Question 1

Posting a transaction twice will cause the trial balance totals to be equal.

Accepted Answer

A) True 
 B)False

Question 2

On November 10th, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600.00 in cash and put the balance on account.
(a) Journalize this event.
(b) On November 20th, JumpStart Co. clients paid an additional $900 on their accounts due. Journalize this event.
(c) Calculate the amount of accounts receivable on November 30th.

Accepted Answer

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Question 3

Accounts in the ledger are usually maintained in alphabetical order.

Accepted Answer

A) True 
 B)False

Question 4

Joshua Scott invests $40,000 into his new business. How would the journal entry for this transaction be entered in the journal?
$$\begin{array} { l c c} 
\text { A. Cash } & 40,000 \
\quad \text { Joshua Scott, Capital } & &40,000 \
\quad \text { Invested cash in business } & \
\text { B. Cash } & 40,000 \
\text { Joshua Scott, Capital } && 40,000 \
\quad \text { Invested cash in business } & \
\text { C. Joshua Scott, Capital } & 40,000 \
\quad \text { Cash } & &40,000 \
\quad \text { Invested cash in business } & \
\text { D. Joshua Scott, Loan } & 40,000 \
\text { Cash } && 40,000 \
\quad \text { Invested cash in business } &
\end{array}$$

Accepted Answer

The answer of Joshua Scott invests $40,000 into his new...

Question 5

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.
Journal entries:
         Required: If 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 th

Question 6

Answer the following questions for each of the errors listed below, considered individually:
  Present your answers in columnar form, using the following headings:
   Errors:

Accepted Answer

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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

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

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Question 9

Once journal entries are posted to accounts, each account will show a new balance after each entry.

Accepted Answer

A) True 
 B)False

Question 10

Which are the parts of the T account?

Accepted Answer

A)  title, date, total 
B)  date, debit side, credit side 
C)  title, debit side, credit side 
D)  title, debit side, total 
A)  title, date, total 
B)  date, debit side, credit side 
C)  title, debit side, credit side 
D)  title, debit side, total

Question 11

Which of the following entries records the receipt of cash from patients on account?

Accepted Answer

A)  Accounts Payable, debit; Fees Earned, credit 
B)  Accounts Receivable, debit; Fees Earned, credit 
C)  Accounts Receivable, debit; Cash, credit 
D)  Cash, debit; Accounts Receivable, credit 
A)  Accounts Payable, debit; Fees Earned, credit 
B)  Accounts Receivable, debit; Fees Earned, credit 
C)  Accounts Receivable, debit; Cash, credit 
D)  Cash, debit; Accounts Receivable, credit

Question 12

A patient has a physical examination and asks the bookkeeper to mail the bill. The bookkeeper should

Accepted Answer

A)  make no entry until the cash is received 
B)  Cash, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit 
A)  make no entry until the cash is received 
B)  Cash, debit; Accounts Receivable, credit 
C)  Cash, debit; Fees Earned, credit 
D)  Accounts Receivable, debit; Fees Earned, credit

Question 13

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

Accepted Answer

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Question 14

Transactions are initially entered into a record called a journal.

Accepted Answer

A) True 
 B)False

Question 15

Accepted Answer

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Question 16

Prepaid expenses are an example of an expense.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

$\begin{array}{|l|l|l|l|l|l|}
\hline \text { March } & 6 & \text { Cash } & & 2,500 & \
\hline && \text { Uneamed Fees } & & &2,500 \
\hline & &\text { ?????????? } & & & \
\hline\\hline
\end{array}$ What is the best explanation for this journal entry?

Accepted Answer

A)  Received cash for services performed 
B)  Received cash for services to be performed in the future. 
C)  Paid cash in advance for services to be done. 
D)  Paid cash for services to be performed. 
A)  Received cash for services performed 
B)  Received cash for services to be performed in the future. 
C)  Paid cash in advance for services to be done. 
D)  Paid cash for services to be performed.

Question 19

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

Accepted Answer

A) True 
 B)False

Question 20

The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

Accepted Answer

A chart of accounts is set-up

Posting a transaction twice will cause the trial balance totals to be equal.

Accounts in the ledger are usually maintained in alphabetical order.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

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

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.

Once journal entries are posted to accounts, each account will show a new balance after each entry.

Which are the parts of the T account?

Which of the following entries records the receipt of cash from patients on account?

A patient has a physical examination and asks the bookkeeper to mail the bill. The bookkeeper should

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

Transactions are initially entered into a record called a journal.

Prepaid expenses are an example of an expense.

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

March 6 Cash 2,500 Uneamed Fees 2,500 ?????????? What is the best explanation for this journal entry?

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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

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Exam 2: Analyzing Transactions

Posting a transaction twice will cause the trial balance totals to be equal.

Accounts in the ledger are usually maintained in alphabetical order.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

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

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.

Once journal entries are posted to accounts, each account will show a new balance after each entry.

Which are the parts of the T account?

Which of the following entries records the receipt of cash from patients on account?

A patient has a physical examination and asks the bookkeeper to mail the bill. The bookkeeper should

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

Transactions are initially entered into a record called a journal.

Prepaid expenses are an example of an expense.

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

March 6 Cash 2,500 Uneamed Fees 2,500 ?????????? What is the best explanation for this journal entry?

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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