Question 1

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Accepted Answer

A)  Liabilities and expenses.
B)  Assets and revenues.
C)  Revenues and expenses.
D)  Revenues and liabilities.
E)  Dividends and liabilities.F) A) and B)
G) All of the above

Question 2

Larry Matt completed these transactions during December of the current year:
  Prepare general journal entries to record these transactions.

Accepted Answer

The answer of Larry Matt completed these transactions during December...

Question 3

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Accepted Answer

A) True 
 B)False

Question 4

A debit is used to record an increase in all of the following accounts except:

Accepted Answer

A)  Supplies
B)  Cash
C)  Accounts Payable
D)  Dividends
E)  Prepaid InsuranceF) A) and B)
G) A) and C)

Question 5

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

Accepted Answer

A)  Debit Accounts Receivable,$1,800; credit Unearned Legal Fees Revenue,$1,800.
B)  Debit Cash,$1,800; credit Unearned Legal Fees Revenue,$1,800.
C)  Debit Legal Fees Revenue,$1,800; credit Accounts Receivable,$1,800.
D)  Debit Accounts Receivable,$1,800; credit Legal Fees Revenue,$1,800.
E)  Debit Cash,$1,800; credit Accounts Receivable,$1,800.F) All of the above
G) A) and B)

Question 6

The following trial balance is prepared from the general ledger of HG's Auto Maintenance.
  Because the trial balance did not balance,you decided to examine the accounting records.You found that the following errors had been made:
1.A purchase of supplies on account for $245 was posted as a debit to Supplies and as a debit to Accounts Payable.
2.An investment of $500 cash by a stockholder was debited to Common Stock and credited to Cash.
3.In computing the balance of the Accounts Receivable account,a debit of $600 was omitted from the computation.
4.One debit of $300 to the Dividends account was posted as a credit.
5.Office equipment purchased for $800 was posted to the Shop Equipment account.
6.One entire entry was not posted to the general ledger.The transaction involved the receipt of $125 cash for repair services performed for cash.
Prepare a corrected trial balance for the HG's Auto Maintenance as of October 31.

Accepted Answer

a.Cash: Balance $1,975 + $1,000 (2) + 1...

Question 7

A company's ledger is:

Accepted Answer

A)  A record containing increases and decreases in a specific asset,liability,equity,revenue,or expense item.
B)  A journal in which transactions are first recorded.
C)  A collection of documents that describe transactions and events entering the accounting process.
D)  A list of all identification numbers used by the company.
E)  A record containing all accounts and their balances used by the company.F) A) and D)
G) A) and E)

Question 8

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Accepted Answer

A)  Debit Office supplies expense,$500; credit Cash,$500.
B)  Debit Cash,$500; credit Office supplies,$500.
C)  Debit Office supplies,$500; credit Cash,$500.
D)  Debit Office supplies,$500; credit Accounts payable,$500.
E)  Debit Accounts payable,$500; credit Office supplies,$500.F) A) and D)
G) A) and E)

Question 9

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

Accepted Answer

A) True 
 B)False

Question 10

Assets would be increased with a ________ entry and liabilities would be increased with a________ entry.

Accepted Answer

The answer of Assets would be increased with a ________...

Question 11

Identify the item below that would cause the trial balance to not balance?

Accepted Answer

A)  A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.
B)  The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and $2,350 credit to Accounts Payable.
C)  A $50 cash receipt for the performance of a service was not recorded at all.
D)  The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.
E)  The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.F) C) and D)
G) C) and E)

Exam 2: Accounting for Business Transactions

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Correct Answer
verified

Assets would be increased with a entry and liabilities would be increased with a entry.

Correct Answer
verified

Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions.

Correct Answer
verified

Correct Answer
verified

a.Cash: Balance $1,975 + $1,000 (2) + 1...
View Answer

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Correct Answer
verified

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

Correct Answer
verified

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Correct Answer
verified

Identify the item below that would cause the trial balance to not balance?

Correct Answer
verified

A debit is used to record an increase in all of the following accounts except:

Correct Answer
verified

A company's ledger is:

Correct Answer
verified

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

Correct Answer
verified

Exam 2: Accounting for Business Transactions

Identify the accounts that would normally have balances in the credit column of a business's trial balance

Correct AnswerverifiedShow Answer

Assets would be increased with a ________ entry and liabilities would be increased with a________ entry.

Correct AnswerverifiedShow Answer

Larry Matt completed these transactions during December of the current year: Prepare general journal entries to record these transactions.

Correct AnswerverifiedShow Answer

Correct Answerverifieda.Cash: Balance $1,975 + $1,000 (2) + 1...View AnswerShow Answer

Green Cleaning purchased $500 of office supplies on credit.The company's policy is to initially record prepaid and unearned items in balance sheet accounts.Which of the following general journal entries will Green Cleaning make to record this transaction?

Correct AnswerverifiedShow Answer

When a company bills a customer for $700 for services performed,the journal entry to record this transaction will include a $700 debit to Services Revenue.

Correct AnswerverifiedShow Answer

Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Correct AnswerverifiedShow Answer

Identify the item below that would cause the trial balance to not balance?

Correct AnswerverifiedShow Answer

A debit is used to record an increase in all of the following accounts except:

Correct AnswerverifiedShow Answer

A company's ledger is:

Correct AnswerverifiedShow Answer

A law firm billed a client $1,800 for work performed in the current month.Which of the following general journal entries will the firm make to record this transaction?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Assets would be increased with a entry and liabilities would be increased with a entry.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

a.Cash: Balance $1,975 + $1,000 (2) + 1...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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