Exam 3: Recording Transactions

Ignoring GST, which of the following entries correctly records the purchase of land for $300 000 financed by a $100 000 cash deposit with the balance payable via a 20-year, 6% loan?

There are three basic types of balance sheet accounts. They are:

The transactions below are from the records of Cornerstone Framing. The internal transaction is:

Select the account types for these items: $\bullet$ Fixtures and fittings $\bullet$ Accounts payable $\bullet$ Drawings $\bullet$ Sales

The source document for a credit sale is a:

Charming Pete requires his customers to pay for their orders two weeks before shipping the goods. Pete will record the cash receipts as:

The payroll officer recorded wages for the month as a debit to the Sales account rather Than as a debit to wages expense. This error will result in:

A trial balance is prepared to:

Johanna's Hair Studio paid $300 for advertising during the month using Cheque No. 100558. Ignore GST. Which of the following reflects the effect on the accounting equation?

A chart of accounts is a:

A two-year insurance policy paid for on l July would initially be recorded in an asset account called:

A credit entry will:

A party to whom the entity owes money for the provision of goods or services is called a:

The correct accounting entry to record the payment of a liability is:

A __________________ provides a complete record, in one place, of each transaction in date order.

Which statement relating to the general journal is incorrect?

Which statement relating to a trial balance is incorrect?

The source document for a cash sale could be a:

Which of the following statements is correct?

A chronological record of all the transactions of an entity is provided in the: