Question 1

When equipment is purchased for cash, the cash account is credited and the ________ account is debited.

Accepted Answer

The answer of When equipment is purchased for cash, the...

Question 2

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Accepted Answer

A)  Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000
B)  Debit Equipment $5,500; Credit Accounts Payable $5,500
C)  Debit Equipment $4,000; Credit Accounts Payable $4,000
D)  Debit Equipment $1,500; Credit Cash $1,500E) A) and B)
F) A) and C)

Question 3

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Accepted Answer

A)  is $52,950 and would be recorded on the right side of the account.
B)  is $20,450 and would be recorded on the left side of the account.
C)  is $52,950 and would be recorded on the left side of the account.
D)  is $20,450 and would be recorded on the right side of the account.E) C) and D)
F) None of the above

Question 4

When recording transactions in the T-accounts, the debits should equal the credits:

Accepted Answer

A)  Always.
B)  Sometimes.
C)  Never.
D)  Only for asset accounts.E) A) and B)
F) C) and D)

Question 5

Rent Revenue is increased by ________ the account.

Accepted Answer

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

Question 6

Increases in assets and revenue are both recorded with debits.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following does NOT describe a transposition?

Accepted Answer

A)  It is an error.
B)  It causes the difference between the debit total and the credit total to be divisible by 2.
C)  It involves misplaced digits in a number.
D)  It causes the trial balance to be out of balance.E) None of the above
F) A) and D)

Question 8

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, prepare a trial balance for Paw Prints Pet Sitters at November 30, 2019.

Accepted Answer

PAW PRINTS PET SITTE...

Question 9

Debits are used to record:

Accepted Answer

A)  increases in assets.
B)  increases in liabilities.
C)  increases in revenue.
D)  decreases in expenses.E) None of the above
F) B) and C)

Question 10

If a trial balance is not in balance (the Debit and Credit columns are not equal) , a logical first step is to

Accepted Answer

A)  check each account balance in the general ledger to the trial balance number.
B)  divide the difference by either 9 or 2.
C)  check the addition of each column.
D)  check each account balance calculation.E) A) and B)
F) A) and C)

Question 11

An entry on the left side of an account is called a(n)________.

Accepted Answer

The answer of An entry on the left side of...

Question 12

Increases in the owner's drawing account are recorded with debits.

Accepted Answer

A) True 
 B)False

Question 13

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 a check to a creditor

Accepted Answer

Debit Acco...

Question 14

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 Salary Expense
B)  debit Salary Expense and credit Cash
C)  debit Ty Knott, Drawing, and credit Cash.
D)  debit Cash and credit Ty Knott, CapitalE) B) and D)
F) A) and C)

Question 15

Increases in owner's equity are recorded with credits.

Accepted Answer

A) True 
 B)False

Question 16

An account with a balance that carries over from one accounting period to another is a nominal account.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  Income Statement
B)  Statement of owner's equity and balance sheet
C)  Only on the Statement of owner's equity
D)  Statement of owner's equity and income statementE) A) and B)
F) B) and C)

Question 18

Debits are used to record increases in:

Accepted Answer

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

Question 19

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Accepted Answer

A)  9 
B)  5 
C)  3 
D)  2 E) A) and B)
F) None of the above

Question 20

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

Accepted Answer

A)  credit Cash and credit Accounts Payable.
B)  debit Accounts Payable and credit Cash.
C)  debit Accounts Receivable and credit Cash.
D)  debit Cash and credit Accounts Payable.E) B) and C)
F) All of the above

Exam 3: Analyzing Business Transactions Using T Accounts

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Correct Answer
verified

Increases in the owner's drawing account are recorded with debits.

Correct Answer
verified

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Correct Answer
verified

Rent Revenue is increased by ________ the account.

Correct Answer
verified

Correct Answer
verified
PAW PRINTS PET SITTE...
View Answer

Debits are used to record:

Correct Answer
verified

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

Correct Answer
verified

Debits are used to record increases in:

Correct Answer
verified

If a trial balance is not in balance (the Debit and Credit columns are not equal) , a logical first step is to

Correct Answer
verified

Correct Answer
verified
Debit Acco...
View Answer

An entry on the left side of an account is called a(n)________.

Correct Answer
verified

Increases in assets and revenue are both recorded with debits.

Correct Answer
verified

When equipment is purchased for cash, the cash account is credited and the ________ account is debited.

Correct Answer
verified

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

Correct Answer
verified

Which of the following does NOT describe a transposition?

Correct Answer
verified

When recording transactions in the T-accounts, the debits should equal the credits:

Correct Answer
verified

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

Correct Answer
verified

Increases in owner's equity are recorded with credits.

Correct Answer
verified

An account with a balance that carries over from one accounting period to another is a nominal account.

Correct Answer
verified

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Correct Answer
verified

Exam 3: Analyzing Business Transactions Using T Accounts

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Correct AnswerverifiedShow Answer

Increases in the owner's drawing account are recorded with debits.

Correct AnswerverifiedShow Answer

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Correct AnswerverifiedShow Answer

Rent Revenue is increased by ________ the account.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedPAW PRINTS PET SITTE...View AnswerShow Answer

Debits are used to record:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Debits are used to record increases in:

Correct AnswerverifiedShow Answer

If a trial balance is not in balance (the Debit and Credit columns are not equal) , a logical first step is to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedDebit Acco...View AnswerShow Answer

An entry on the left side of an account is called a(n)________.

Correct AnswerverifiedShow Answer

Increases in assets and revenue are both recorded with debits.

Correct AnswerverifiedShow Answer

When equipment is purchased for cash, the cash account is credited and the ________ account is debited.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following does NOT describe a transposition?

Correct AnswerverifiedShow Answer

When recording transactions in the T-accounts, the debits should equal the credits:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Increases in owner's equity are recorded with credits.

Correct AnswerverifiedShow Answer

An account with a balance that carries over from one accounting period to another is a nominal account.

Correct AnswerverifiedShow Answer

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Correct AnswerverifiedShow Answer

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PAW PRINTS PET SITTE...
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Debit Acco...
View Answer

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