Exam 2: Analyzing and Recording Business Transactions

Once in a while,a transaction leaves an account with a balance that isn't "normal." When this occurs,the "abnormal" balance should be corrected to the "normal" balance before copying the balance into the trial balance.

A trial balance is normally prepared at the end of each business day.

Which of the following guidelines is correct?

Which pair of accounts follows the rules of debit and credit in the same manner?

A journal entry is a notation that consists of either a single debit or a single credit that is recorded in the general ledger.

Copper Company engaged in the following transactions during April -What is the amount of cash still to be paid?

The trial balance for Parker Company is as follows: - If the trial balance showed a balance of $16,000 in the Wages Expense account and a balance of $86,000 in the Advertising Fees Earned account,what would be the amount of A?

Which of the following accounts might be placed first in a journal entry?

Why is the Owner's Withdrawals account increased by a debit? Explain in terms of its relationship to owner's equity.

One way a company can manage its expenditures is to rely on its creditors to give it time to pay for purchases.

Copper Company began operations in April and then engaged in the following transactions during April What is the balance in cash after these transactions?

The process of transferring journal entry information from the journal to the ledger is called

From the following alphabetical list of account balances,all of which are normal,for Cannon Company on September 30,2014,prepare a trial balance in proper form (the amount of Tina Cannon,Withdrawals must be computed).

The valuation issue deals with how the components of a transaction should be categorized.

When the columns of the trial balance equal each other,it is still possible that errors may have occurred in recording and posting the transactions.

If a debit to Supplies were posted as a credit,and a credit of the same amount to Cash were posted as a debit,what would be the effect,if any,on the two accounts and on the trial balance column totals?

Proper __________ depends on correctly analyzing the effect of each transaction and on maintaining a system of accounts that reflects that effect.

In a journal entry,debits are always recorded before credits.

Posting is performed by transferring information from the

The general journal does not have a column titled