Question 1

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Accepted Answer

A) True 
 B)False

Question 2

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Accepted Answer

A) True 
 B)False

Question 3

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Accepted Answer

A) all of the information from the journal was correctly transferred to the ledger 
B) all accounts have their correct balances in the ledger 
C) only the journal is accurate; the ledger may be incorrect 
D) only that the debit dollar amounts equal the credit dollar amounts 
A) all of the information from the journal was correctly transferred to the ledger 
B) all accounts have their correct balances in the ledger 
C) only the journal is accurate; the ledger may be incorrect 
D) only that the debit dollar amounts equal the credit dollar amounts

Question 4

The payment for the monthly rent will require which of the following entries?

Accepted Answer

A) debit Cash and debit Rent Expense 
B) credit Cash and credit Rent Expense 
C) debit Rent Expense and credit Cash 
D) credit Rent Expense and debit Cash 
A) debit Cash and debit Rent Expense 
B) credit Cash and credit Rent Expense 
C) debit Rent Expense and credit Cash 
D) credit Rent Expense and debit Cash

Question 5

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 6

Listed below are accounts to use for transactions 
(a)through 
(d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number
(s)in the appropriate box.​

Accepted Answer

The answer of Listed below are accounts to use for...

Question 7

Debits will increase unearned revenues and revenues.

Accepted Answer

A) True 
 B)False

Question 8

Assume that you are creating a chart of accounts for a company.Each account number will have two digits.The first digit indicates the major account group to which the account belongs.Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?

Accepted Answer

A) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Expenses, 5-Revenues 
B) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Revenues, 5-Expenses 
C) 1-Assets, 2-Owner's Equity, 3-Revenues, 4-Expenses, 5-Drawing 
D) 1-Owner's Equity, 2-Drawing, 3-Revenues, 4-Expenses 
A) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Expenses, 5-Revenues 
B) 1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Revenues, 5-Expenses 
C) 1-Assets, 2-Owner's Equity, 3-Revenues, 4-Expenses, 5-Drawing 
D) 1-Owner's Equity, 2-Drawing, 3-Revenues, 4-Expenses

Question 9

Accounts are classified in the ledger

Accepted Answer

A) chronologically 
B) alphabetically 
C) in accordance with their appearance in the financial statements 
D) with the accounts used most often listed first 
A) chronologically 
B) alphabetically 
C) in accordance with their appearance in the financial statements 
D) with the accounts used most often listed first

Question 10

Journalizing always eliminates fraudulent activity.

Accepted Answer

A) True 
 B)False

Question 11

The chart of accounts for Corning Company includes the following:
​
   Page 3 of the journal contains the following entry:
  
-What is the posting reference that will be found in the cash account?

Accepted Answer

A) 11 
B) 15 
C) 3 
D) 13 
A) 11 
B) 15 
C) 3 
D) 13

Question 12

The posting reference notation used in the ledger is the account number.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Accepted Answer

A) chart of accounts 
B) income statement 
C) trial balance 
D) account reconciliation 
A) chart of accounts 
B) income statement 
C) trial balance 
D) account reconciliation

Question 14

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 15

The following errors took place in journalizing and posting transactions:
a.A withdrawal of $5,000 by Stan Norton, owner of the business, was recorded as a debit to Office Expense and a credit to Cash.
b.An accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.​Journalize the entries to correct the errors. Omit the explanations.

Accepted Answer

The answer of The following errors took place in journalizing...

Question 16

Randomly listed below are the steps for preparing a trial balance:​   What is the proper order of these steps?

Accepted Answer

A) (3), (2), (4), (1) 
B) (2), (3), (4), (1) 
C) (3), (2), (1), (4) 
D) (4), (3), (2), (1) 
A) (3), (2), (4), (1) 
B) (2), (3), (4), (1) 
C) (3), (2), (1), (4) 
D) (4), (3), (2), (1)

Question 17

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 18

Debiting the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 19

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Accepted Answer

A chart of accounts is set up by assigni

Question 20

Prepare a trial balance,listing the following accounts in proper sequence.The accounts 
(all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

Accepted Answer

The answer of Prepare a trial balance,listing the following accounts...

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

The payment for the monthly rent will require which of the following entries?

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number (s)in the appropriate box.

Debits will increase unearned revenues and revenues.

Accounts are classified in the ledger

Journalizing always eliminates fraudulent activity.

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

The posting reference notation used in the ledger is the account number.

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

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

Debiting the cash account will increase the account.

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

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 process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

The payment for the monthly rent will require which of the following entries?

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number (s)in the appropriate box.​

Debits will increase unearned revenues and revenues.

Accounts are classified in the ledger

Journalizing always eliminates fraudulent activity.

The chart of accounts for Corning Company includes the following: ​ Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

The posting reference notation used in the ledger is the account number.

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Randomly listed below are the steps for preparing a trial balance:​ What is the proper order of these steps?

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

Debiting the cash account will increase the account.

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

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

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number (s)in the appropriate box.

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?