Question 1

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 2

The balance of an account is determined by

Accepted Answer

A)  adding all of the debits to all of the credits 
B)  always subtracting the debits from the credits 
C)  always subtracting the credits from the debits 
D)  adding all of the debits,adding all of the credits,and then subtracting the smaller sum from the larger sum 
A)  adding all of the debits to all of the credits 
B)  always subtracting the debits from the credits 
C)  always subtracting the credits from the debits 
D)  adding all of the debits,adding all of the credits,and then subtracting the smaller sum from the larger sum

Question 3

Which of the following abbreviations is correct?

Accepted Answer

A)  Debit,"Dr"; Credit,"Cd" 
B)  Debit,"Db"; Credit,"Cr" 
C)  Debit,"Db"; Credit,"Cd" 
D)  Debit,"Dr"; Credit,"Cr" 
A)  Debit,"Dr"; Credit,"Cd" 
B)  Debit,"Db"; Credit,"Cr" 
C)  Debit,"Db"; Credit,"Cd" 
D)  Debit,"Dr"; Credit,"Cr"

Question 4

The process of recording a transaction in the journal is called

Accepted Answer

A)  ledgerizing 
B)  journalizing 
C)  posting 
D)  summarizing 
A)  ledgerizing 
B)  journalizing 
C)  posting 
D)  summarizing

Question 5

On December 1,JumpStart Company provides $2,800 in services to clients.
(a)Journalize this event as if the clients had paid cash at the time the services were rendered.
​
(b)(1)Journalize this event as if the clients had been rendered the services on account.
​
(b)(2)Assume that the clients paid $1,200 of the amount on account on December 30.Journalize this transaction.

Accepted Answer

The answer of On December 1,JumpStart Company provides $2,800 in...

Question 6

A trial balance is prepared to

Accepted Answer

A)  prove that there were no errors made in recording transactions into the journal 
B)  prove that no errors were made in posting to the ledger 
C)  prove that each account balance is correct 
D)  discover errors that affect the equality of debits and credits 
A)  prove that there were no errors made in recording transactions into the journal 
B)  prove that no errors were made in posting to the ledger 
C)  prove that each account balance is correct 
D)  discover errors that affect the equality of debits and credits

Question 7

Organize the following accounts into the usual sequence of a chart of accounts.
Miscellaneous Expense
Accounts Payable
Accounts Receivable
Cash
Common Stock
Fees Earned
Prepaid Rent
Salaries Expense
Unearned Revenue
Dividends

Accepted Answer

Cash Accounts Receivable Prepa

Question 8

When an owner invests assets in the business,the retained earnings account increases due to revenue being earned.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Accepted Answer

A)  Prepaid Rent,debit; Rent Revenue,credit. 
B)  Cash,debit; Unearned Rent,credit. 
C)  Cash,debit; Prepaid Rent,credit. 
D)  Cash,debit; Rent Expense,credit. 
A)  Prepaid Rent,debit; Rent Revenue,credit. 
B)  Cash,debit; Unearned Rent,credit. 
C)  Cash,debit; Prepaid Rent,credit. 
D)  Cash,debit; Rent Expense,credit.

Question 10

Which of the following entries records the payment of insurance for the current month?

Accepted Answer

A)  Cash,debit; Insurance Expense,credit 
B)  Insurance Expense,debit; Cash,credit 
C)  Insurance Expense,debit; Accounts Receivable,credit 
D)  Prepaid Insurance,debit; Cash,credit 
A)  Cash,debit; Insurance Expense,credit 
B)  Insurance Expense,debit; Cash,credit 
C)  Insurance Expense,debit; Accounts Receivable,credit 
D)  Prepaid Insurance,debit; Cash,credit

Question 11

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee.When Jamison receives cash from the employee for the amount of the overpayment,which of the following entries will Jamison make?

Accepted Answer

A)  Cash,debit; Wages Expense,credit 
B)  Wages Payable,debit; Wages Expense,credit 
C)  Wages Expense,debit; Cash,credit 
D)  Cash,debit; Wages Payable,credit 
A)  Cash,debit; Wages Expense,credit 
B)  Wages Payable,debit; Wages Expense,credit 
C)  Wages Expense,debit; Cash,credit 
D)  Cash,debit; Wages Payable,credit

Question 12

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 13

The Posting Reference columns are used to trace transactions from the accounts to the journal.What will be entered in the Posting Reference column of (1)the journal and (2)the account?

Accepted Answer

A)  (1)the amount of the debit or credit and (2)the journal page number 
B)  (1)the journal page number and (2)the date of the transaction 
C)  (1)the journal page number and (2)the account number 
D)  (1)the account number and (2)the journal page number 
A)  (1)the amount of the debit or credit and (2)the journal page number 
B)  (1)the journal page number and (2)the date of the transaction 
C)  (1)the journal page number and (2)the account number 
D)  (1)the account number and (2)the journal page number

Question 14

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled $375,880.Determine the cash balance on January 1.

Accepted Answer

(???) + $305,000 − $

Question 15

The process of recording a transaction in the journal is called journalizing.

Accepted Answer

A) True 
 B)False

Question 16

On November 10,JumpStart Co.provides $2,900 in services to clients.At the time of service,the clients paid $600 in cash and put the balance on account.
(a)Journalize this event.
​
(b)On November 20,JumpStart Co.clients paid an additional $900 on their accounts due.Journalize this event.
​
(c)Calculate the accounts receivable balance on November 30.

Accepted Answer

The answer of On November 10,JumpStart Co.provides $2,900 in services...

Question 17

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset,liability,or stockholders' equity 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account 
A)  depends on whether the account is an asset,liability,or stockholders' equity 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account

Question 18

The process of transferring the data from the journal to the ledger accounts is called posting.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  Fees Earned 
B)  Salary Expense 
C)  Common Stock 
D)  Accounts Payable 
A)  Fees Earned 
B)  Salary Expense 
C)  Common Stock 
D)  Accounts Payable

Question 20

A debit is abbreviated as Db.and a credit is abbreviated as Cr.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

Journalize the entries to correct the following errors:

The balance of an account is determined by

Which of the following abbreviations is correct?

The process of recording a transaction in the journal is called

A trial balance is prepared to

Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

When an owner invests assets in the business,the retained earnings account increases due to revenue being earned.

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Which of the following entries records the payment of insurance for the current month?

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee.When Jamison receives cash from the employee for the amount of the overpayment,which of the following entries will Jamison make?

Assets are increased with debits and decreased with credits.

The Posting Reference columns are used to trace transactions from the accounts to the journal.What will be entered in the Posting Reference column of (1)the journal and (2)the account?

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled $375,880.Determine the cash balance on January 1.

The process of recording a transaction in the journal is called journalizing.

The debit side of an account

The process of transferring the data from the journal to the ledger accounts is called posting.

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

A debit is abbreviated as Db.and a credit is abbreviated as Cr.

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

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