Question 1

Journal entries can have more than two accounts as long as the debits equal the credits.

Accepted Answer

A) True 
 B)False  True

Question 2

The chart of accounts for the Miguel Company includes the following: ​
  Page 5 of the journal contains the following transaction:
​
  What is the posting reference that will be found in the salaries expense account?

Accepted Answer

A)  5 
B)  11 
C)  54 
D)  21 
A)  5 
B)  11 
C)  54 
D)  21 A

Question 3

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​
​
  Prepare a trial balance.The total of the debits is

Accepted Answer

A)  $13,900 
B)  $11,200 
C)  $12,700 
D)  $9,700 
A)  $13,900 
B)  $11,200 
C)  $12,700 
D)  $9,700 A

Question 4

The chart of accounts for the Miguel Company includes the following: ​
  Page 3 of the journal contains the following transaction:
​
  What posting references will be found in the journal entry?

Accepted Answer

A)  41,3 
B)  3,11 
C)  11,41 
D)  11,3 
A)  41,3 
B)  3,11 
C)  11,41 
D)  11,3

Question 5

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Accepted Answer

The answer of Journalize the following five transactions for Newman...

Question 6

Which of the following is true about T accounts?

Accepted Answer

A)  The left side of a T account is called the debit side. 
B)  The left side of a T account is called the credit side. 
C)  The right side of a T account is called the debit side. 
D)  Transactions are first recorded in T accounts and then posted to the journal. 
A)  The left side of a T account is called the debit side. 
B)  The left side of a T account is called the credit side. 
C)  The right side of a T account is called the debit side. 
D)  Transactions are first recorded in T accounts and then posted to the journal.

Question 7

The increase side of an account is also the side of the normal balance.

Accepted Answer

A) True 
 B)False

Question 8

When an account receivable is collected in cash,the total assets of the business increase.

Accepted Answer

A) True 
 B)False

Question 9

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

Accepted Answer

A) True 
 B)False

Question 10

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

Accepted Answer

The answer of Increases and decreases in various types of...

Question 11

Expenses follow the same debit and credit rules as

Accepted Answer

A)  revenues 
B)  assets 
C)  the Common Stock account 
D)  liabilities 
A)  revenues 
B)  assets 
C)  the Common Stock account 
D)  liabilities

Question 12

Stockholders' equity is reduced by the amount in the dividends account.

Accepted Answer

A) True 
 B)False

Question 13

Accounts are classified in the ledger

Accepted Answer

A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  with the accounts used most often listed first 
A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  with the accounts used most often listed first

Question 14

A trial balance determines the complete accuracy of the numbers.

Accepted Answer

A) True 
 B)False

Question 15

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing,and therefore should be equal.

Accepted Answer

A) True 
 B)False

Question 16

Net income will result when

Accepted Answer

A)  revenues (credits)> expenses (debits) 
B)  revenues (debits)> expenses (credits) 
C)  expenses (credits)= revenues (debits) 
D)  revenues (credits)= expenses (debits) 
A)  revenues (credits)> expenses (debits) 
B)  revenues (debits)> expenses (credits) 
C)  expenses (credits)= revenues (debits) 
D)  revenues (credits)= expenses (debits)

Question 17

In which of the following types of accounts are decreases recorded by credits?

Accepted Answer

A)  liabilities 
B)  stockholders' equity 
C)  assets 
D)  revenues 
A)  liabilities 
B)  stockholders' equity 
C)  assets 
D)  revenues

Question 18

A debit balance in which of the following accounts would indicate a likely error?

Accepted Answer

A)  Salaries Expense 
B)  Notes Payable 
C)  Accounts Receivable 
D)  Supplies 
A)  Salaries Expense 
B)  Notes Payable 
C)  Accounts Receivable 
D)  Supplies

Question 19

Prepaid expenses are an example of an expense.

Accepted Answer

A) True 
 B)False

Question 20

Journalize the following selected transactions for January.Explanations may be omitted.
​

Accepted Answer

The answer of Journalize the following selected transactions for January.Explanations...

Exam 2: Analyzing Transactions

Journal entries can have more than two accounts as long as the debits equal the credits.

The chart of accounts for the Miguel Company includes the following: ​ Page 5 of the journal contains the following transaction: ​ What is the posting reference that will be found in the salaries expense account?

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​ ​ Prepare a trial balance.The total of the debits is

The chart of accounts for the Miguel Company includes the following: ​ Page 3 of the journal contains the following transaction: ​ What posting references will be found in the journal entry?

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Which of the following is true about T accounts?

The increase side of an account is also the side of the normal balance.

When an account receivable is collected in cash,the total assets of the business increase.

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

Expenses follow the same debit and credit rules as

Stockholders' equity is reduced by the amount in the dividends account.

Accounts are classified in the ledger

A trial balance determines the complete accuracy of the numbers.

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing,and therefore should be equal.

Net income will result when

In which of the following types of accounts are decreases recorded by credits?

A debit balance in which of the following accounts would indicate a likely error?

Prepaid expenses are an example of an expense.

Journalize the following selected transactions for January.Explanations may be omitted. ​

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters

The chart of accounts for the Miguel Company includes the following: Page 5 of the journal contains the following transaction: What is the posting reference that will be found in the salaries expense account?

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Prepare a trial balance.The total of the debits is

The chart of accounts for the Miguel Company includes the following: Page 3 of the journal contains the following transaction: What posting references will be found in the journal entry?

Journalize the following selected transactions for January.Explanations may be omitted.