Question 1

Selected accounts from the ledger of Garrison Company appear below.For each account,indicate the following:

Accepted Answer

The answer of Selected accounts from the ledger of Garrison...

Question 2

In which of the following types of accounts are decreases recorded by debits?

Accepted Answer

A) assets 
B) liabilities 
C) expenses 
D) drawing 
A) assets 
B) liabilities 
C) expenses 
D) drawing

Question 3

Which side of the account increases the cash account?

Accepted Answer

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

Question 4

Liabilities are debts owed by the business entity.

Accepted Answer

A) True 
 B)False

Question 5

In which of the following types of accounts are increases recorded by credits?

Accepted Answer

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

Question 6

The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented.Assume that the dollar amounts and the descriptions of the entries are correct.​​   ​   ​   ​   RequiredIf you assume that all journal entries have been recorded correctly,use the above information to:
(1)Identify the postings to the general ledger that were made incorrectly.
(2)Describe how the each incorrect posting should have been made.

Accepted Answer

(1)The bookkeeper incorrectly posted the

Question 7

If the two totals of a trial balance are not equal,it could be due to

Accepted Answer

A) failure to record a transaction 
B) recording the same erroneous amount for both the debit and the credit parts of a transaction 
C) an error in determining the account balances, such as a balance being incorrectly computed 
D) recording the same transaction more than once 
A) failure to record a transaction 
B) recording the same erroneous amount for both the debit and the credit parts of a transaction 
C) an error in determining the account balances, such as a balance being incorrectly computed 
D) recording the same transaction more than once

Question 8

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

Accepted Answer

​ @#IMG-DLM& The trend in sales revenue is unfavor

Question 9

The recording of cash receipts to the cash account will be done by debiting the account.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is true about T accounts?

Accepted Answer

A) The left side of a T account is called the debit side. 
B) The left side of a T account is called the credit side. 
C) The right side of a T account is called the debit side. 
D) Transactions are first recorded in T accounts and then posted to the journal. 
A) The left side of a T account is called the debit side. 
B) The left side of a T account is called the credit side. 
C) The right side of a T account is called the debit side. 
D) Transactions are first recorded in T accounts and then posted to the journal.

Question 11

The unearned revenue account is an example of a liability.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following accounts are debited to record increases?

Accepted Answer

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

Question 13

The gross increases in owner's equity attributable to business activities are called

Accepted Answer

A) assets 
B) liabilities 
C) revenues 
D) expenses 
A) assets 
B) liabilities 
C) revenues 
D) expenses

Question 14

McNally Industries 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) $32,500, 19.6% 
B) $18,000, 10.9% 
C) $35,000, 17.7% 
D) $17,000, 9.4% 
A) $32,500, 19.6% 
B) $18,000, 10.9% 
C) $35,000, 17.7% 
D) $17,000, 9.4%

Question 15

Expenses follow the same debit and credit rules as

Accepted Answer

A) revenues 
B) the drawing account 
C) the capital account 
D) liabilities 
A) revenues 
B) the drawing account 
C) the capital account 
D) liabilities

Question 16

Journalize the five transactions for Mirmax Rentals described below.

Accepted Answer

The answer of Journalize the five transactions for Mirmax Rentals...

Question 17

Expense accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 18

For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.​
a.Payment of a cash withdrawal of $6,800 was journalized and posted as a debit of $8,600 to Salaries Expense and a credit of $8,600 to Cash.
b.A fee of $9,780 earned was debited to Accounts Receivable for $7,980 and credited to Fees Earned for $9,780.
c.A payment of $3,000 to a creditor was posted as a credit of $3,000 to Accounts Payable and a credit of $3,000 to Cash.

Accepted Answer

The answer of For each of the following errors,considered individually,indicate...

Question 19

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1,Erika Company purchased land for...

Question 20

In accordance with the debit and credit rules,which of the following is true?

Accepted Answer

A) Debits increase assets. 
B) Credits increase assets. 
C) Debits increase both assets and capital. 
D) Credits increase both assets and liabilities. 
A) Debits increase assets. 
B) Credits increase assets. 
C) Debits increase both assets and capital. 
D) Credits increase both assets and liabilities.

Selected accounts from the ledger of Garrison Company appear below.For each account,indicate the following:

In which of the following types of accounts are decreases recorded by debits?

Which side of the account increases the cash account?

Liabilities are debts owed by the business entity.

In which of the following types of accounts are increases recorded by credits?

If the two totals of a trial balance are not equal,it could be due to

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

The recording of cash receipts to the cash account will be done by debiting the account.

Which of the following is true about T accounts?

The unearned revenue account is an example of a liability.

Which of the following accounts are debited to record increases?

The gross increases in owner's equity attributable to business activities are called

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

Expenses follow the same debit and credit rules as

Journalize the five transactions for Mirmax Rentals described below.

Expense accounts are increased by credits.

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

In accordance with the debit and credit rules,which of the following is true?

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

Selected accounts from the ledger of Garrison Company appear below.For each account,indicate the following:

In which of the following types of accounts are decreases recorded by debits?

Which side of the account increases the cash account?

Liabilities are debts owed by the business entity.

In which of the following types of accounts are increases recorded by credits?

If the two totals of a trial balance are not equal,it could be due to

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

The recording of cash receipts to the cash account will be done by debiting the account.

Which of the following is true about T accounts?

The unearned revenue account is an example of a liability.

Which of the following accounts are debited to record increases?

The gross increases in owner's equity attributable to business activities are called

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

Expenses follow the same debit and credit rules as

Journalize the five transactions for Mirmax Rentals described below.

Expense accounts are increased by credits.

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

In accordance with the debit and credit rules,which of the following is true?

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

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

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