Question 1

The error that occurs when the number $916 is written as $961 is called a(n)________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 2

Debit entries increase asset, drawing, expense and liability accounts.

Accepted Answer

A) True 
 B)False

Question 3

The Net Income appears as a separate line item on what two statements?

Accepted Answer

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

Question 4

Conway Copy Shop is owned and operated by Gerald Conway. The shop's accounts are presented below. Review the transactions presented and determine the appropriate debits and credits to the affected accounts.

Cash
Accounts  Receivable
 Office Supplies
 Prepaid Rent
Copier Equipment 
Accounts Payable
G. Conway, Capital
G. Conway, Drawing 
Fees Income
Rent Expense 
Utilities Expense 
Salaries Expense

-Paid cash for office supplies for $320

Accepted Answer

The answer of Conway Copy Shop is owned and operated...

Question 5

Conway Copy Shop is owned and operated by Gerald Conway. The shop's accounts are presented below. Review the transactions presented and determine the appropriate debits and credits to the affected accounts.

Cash
Accounts  Receivable
 Office Supplies
 Prepaid Rent
Copier Equipment 
Accounts Payable
G. Conway, Capital
G. Conway, Drawing 
Fees Income
Rent Expense 
Utilities Expense 
Salaries Expense

-Gerald Conway makes an additional investment of $3,000 in cash to his business

Accepted Answer

The answer of Conway Copy Shop is owned and operated...

Question 6

Credits are used to record:

Accepted Answer

A) decreases in liabilities and increases in assets and owner's equity. 
B) decreases in assets and owner's equity and increases in liabilities. 
C) increases in liabilities and revenues. 
D) increases in assets, liabilities, and owner's equity.

Question 7

The following information should be used for questions 
Cash
Accounts  Receivable
 Office Equipment
 Office Supplies 
Accounts Payable 
Brandon Phipps, Capital
Brandon Phipps, Drawing 
Fees Income
Rent Expense 
Salaries Expense 
Utilities Expense

For each of the following transactions determine the accounts to be debited and credited.
-Performed services for cash

Accepted Answer

The answer of The following information should be used for...

Question 8

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

Accepted Answer

A) balance sheet, statement of owner's equity, income statement 
B) income statement, balance sheet, statement of owner's equity 
C) statement of owner's equity, income statement, balance sheet 
D) income statement, statement of owner's equity, balance sheet

Question 9

Which of the following transactions increase owner's equity?

Accepted Answer

A) owner withdrawals for personal use 
B) receiving cash from customers on account 
C) earning revenue 
D) paying expenses

Question 10

A business purchases supplies on account. The entry to record this transaction is:

Accepted Answer

A) Debit to Supplies; Credit Accounts Receivable 
B) Debit Supplies; Credit Accounts Payable 
C) Debit Supplies; Credit to Cash 
D) Debit to Cash; Credit Supplies

Question 11

The following information should be used for questions 
Cash
Accounts  Receivable
 Office Equipment
 Office Supplies 
Accounts Payable 
Brandon Phipps, Capital
Brandon Phipps, Drawing 
Fees Income
Rent Expense 
Salaries Expense 
Utilities Expense

For each of the following transactions determine the accounts to be debited and credited.
-Received a credit for damaged office equipment that was returned

Accepted Answer

The answer of The following information should be used for...

Question 12

Select the entry below to record the payment to employees for work performed during the pay period?

Accepted Answer

A) debit Cash, and credit Accounts Receivable 
B) debit Salary Expense and credit Cash 
C) debit Salary Expense and credit Accounts Receivable 
D) debit Cash and credit Salary Expense

Question 13

A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:

Accepted Answer

A) Debiting Utilities Expense; Crediting Cash 
B) Debiting Utilities Expense; Crediting Accounts Receivable 
C) Debiting Utilities Expense; Crediting Accounts Payable 
D) Debiting Accounts Payable; Crediting Utilities Expense

Question 14

The classification and normal balance of the accounts receivable account is:

Accepted Answer

A) an asset with a debit balance. 
B) a revenue with a debit balance. 
C) a liability with a debit balance. 
D) an asset with a credit balance.

Question 15

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 November's 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 16

A business earns $4,000 from various charge account clients. To record this transaction, the business would:

Accepted Answer

A) Debit Accounts Receivable; Credit Fees Income 
B) Debit Cash; Credit Accounts Receivable 
C) Debit Accounts Payable; Credit Fees Income 
D) Debit Accounts Receivable; Credit Cash

Question 17

Conway Copy Shop is owned and operated by Gerald Conway. The shop's accounts are presented below. Review the transactions presented and determine the appropriate debits and credits to the affected accounts.

Cash
Accounts  Receivable
 Office Supplies
 Prepaid Rent
Copier Equipment 
Accounts Payable
G. Conway, Capital
G. Conway, Drawing 
Fees Income
Rent Expense 
Utilities Expense 
Salaries Expense

-Paid $6,000 in cash for the next six months' rent

Accepted Answer

The answer of Conway Copy Shop is owned and operated...

Question 18

Financial statements are prepared after the trial balance is prepared.

Accepted Answer

A) True 
 B)False

Question 19

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 trial balance 
D) the balance sheet

Question 20

A business pays a creditor on account. The entry to record this transaction is:

Accepted Answer

A) Debit Cash; Credit Accounts Payable 
B) Debit Accounts Receivable; Credit to Cash 
C) Debit Accounts Receivable; Credit Accounts Payable 
D) Debit Accounts Payable; Credit Cash

Exam 3: Analyzing Business Transactions Using T Accounts

The error that occurs when the number $916 is written as $961 is called a(n)________ error.

Debit entries increase asset, drawing, expense and liability accounts.

The Net Income appears as a separate line item on what two statements?

Credits are used to record:

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

Which of the following transactions increase owner's equity?

A business purchases supplies on account. The entry to record this transaction is:

Select the entry below to record the payment to employees for work performed during the pay period?

A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:

The classification and normal balance of the accounts receivable account is:

A business earns $4,000 from various charge account clients. To record this transaction, the business would:

Financial statements are prepared after the trial balance is prepared.

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

A business pays a creditor on account. The entry to record this transaction is: