Question 1

The difference between the debit and credit side of an account is called the account ___________________.

Accepted Answer

The answer of The difference between the debit and credit...

Question 2

Read each of the following transactions.Determine the accounts to be debited and credited.
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps,Capital
Brandon Phipps,Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense
Received cash from credit customers

Accepted Answer

The answer of Read each of the following transactions.Determine the...

Question 3

The normal balance of an account is the

Accepted Answer

A)  increase side of the account. 
B)  decrease side of the account. 
C)  the left side of the account. 
D)  the right side of the account.

Question 4

Another name for permanent accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 5

An accounting system that involves recording the effects of each transaction as debits and credits is

Accepted Answer

A)  completing one T account. 
B)  the double-entry system. 
C)  preparing financial statements. 
D)  analyzing a business transaction.

Question 6

The increase side of an account represents the ____________________ balance of the account.

Accepted Answer

The answer of The increase side of an account represents...

Question 7

A business transaction affects at least two accounts.

Accepted Answer

A) True 
 B)False

Question 8

Debits are used to record

Accepted Answer

A)  increases in assets. 
B)  increases in revenue. 
C)  increases in owner's equity. 
D)  increases in liabilities.

Question 9

Rent Revenue is increased by _________________ the account.

Accepted Answer

The answer of Rent Revenue is increased by _________________ the...

Question 10

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.  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,set up T accounts for all accounts.Determine the balance for each account after all transactions have been recorded.

Accepted Answer

The answer of The accounts and balances for Paw Prints...

Question 11

When preparing the trial balance,the total debits should equal the total credits.

Accepted Answer

A) True 
 B)False

Question 12

The Net Income amount from the Income Statement is transferred to which of the following statements?

Accepted Answer

A)  the profit and loss statement 
B)  the statement of owner's equity 
C)  the balance sheet 
D)  the trial balance

Question 13

Revenue and expense accounts are called nominal or ____________________ accounts.

Accepted Answer

The answer of Revenue and expense accounts are called nominal...

Question 14

Read each of the following transactions.Determine the accounts to be debited and credited.
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps,Capital
Brandon Phipps,Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense
Received a credit for damaged office equipment that was returned

Accepted Answer

The answer of Read each of the following transactions.Determine the...

Question 15

The balances for the accounts listed below appear in the trial balance of Bubbles,Inc.Identify whether each balance would appear on the Income Statement (IS),the Balance Sheet (BS)or the Statement of Owner's Equity (OE),by entering the appropriate letters in the spaces below.(There is only one correct answer for each)

Accepted Answer

The answer of The balances for the accounts listed below...

Question 16

Increases in assets and revenue are both recorded with debits.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following entries records the withdrawal of cash for personal use by Ty Knott,the owner of a business?

Accepted Answer

A)  debit Cash and credit Ty Knott,Capital 
B)  debit Cash and credit Salary Expense 
C)  debit Salary Expense and credit Cash 
D)  debit Ty Knott,Drawing,and credit Cash

Question 18

Read each of the following transactions.Determine the accounts to be debited and credited.
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps,Capital
Brandon Phipps,Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense
Performed services for cash

Accepted Answer

The answer of Read each of the following transactions.Determine the...

Question 19

Which of the following accounts is not a permanent account?

Accepted Answer

A)  Cash 
B)  Accounts Payable 
C)  Salaries Expense 
D)  Thomas Bernard,Capital

Question 20

A decrease in a liability is recorded on the ____________________ side of the account.

Accepted Answer

The answer of A decrease in a liability is recorded...

Exam 3: Analyzing Business Transactions Using T Accounts

The difference between the debit and credit side of an account is called the account ___________________.

The normal balance of an account is the

Another name for permanent accounts is real accounts.

An accounting system that involves recording the effects of each transaction as debits and credits is

The increase side of an account represents the ____________________ balance of the account.

A business transaction affects at least two accounts.

Debits are used to record

Rent Revenue is increased by _________________ the account.

When preparing the trial balance,the total debits should equal the total credits.

The Net Income amount from the Income Statement is transferred to which of the following statements?

Revenue and expense accounts are called nominal or ____________________ accounts.

Increases in assets and revenue are both recorded with debits.

Which of the following entries records the withdrawal of cash for personal use by Ty Knott,the owner of a business?

Read each of the following transactions.Determine the accounts to be debited and credited. Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps,Capital Brandon Phipps,Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Performed services for cash

Which of the following accounts is not a permanent account?

A decrease in a liability is recorded on the ____________________ side of the account.