Exam 3: Analyzing Business Transactions Using T Accounts

A firm paid cash to apply against a debt. To record this transaction, the accountant would

Debits are used to record

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by

The account balances from the December 31, 2013, trial balance for Haman Accounting Services are shown below. Prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended December 31, 2013.

The T account balances for the accounts of Rya's Planning Services as of January 31, 2013 are listed below. Cash \ 21,500 Accounts Receivable 17,500 Office Supplies 500 Equipment 15,000 Accounts Payable 9,750 Rya Page, Capital 28,200 Rya Page, Drawing 5,000 Planning Fees Income 26,250 Office Supplies Expense 200 Rent Expense 800 Salaries Expense 3,000 Utilities Expense 700 -Using the information given for Rya's Planning Services, create a Trial Balance as of January 31, 2013.

Which of the following represents the proper sequence for preparing the financial statements.

An entry on the left side of an account is called a(n) ____________________.

Which of the following does NOT describe a transposition?

Which of the following would cause the Trial Balance to be out of balance?

Gerald Conway makes an additional investment of $2,800 in cash to his business

Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. Cash 19,450 Fees Income -0- Accounts Receivable 890 Rent Expense -0- Office Equipment 2,300 Utilities Expense -0- Supplies 250 Salaries Expense -0- Accounts Payable 1,400 Kelly Connor, Capital 21,490 Kelly Connor, Drawing -0- The following transactions occurred during the month of November. a. Collected $350 from credit customers b. Issued a check for $700 for rent c. Paid $1,900 for salaries d. The owner withdrew $500 in cash for personal expenses e. Issued a check for $200 to pay the monthly utility bill f. Received $2,845 in cash for services performed g. Purchased office equipment for $1,350 on credit -Using the information shown, prepare an income statement, statement of owner's equity, and balance sheet for Paw Prints Pet Sitters for the month ended November 30, 2013.

Revenue and expense accounts are called nominal or ____________________ accounts.

On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is $11,000 and Drawing for the year is $6,000, the ending capital amount would be

When equipment is purchased for cash, the accountant enters an amount on the left side of the ____________________ account.

The total of the figures on the left side of a Cash account is $25,800. The total of the figures on the right side is $14,100. The balance of this account

An increase in an expense results in an increase in owner's equity.

An account with a balance that carries over from one accounting period to another is a nominal account.

Rent Revenue is increased by _________________ the account.

Debits are used to record increases in