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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 41

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

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Question 42

Multiple Choice

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

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

E) B) and C)
F) A) and D)

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Question 43

True/False

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

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

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.

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

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

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

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

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.

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

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

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

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

Which of the following transactions increase owner's equity?

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

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

Credits are used to record:

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