the month,all journal entries are posted to the ledger.The Cash account will appear as follows:

(Multiple Choice)

4.9/5

(36)

Question 49

When a business records revenue earned,the revenue account is always credited.

(True/False)

4.7/5

(33)

Question 50

For Supplies,the category of account and its normal balance are:

(Multiple Choice)

4.9/5

(43)

Question 51

For liabilities and revenues,a debit increases the account.

(True/False)

4.9/5

(24)

Question 52

An account is the detailed record of the changes in a particular asset,liability or owners' equity.

(True/False)

4.8/5

(29)

Question 53

Which of the following is the last step of journalising an entry?

(Multiple Choice)

4.8/5

(46)

Question 54

A business makes a cash payment for advertising expense.Which account is debited?

(Multiple Choice)

4.8/5

(39)

Question 55

An account that normally has a debit balance may occasionally have a credit balance.

(True/False)

4.8/5

(36)

Question 56

The accounting process of copying a transaction from the journal to the ledger is called:

(Multiple Choice)

4.8/5

(33)

Question 57

When recording a transaction in a journal,the credit side is entered first,followed by the debit side.

(True/False)

4.8/5

(37)

Question 58

A business pays $500 cash for supplies.Which account is debited?

(Multiple Choice)

4.8/5

(37)

Question 59

The following are the current month's balances for Toys Galore,before preparing the trial balance. Accounts payable \ 8000 Revenue 5000 Cash 6000 Expenses 17,500 Furniture 10,000 Accounts receivable 14,000 Iones, capital ? Loan payable 6500 What amount should be shown for Jones,capital on the trial balance?

(Multiple Choice)

4.9/5

(31)

Question 60

Showing 41 - 60 of 95

Exam 2: Recording Business Transactions

The following are the current month's balances for Toys Galore: Accounts payable \ 8000 Revenue 9000 Cash 7000 Expenses 1500 Furniture 11,000 Accounts receivable 13,000 Iones, capital 8250 Loan payable 4000 What is the total amount of debits for the trial balance?

Which of the following journal entries would be recorded if Jane Brown started a business and then deposited cash of $6 000 into the business bank account?

Which of the following journal entries would be recorded if a business purchased equipment for $3 000 cash?

Which of the following journal entries would be recorded if a business renders services and receives cash of $400 from the customer?

Which of the following accounts increases with a credit?

A trial balance is the list of all of a company's accounts along with their account numbers.

For Drawings,the category of account and its normal balance are:

Which of the following statements about revenue is CORRECT?

When a business records revenue earned,the revenue account is always credited.

For Supplies,the category of account and its normal balance are:

For liabilities and revenues,a debit increases the account.

An account is the detailed record of the changes in a particular asset,liability or owners' equity.

Which of the following is the last step of journalising an entry?

A business makes a cash payment for advertising expense.Which account is debited?

An account that normally has a debit balance may occasionally have a credit balance.

The accounting process of copying a transaction from the journal to the ledger is called:

When recording a transaction in a journal,the credit side is entered first,followed by the debit side.

A business pays $500 cash for supplies.Which account is debited?

The Role of Accounting in Decision Making

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities,debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Introduction to Managerial Accounting and the Master Budget

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

Filters