Question 1

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

Accepted Answer

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

Question 2

When an account payable is paid with cash,the owner's equity in the business decreases.

Accepted Answer

A) True 
 B)False

Question 3

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 4

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

Accepted Answer

A) Assets 
B) Liabilities 
C) Owner's Equity 
D) Revenue 
E) Expenses 
A) Assets 
B) Liabilities 
C) Owner's Equity 
D) Revenue 
E) Expenses

Question 5

Richardson Company has a condensed income statement as shown.​   Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

Accepted Answer

A) $(17,000), (11.3%) 
B) $(15,500), (10.3%) 
C) $(18,000), (10.9%) 
D) $(15,500), (9.4%) 
A) $(17,000), (11.3%) 
B) $(15,500), (10.3%) 
C) $(18,000), (10.9%) 
D) $(15,500), (9.4%)

Question 6

The normal balance of an expense account is a credit.

Accepted Answer

A) True 
 B)False

Question 7

The chart of accounts for 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

Question 8

A cash payment is recorded in the cash account as

Accepted Answer

A) neither a debit nor a credit 
B) a credit 
C) a debit 
D) either a debit or a credit 
A) neither a debit nor a credit 
B) a credit 
C) a debit 
D) either a debit or a credit

Question 9

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 10

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

Accepted Answer

A) Land; Accounts Payable; Drawing 
B) Accounts Payable; Unearned Revenue; Collins, Capital 
C) Collins, Capital; Accounts Receivable; Unearned Revenue 
D) Cash; Accounts Receivable; Collins, Capital 
A) Land; Accounts Payable; Drawing 
B) Accounts Payable; Unearned Revenue; Collins, Capital 
C) Collins, Capital; Accounts Receivable; Unearned Revenue 
D) Cash; Accounts Receivable; Collins, Capital

Question 11

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

Accepted Answer

The answer of On January 7,Damien Lawson invests $45,000 to...

Question 12

The chart of accounts for 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 13

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

Accepted Answer

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

Question 14

Which of the following situations increases owner's equity?

Accepted Answer

A) Supplies are purchased on account. 
B) Services are provided on account. 
C) Cash is received from customers on account. 
D) Utility bill will be paid next month. 
A) Supplies are purchased on account. 
B) Services are provided on account. 
C) Cash is received from customers on account. 
D) Utility bill will be paid next month.

Question 15

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Accounts Receivable

Accepted Answer

A) Credit side 
B) Debit side 
A) Credit side 
B) Debit side

Question 16

A transaction that is recorded in the journal is called a journal entry.

Accepted Answer

A) True 
 B)False

Question 17

A group of related accounts that make up a complete unit is called a trial balance.

Accepted Answer

A) True 
 B)False

Question 18

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

Accepted Answer

The answer of Prepare a journal entry for the purchase...

Question 19

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

Accepted Answer

A) Determine the amount of the error and look for that amount on the trial balance. 
B) Determine the amount of the error and divide by 2, then look for that amount on the trial balance. 
C) Determine the amount of the error and refer to the journal entries for that amount. 
D) Determine the amount of the error and divide by 9. If the result is evenly divided, then this type of error is likely. 
A) Determine the amount of the error and look for that amount on the trial balance. 
B) Determine the amount of the error and divide by 2, then look for that amount on the trial balance. 
C) Determine the amount of the error and refer to the journal entries for that amount. 
D) Determine the amount of the error and divide by 9. If the result is evenly divided, then this type of error is likely.

Question 20

Which of the following accounts is an owner's equity account?

Accepted Answer

A) Cash 
B) Accounts Payable 
C) Prepaid Insurance 
D) Ross Morris, Capital 
A) Cash 
B) Accounts Payable 
C) Prepaid Insurance 
D) Ross Morris, Capital

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

When an account payable is paid with cash,the owner's equity in the business decreases.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

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

Richardson Company has a condensed income statement as shown. Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

The normal balance of an expense account is a credit.

The chart of accounts for 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?

A cash payment is recorded in the cash account as

Net income will result when

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

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

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

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

Which of the following situations increases owner's equity?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Receivable

A transaction that is recorded in the journal is called a journal entry.

A group of related accounts that make up a complete unit is called a trial balance.

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

Which of the following accounts is an owner's equity account?

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

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

When an account payable is paid with cash,the owner's equity in the business decreases.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.

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

Richardson Company has a condensed income statement as shown.​ Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

The normal balance of an expense account is a credit.

The chart of accounts for 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?

A cash payment is recorded in the cash account as

Net income will result when

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

On January 7,Damien Lawson invests $45,000 to initiate the operation of his business,JumpStart.Provide the journal entry for this transaction.

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

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

Which of the following situations increases owner's equity?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Receivable

A transaction that is recorded in the journal is called a journal entry.

A group of related accounts that make up a complete unit is called a trial balance.

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

Which of the following accounts is an owner's equity account?

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

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

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

Richardson Company has a condensed income statement as shown. Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

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