Exam 2: Analyzing Business Transactions

Record the following transactions,using proper form,in the journal provided. Mar. 2 Provided services in the amaunt of \2 ,000, receiving \6 00 in partial payment. 12 Received 8800 of the andunt awed from March 2.

Which of the following accounts is not a stockholders' equity account?

When a service has been performed,but no cash has been received,which of the following statements is true?

From the following alphabetical list of account balances,all of which are normal,for Kasper Corporation on July 31,2010,prepare a trial balance in proper form (the amount of Dividends must be computed). Accounts Payable \ 500 Accounts Receivable 200 Cash 80 Common Stock 90 Dividends ? Equipment 700 Prepaid Advertising 20 Retained Earnings 60 Revenue Earned 400 Wages Expense 70 Wages Pavable 50

The cost principle relates most closely to the

For each item below,indicate whether a debit or a credit applies. a. Increase in Art Fees Earned b. Decrease in Prepaid Rent c. Decrease in Unearned Fees d. Increase in Common Stock e. Increase in Depreciation Expense, Buildings f. Increase in Interest Receivable g. Decrease in Retained Earnings h. Increase in Dividends i. Increase in Notes Payable

Which of the following statements is false about a journal entry?

Retained Earnings has a normal debit balance.

Which of the following bookkeeping techniques generally is not acceptable?

Which of the following business events is not a transaction?

Office supplies become expenses

Which of the following accounts will eventually be followed with an outflow of cash?

Journal entries are typically posted only at the end of the year.

The most generally accepted value used in accounting is market value.