Question 1

_______________ is the process of transferring journal entry information to the ledger.

Accepted Answer

The answer of _______________ is the process of transferring journal...

Question 2

For each of the following errors,indicate on the schedule the amount it will cause the trial balance to be out of balance and which trial balance column (i.e.,debit or credit)will have the larger total as a result of the error.
(a)A $100 debit to Cash was debited to the Cash account twice.
(b)A $1,900 credit to Sales was posted as a $190 credit.
(c)A $5,000 debit to Office Equipment was debited to Office Supplies.
(d)A $625 debit to Prepaid Insurance was posted as a $62.50 debit.
(e)A $520 debit to Supplies (purchased on account)was posted correctly,but the corresponding credit to Accounts Payable was not posted.

Accepted Answer

The answer of For each of the following errors,indicate on...

Question 3

Unearned revenues are:

Accepted Answer

A)  Revenues that have been earned and received. 
B)  Revenues that have been earned but not yet collected. 
C)  Liabilities created by advance cash payments from customers for products or services. 
D)  Recorded as an asset in the accounting records. 
E)  Increases to owners' equity. 
A)  Revenues that have been earned and received. 
B)  Revenues that have been earned but not yet collected. 
C)  Liabilities created by advance cash payments from customers for products or services. 
D)  Recorded as an asset in the accounting records. 
E)  Increases to owners' equity.

Question 4

On December 2,2015,the Tropic Company paid $400 for office supplies.Prepare the general journal entry to record this transaction.

Accepted Answer

The answer of On December 2,2015,the Tropic Company paid $400...

Question 5

The trial balance is a list of the accounts that have balances in the ledger.

Accepted Answer

A) True 
 B)False

Question 6

A record of all accounts used by a business is called a:

Accepted Answer

A)  Journal. 
B)  Book of original entry. 
C)  General Journal. 
D)  Trial balance. 
E)  Ledger. 
A)  Journal. 
B)  Book of original entry. 
C)  General Journal. 
D)  Trial balance. 
E)  Ledger.

Question 7

Which of the following statements is true?

Accepted Answer

A)  The trial balance is never used to prepare financial statements. 
B)  The trial balance is a list of all the accounts in the journal. 
C)  Another name for the trial balance is the "chart of accounts". 
D)  The trial balance is a list of the accounts in the general ledger. 
E)  A trial balance is only prepared at year end. 
A)  The trial balance is never used to prepare financial statements. 
B)  The trial balance is a list of all the accounts in the journal. 
C)  Another name for the trial balance is the "chart of accounts". 
D)  The trial balance is a list of the accounts in the general ledger. 
E)  A trial balance is only prepared at year end.

Question 8

In a double-entry accounting system,total debits must always equal total credits.

Accepted Answer

A) True 
 B)False

Question 9

Increases in liabilities are recorded as debits.

Accepted Answer

A) True 
 B)False

Question 10

All increases and decreases in cash are not necessarily recorded in the Cash account.

Accepted Answer

A) True 
 B)False

Question 11

Girard Cohen began a computer servicing business and during the month of October completed these transactions:
(a)Began business by investing cash,$12,000,and computer equipment with a fair value of $3,000.
(b)Paid rent for one year in advance,$6,000.
(c)Completed a computer servicing assignment and billed the client for $3,000.
(d)Paid the utilities bill for the month,$100.
(e)Wrote a $1,000 cheque on the business bank account for personal expenses.
Prepare journal entries to record the above transactions.Include a brief description for each entry.

Accepted Answer

The answer of Girard Cohen began a computer servicing business...

_______________ is the process of transferring journal entry information to the ledger.

Unearned revenues are:

On December 2,2015,the Tropic Company paid $400 for office supplies.Prepare the general journal entry to record this transaction.

The trial balance is a list of the accounts that have balances in the ledger.

A record of all accounts used by a business is called a:

Which of the following statements is true?

In a double-entry accounting system,total debits must always equal total credits.

Increases in liabilities are recorded as debits.

All increases and decreases in cash are not necessarily recorded in the Cash account.

Accounting in Business

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters

Exam 2: Analyzing and Reporting Transactions

_______________ is the process of transferring journal entry information to the ledger.

Unearned revenues are:

On December 2,2015,the Tropic Company paid $400 for office supplies.Prepare the general journal entry to record this transaction.

The trial balance is a list of the accounts that have balances in the ledger.

A record of all accounts used by a business is called a:

Which of the following statements is true?

In a double-entry accounting system,total debits must always equal total credits.

Increases in liabilities are recorded as debits.

All increases and decreases in cash are not necessarily recorded in the Cash account.

Accounting in Business

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters