Question 1

The T account got its name because it resembles the letter "T."

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is not considered to be a liability?

Accepted Answer

A)  Wages Payable 
B)  Accounts Receivable 
C)  Unearned Revenues 
D)  Accounts Payable 
A)  Wages Payable 
B)  Accounts Receivable 
C)  Unearned Revenues 
D)  Accounts Payable

Question 3

The following errors took place in journalizing and posting transactions:
a.
Dividends were recorded as a debit to Office Expense and a credit to Cash.
b.
Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.
​
Journalize the entries to correct the errors.Omit the explanations.

Accepted Answer

The answer of The following errors took place in journalizing...

Question 4

Calculate the following:

Accepted Answer

The answer of Calculate the following:
  ...

Question 5

Which of the following accounts would be increased with a credit?

Accepted Answer

A)  Land; Accounts Payable; Dividends 
B)  Accounts Payable; Unearned Revenue; Common Stock 
C)  Dividends; Accounts Receivable; Unearned Revenue 
D)  Cash; Accounts Receivable; Common Stock 
A)  Land; Accounts Payable; Dividends 
B)  Accounts Payable; Unearned Revenue; Common Stock 
C)  Dividends; Accounts Receivable; Unearned Revenue 
D)  Cash; Accounts Receivable; Common Stock

Question 6

The Dividends account is an expense.

Accepted Answer

A) True 
 B)False

Question 7

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Accepted Answer

The answer of Record the following selected transactions for April...

Question 8

A dividends account represents the amount of earnings paid to the stockholders.

Accepted Answer

A) True 
 B)False

Question 9

The increases in stockholders' equity attributable to selling services or products to customers are called

Accepted Answer

A)  assets 
B)  liabilities 
C)  revenues 
D)  expenses 
A)  assets 
B)  liabilities 
C)  revenues 
D)  expenses

Question 10

The classification and normal balance of the accounts payable account is

Accepted Answer

A)  an asset with a credit balance 
B)  a liability with a credit balance 
C)  stockholders' equity with a credit balance 
D)  revenue with a credit balance 
A)  an asset with a credit balance 
B)  a liability with a credit balance 
C)  stockholders' equity with a credit balance 
D)  revenue with a credit balance

Question 11

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a: ​

Accepted Answer

A)  credit to Accounts Receivable for $500 
B)  credit to Accounts Receivable for $1,000 
C)  credit to Accounts Payable for $500 
D)  credit to Accounts Payable for $1,000 
A)  credit to Accounts Receivable for $500 
B)  credit to Accounts Receivable for $1,000 
C)  credit to Accounts Payable for $500 
D)  credit to Accounts Payable for $1,000

Question 12

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

Accepted Answer

A) True 
 B)False

Question 13

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts:
​
   ​
   ​
   ​
   ​
   Indicate the following for each debit and each credit:
​
   Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 14

Which of the following accounts is a stockholders' equity account?

Accepted Answer

A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Common Stock 
A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Common Stock

Question 15

What is the posting reference that will be found in the cash account?

Accepted Answer

A)  11 
B)  15 
C)  3 
D)  13 
A)  11 
B)  15 
C)  3 
D)  13

Question 16

Lewis Company has a condensed income statement as shown:
​
   REQUIRED:
Prepare a horizontal analysis of Lewis Company's income statements.Comment on the trends,both favorable and unfavorable.

Accepted Answer

@#IMG-DLM& While the trend in sales reve

Question 17

The recording of cash receipts to the cash account will be done by debiting the account.

Accepted Answer

A) True 
 B)False

Question 18

On January 1,Merry Walker and other stockholders established a catering service.Listed below are accounts to use for transactions (a)through (e),each identified by a number.Following this list are the transactions that occurred in Walker's first month of operation.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box.
​

Accepted Answer

The answer of On January 1,Merry Walker and other stockholders...

Question 19

If the two totals of a trial balance are not equal,it could be due to

Accepted Answer

A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances,such as a balance being incorrectly computed 
D)  recording the same transaction more than once 
A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances,such as a balance being incorrectly computed 
D)  recording the same transaction more than once

Question 20

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Accepted Answer

A)  No entry until the cash is received 
B)  Fees Earned,debit; Accounts Receivable,credit 
C)  Cash,debit; Fees Earned,credit 
D)  Accounts Receivable,debit; Fees Earned,credit 
A)  No entry until the cash is received 
B)  Fees Earned,debit; Accounts Receivable,credit 
C)  Cash,debit; Fees Earned,credit 
D)  Accounts Receivable,debit; Fees Earned,credit

Exam 2: Analyzing Transactions

The T account got its name because it resembles the letter "T."

Which of the following is not considered to be a liability?

Calculate the following:

Which of the following accounts would be increased with a credit?

The Dividends account is an expense.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

A dividends account represents the amount of earnings paid to the stockholders.

The increases in stockholders' equity attributable to selling services or products to customers are called

The classification and normal balance of the accounts payable account is

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a: ​

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: ​ ​ ​ ​ ​ Indicate the following for each debit and each credit: ​ Present your answers in the following form:

Which of the following accounts is a stockholders' equity account?

What is the posting reference that will be found in the cash account?

Lewis Company has a condensed income statement as shown: ​ REQUIRED: Prepare a horizontal analysis of Lewis Company's income statements.Comment on the trends,both favorable and unfavorable.

The recording of cash receipts to the cash account will be done by debiting the account.

If the two totals of a trial balance are not equal,it could be due to

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

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 purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a:

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

Lewis Company has a condensed income statement as shown: REQUIRED: Prepare a horizontal analysis of Lewis Company's income statements.Comment on the trends,both favorable and unfavorable.