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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 31

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

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Question 32

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An account whose balance is transferred to the capital account at the end of an accounting period is a temporary account.

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Question 33

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The current system of accounting is called the double-entry system because a debit to one account is balanced by a credit to another account.

A business performed $8,000 of services. Their customer paid $3,000 of the amount right away but Charged the remaining amount. To record this transaction, the business would:

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

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below. -Using the information given for Rya's Planning Services, create an Income Statement, Statement of Owner's Equity, and Balance Sheet for January 2019.

An entry on the right side of an account is called a(n)____________ .

Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

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 on credit

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 -Issued a check for $3,400 to pay salaries

Which of the following types of accounts normally have debit balances?

Which of the following accounts have normal credit balances?

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 -Purchased copier equipment for $9,200 on account

The T account balances for the accounts of Rya's Planning Services as of January 31, 2019 are listed below. -Using the information given for Rya's Planning Services, create a Trial Balance as of January 31, 2019.

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. -Purchased office equipment on credit

Credits increase Liabilities, Owner's Equity, and Revenue.

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. -Issued checks to pay salaries

The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances as of December 1, 2019 on the normal balance side of the accounts. The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts. a. Paid $2,100 for one month's rent b. Collected $4,500 in cash from credit customers c. Performed services for $8,300 in cash d. Paid $5,300 for salaries e. Issued a check for $2,750 to a creditor f. Performed services for $11,650 on credit g. Purchased office equipment for $3,200 on credit h. The owner withdrew $2,800 in cash for personal expenses i. Issued a check for $925 to pay the monthly utility bill Determine the account balances after the transactions have been recorded Prepare a trial balance as of December 31, 2019.

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 -Received $2,200 in cash for copy services

A small pencil figure written at the base of an amount column showing the sum of the entries in the column is called a ________.