A) do not reflect money amounts B) are not used by entities that manufacture products C) are records of increases and decreases in individual financial statement items D) are only used by large entities with many transactions A) do not reflect money amounts B) are not used by entities that manufacture products C) are records of increases and decreases in individual financial statement items D) are only used by large entities with many transactions

Exam 2: Analyzing Transactions

Below is the unadjusted trial balance for Dawson Designs Co.Required (1)Identify the errors in the trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

Free

(Essay)

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(31)

Question 1

Correct Answer:

Verified

(1)a.The Debit column is added incorrectly; the sum is actually $289,780.b.The trial balance should be dated January 31,rather than "For theMonth of January"c.The Accounts Receivable balance should be in the Debit column.d.The Accounts Payable balance should be in the Credit column.e.The Tim Dawson,Drawing balance should be in the Debit column.f.The Miscellaneous Expense balance should be in the Debit column.
(2)

Consuming goods and services in the process of generating revenues results in expenses.

Free

(True/False)

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Question 2

Correct Answer:

Verified

True

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

In which order are the accounts listed in the chart of accounts?

(Multiple Choice)

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Question 4

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.

(Essay)

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Question 5

Which of the following statements is not true about liabilities?

(Multiple Choice)

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Question 6

On October 10,Nickle Company purchased supplies for $1,800 on account.On October 25,Nickle Company paid the invoice. (a)Provide the journal entry for the purchase on account. (b)Provide the journal entry for the payment of the invoice.

(Essay)

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Question 7

Accounts

(Multiple Choice)

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Question 8

Owner's equity will be reduced by the amount in the drawing account.

(True/False)

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Question 9

A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

(True/False)

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Question 10

Which of the following is not a correct rule of debits and credits?

(Multiple Choice)

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Question 11

The chart of accounts is designed to

(Multiple Choice)

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Question 12

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

(True/False)

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Question 13

Which of the following groups of accounts is increased with a debit?

(Multiple Choice)

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Question 14

Which of the following entries records the collection of cash from cash customers?

(Multiple Choice)

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Question 15

Match each of the following accounts with its proper account group from the groups listed below. -Prepaid Insurance

(Multiple Choice)

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Question 16

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

(Essay)

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Question 17

Journalize the entries to correct the following errors:

(Essay)

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Question 18

Which of the following statements regarding a horizontal analysis is false?

(Multiple Choice)

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Question 19

The accounts payable account is listed in the chart of accounts as an asset.

(True/False)

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Question 20

Showing 1 - 20 of 235

Below is the unadjusted trial balance for Dawson Designs Co.Required (1)Identify the errors in the trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

Consuming goods and services in the process of generating revenues results in expenses.

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

In which order are the accounts listed in the chart of accounts?

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.

Which of the following statements is not true about liabilities?

On October 10,Nickle Company purchased supplies for $1,800 on account.On October 25,Nickle Company paid the invoice. (a)Provide the journal entry for the purchase on account. (b)Provide the journal entry for the payment of the invoice.

Accounts

Owner's equity will be reduced by the amount in the drawing account.

A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

Which of the following is not a correct rule of debits and credits?

The chart of accounts is designed to

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

Which of the following groups of accounts is increased with a debit?

Which of the following entries records the collection of cash from cash customers?

Match each of the following accounts with its proper account group from the groups listed below. -Prepaid Insurance

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

Journalize the entries to correct the following errors:

Which of the following statements regarding a horizontal analysis is false?

The accounts payable account is listed in the chart of accounts as an asset.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Analyzing Transactions

Below is the unadjusted trial balance for Dawson Designs Co.Required (1)Identify the errors in the trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

Consuming goods and services in the process of generating revenues results in expenses.

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

In which order are the accounts listed in the chart of accounts?

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.

Which of the following statements is not true about liabilities?

On October 10,Nickle Company purchased supplies for $1,800 on account.On October 25,Nickle Company paid the invoice. (a)Provide the journal entry for the purchase on account. (b)Provide the journal entry for the payment of the invoice.

Accounts

Owner's equity will be reduced by the amount in the drawing account.

A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

Which of the following is not a correct rule of debits and credits?

The chart of accounts is designed to

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

Which of the following groups of accounts is increased with a debit?

Which of the following entries records the collection of cash from cash customers?

Match each of the following accounts with its proper account group from the groups listed below. ​ -Prepaid Insurance

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

Journalize the entries to correct the following errors:

Which of the following statements regarding a horizontal analysis is false?

The accounts payable account is listed in the chart of accounts as an asset.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Match each of the following accounts with its proper account group from the groups listed below. -Prepaid Insurance