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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 41

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Debits are used to record increases in

A) assets and revenue.
B) revenue and owner's equity.
C) assets and expenses.
D) assets and liabilities.

E) None of the above
F) B) and D)

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Question 42

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The order in which financial statements are prepared is determined by the fact that information from one is needed to prepare the next.Which statement is prepared last? ____________________.

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Question 43

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Expense accounts are increased by ____________________ the accounts.

Which of the following accounts is NOT a nominal account?

The account used to record increases in owner's equity from the sale of goods or services is

Which of the following increase owner's equity?

Accountants use the term ____________________ when referring to the right side of an account.

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below.All accounts have normal balances. Dom's had the following transactions during the month of June. a.Paid rent for June,$1,000 b.Dominic Goggin withdrew $4,500 from the business for personal use c.Performed services for $4,000 in cash d.Performed services for $22,750 on credit e.Received $12,000 from credit customers on account f.Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month by check g.Paid the electric and phone bills by check for a total of $600 h.Paid creditors $6,000 on account i.Purchased $7,500 in supplies on account j.Paid $1,800 cash for advertising in the local newspaper in June Using the information shown,create Chart of Accounts numbers for the accounts given for Dom's Delivery Service.

A(n)____________________ account is used to record increases in owner's equity from the sale of goods or services.

When developing a chart of accounts,the highest block of numbers is assigned to asset accounts.

The ending capital balance appears on which of the following statement(s) ?

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

Select the entry below that records paying employees for work performed during the pay period?

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. Purchased copier equipment for $8,500 in cash

The "Net Income" or "Net Loss" is transferred from the income statement to the

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

A business purchases equipment costing $4,000.They pay $1,500 right away and charge the remaining amount.To record this transaction,the business would:

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

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,prepare an income statement,statement of owner's equity,and balance sheet for Paw Prints Pet Sitters for the month ended November 30,2016.

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.