Question 1

The increase side of an account is also the side of the normal balance.

Accepted Answer

A) True 
 B)False

Question 2

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.​​   Prepare a trial balance.The total of the debits is

Accepted Answer

A) $13,900 
B) $11,200 
C) $12,700 
D) $9,700 
A) $13,900 
B) $11,200 
C) $12,700 
D) $9,700

Question 3

Postings made to standard account forms show a new balance after each entry.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following types of accounts have a normal credit balance?

Accepted Answer

A) assets and liabilities 
B) liabilities and expenses 
C) revenues and capital 
D) capital and drawing 
A) assets and liabilities 
B) liabilities and expenses 
C) revenues and capital 
D) capital and drawing

Question 5

Which of the following errors will cause the trial balance totals to be unequal?

Accepted Answer

A) posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted 
B) failure to record a transaction or to post a transaction 
C) recording the same transaction more than once 
D) recording the same erroneous amount for both the debit and the credit parts of a transaction 
A) posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted 
B) failure to record a transaction or to post a transaction 
C) recording the same transaction more than once 
D) recording the same erroneous amount for both the debit and the credit parts of a transaction

Question 6

In the chart of accounts,the balance sheet accounts are normally listed in which order?

Accepted Answer

A) liabilities, assets, owner's equity 
B) assets, liabilities, owner's equity 
C) owner's equity, assets, liabilities 
D) assets, owner's equity, liabilities 
A) liabilities, assets, owner's equity 
B) assets, liabilities, owner's equity 
C) owner's equity, assets, liabilities 
D) assets, owner's equity, liabilities

Question 7

Lewis Company has a condensed income statement as shown below.​   RequiredPrepare 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 re

Question 8

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

Accepted Answer

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

Question 9

Which of the following entries records the acquisition of office supplies on account?

Accepted Answer

A) Office Supplies, debit; Cash, credit 
B) Cash, debit; Office Supplies, credit 
C) Office Supplies, debit; Accounts Payable, credit 
D) Accounts Receivable, debit; Office Supplies, credit 
A) Office Supplies, debit; Cash, credit 
B) Cash, debit; Office Supplies, credit 
C) Office Supplies, debit; Accounts Payable, credit 
D) Accounts Receivable, debit; Office Supplies, credit

Question 10

Which of the following describes the classification and normal balance of the fees earned account?

Accepted Answer

A) asset, credit 
B) liability, credit 
C) owner's equity, debit 
D) revenue, credit 
A) asset, credit 
B) liability, credit 
C) owner's equity, debit 
D) revenue, credit

Question 11

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Accepted Answer

The answer of On November 1,Nickle Company made a cash...

Question 12

Analyze the following transactions as to their effect on the accounting equation.​   Some of the possible effects of a transaction on the accounting equation are listed below​   Put the appropriate letter next to each transaction.

Accepted Answer

The answer of Analyze the following transactions as to their...

Question 13

The normal balance of revenue accounts is a credit.

Accepted Answer

A) True 
 B)False

Question 14

Calculate the following:

Accepted Answer

The answer of Calculate the following:  ...

Question 15

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 16

The order of the flow of accounting data is (1)record in the ledger,(2)record in the journal,and (3)prepare the financial statements.

Accepted Answer

A) True 
 B)False

Question 17

On August 30,JumpStart incurred the following expenses:Payment to the landlord for August rent,$2,300Payment to Gas & Electric Company for August bill,$525Payment of employee wages for the last half of August,$1,750Payment of shopping center's parking lot cleaning fee,$275​Journalize these payments as one compound journal entry.

Accepted Answer

The answer of On August 30,JumpStart incurred the following expenses:Payment...

Question 18

Which of the following will increase owner's equity?

Accepted Answer

A) expenses > revenues 
B) the owner draws money for personal use 
C) revenues > expenses 
D) cash is received from customers on account 
A) expenses > revenues 
B) the owner draws money for personal use 
C) revenues > expenses 
D) cash is received from customers on account

Question 19

The drawing account is an expense.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is true about assets?

Accepted Answer

A) Assets include both physical and intangible items. 
B) Assets include only physical items. 
C) Assets are the personal property of the owner of the company. 
D) Assets are the result of selling products or services to customers. 
A) Assets include both physical and intangible items. 
B) Assets include only physical items. 
C) Assets are the personal property of the owner of the company. 
D) Assets are the result of selling products or services to customers.

The increase side of an account is also the side of the normal balance.

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Prepare a trial balance.The total of the debits is

Postings made to standard account forms show a new balance after each entry.

Which of the following types of accounts have a normal credit balance?

Which of the following errors will cause the trial balance totals to be unequal?

In the chart of accounts,the balance sheet accounts are normally listed in which order?

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

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

Which of the following entries records the acquisition of office supplies on account?

Which of the following describes the classification and normal balance of the fees earned account?

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below Put the appropriate letter next to each transaction.

The normal balance of revenue accounts is a credit.

Calculate the following:

A trial balance is prepared to

The order of the flow of accounting data is (1)record in the ledger,(2)record in the journal,and (3)prepare the financial statements.

Which of the following will increase owner's equity?

The drawing account is an expense.

Which of the following is true about assets?

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

The increase side of an account is also the side of the normal balance.

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.​​ Prepare a trial balance.The total of the debits is

Postings made to standard account forms show a new balance after each entry.

Which of the following types of accounts have a normal credit balance?

Which of the following errors will cause the trial balance totals to be unequal?

In the chart of accounts,the balance sheet accounts are normally listed in which order?

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

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

Which of the following entries records the acquisition of office supplies on account?

Which of the following describes the classification and normal balance of the fees earned account?

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Analyze the following transactions as to their effect on the accounting equation.​ Some of the possible effects of a transaction on the accounting equation are listed below​ Put the appropriate letter next to each transaction.

The normal balance of revenue accounts is a credit.

Calculate the following:

A trial balance is prepared to

The order of the flow of accounting data is (1)record in the ledger,(2)record in the journal,and (3)prepare the financial statements.

Which of the following will increase owner's equity?

The drawing account is an expense.

Which of the following is true about assets?

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

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Prepare a trial balance.The total of the debits is

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

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below Put the appropriate letter next to each transaction.