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If insurance coverage for the next two years is paid for in advance,the amount of the payment is debited to an asset account called Prepaid Insurance.

A) True
B) False

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The issuance of common stock always decrease equity.

A) True
B) False

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A debit entry always increases an account.

A) True
B) False

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A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction.


A) A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction. A) B) C) D) E)
B) A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction. A) B) C) D) E)
C) A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction. A) B) C) D) E)
D) A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction. A) B) C) D) E)
E) A company provided $12,000 of consulting services and was immediately paid in cash by the customer.Identify the journal entry below that properly records this transaction. A) B) C) D) E)

F) A) and B)
G) B) and D)

Correct Answer

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The detail of individual revenue and expense accounts is reported on the balance sheet.

A) True
B) False

Correct Answer

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Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction?


A) Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction? A) B) C) D) E)
B) Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction? A) B) C) D) E)
C) Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction? A) B) C) D) E)
D) Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction? A) B) C) D) E)
E) Jay's Limo Services paid $300 cash to employees for work performed in the current period.Which of the following general journal entries will Jay's Limo Services make to record this transaction? A) B) C) D) E)

F) A) and D)
G) All of the above

Correct Answer

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Revenues always increase equity.

A) True
B) False

Correct Answer

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On May 31,the Cash account of Tesla had a normal balance of $5,000.During May,the account was debited for a total of $12,200 and credited for a total of $11,500.What was the balance in the Cash account at the beginning of May?


A) A $0 balance.
B) A $4,300 debit balance.
C) A $4,300 credit balance.
D) A $5,700 debit balance.
E) A $5,700 credit balance.

F) A) and B)
G) B) and E)

Correct Answer

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Dividends paid to stockholders are not reported on a business's income statement.

A) True
B) False

Correct Answer

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Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction?


A) Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction? A) B) C) D) E)
B) Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction? A) B) C) D) E)
C) Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction? A) B) C) D) E)
D) Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction? A) B) C) D) E)
E) Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided.Which of the following general journal entries will Adriana Graphic Design make to record this transaction? A) B) C) D) E)

F) All of the above
G) B) and D)

Correct Answer

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For each of the following accounts,(1)identify the account as an asset,liability,equity,revenue,or expense,and (2)indicate the normal balance of the account. For each of the following accounts,(1)identify the account as an asset,liability,equity,revenue,or expense,and (2)indicate the normal balance of the account.

Correct Answer

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Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.


A) Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. A) B) C) D) E)
B) Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. A) B) C) D) E)
C) Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. A) B) C) D) E)
D) Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. A) B) C) D) E)
E) Alejandro Consulting paid $2,500 cash for a 5-month insurance policy that begins on March 1.Given the choices below,determine the general journal entry that Alejandro Consulting will make to record the cash payment.Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. A) B) C) D) E)

F) A) and C)
G) A) and B)

Correct Answer

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The debt ratio is calculated by dividing total assets by total liabilities.

A) True
B) False

Correct Answer

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The posting process is the link between the ________ and the ________.

Correct Answer

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Unearned revenue is a liability that is settled in the future when a company delivers its products or services.

A) True
B) False

Correct Answer

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Posting is the transfer of journal entry information to the ledger.

A) True
B) False

Correct Answer

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


A) Assets and expenses.
B) Assets and revenues.
C) Revenues and expenses.
D) Liabilities and expenses.
E) Liabilities and dividends.

F) B) and D)
G) A) and C)

Correct Answer

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A record of the increases and decreases in a specific asset,liability,equity,revenue,or expense is known as a(n) :


A) Journal.
B) Posting.
C) Trial balance.
D) Account.
E) Chart of accounts.

F) B) and E)
G) All of the above

Correct Answer

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The ________ is found by determining the difference between total debits and total credits for an account,including any beginning balance.

Correct Answer

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A business's source documents:


A) Include the ledger.
B) Provide objective evidence that a transaction has taken place.
C) Must be in electronic form.
D) Are records of all increases and decreases in specific asset.
E) Include the chart of accounts.

F) All of the above
G) D) and E)

Correct Answer

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Showing 161 - 180 of 251

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