FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 2: Analyzing Transactions

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Multiple Choice

Review LaterAdd Note

Review Later

Of the following,which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger?

A) chart of accounts
B) income statement
C) trial balance
D) horizontal analysis

E) None of the above
F) B) and C)

Correct Answer

verified

Show Answer

Question 82

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following describes the classification and normal balance of the fees earned account?

A) asset,credit
B) liability,credit
C) stockholders' equity,debit
D) revenue,credit

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

Correct Answer

verified

Show Answer

Question 83

Essay

Review LaterAdd Note

On August 30,JumpStart incurred the following expenses: Payment to the landlord for August rent,$2,300 Payment to the Gas & Electric Company for August's bill,$525 Payment of employee wages for the last half of August,$1,750 Payment of shopping center's parking lot cleaning fee,$275 ​ Journalize these payments as one journal entry.

The process of transferring the debits and credits from the journal entries to the accounts is called

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice. (a)Provide the journal entry for the purchase on account.​ (b)Provide the journal entry for the payment of the invoice.

Normal account balances are on the increase side of the accounts.

On November 30,the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation.Write your answers in the space provided under the accounting equation.You need an identification code for each element of the accounting equation.An example is given before the first transaction. ​ ​

Accounts are records of increases and decreases in individual accounting equation elements.

Which of the following stockholders' equity accounts follows the same debit and credit rules as liabilities?

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Office supplies purchased by Janer's Cleaning Service on account were returned.The office supplies had not yet been paid for.Which of the following entries for Janer's Cleaning Service records this transaction?

Which of the following applications of the rules of debit and credit is true?

The Unearned Revenues account is an example of a liability.

Which group of accounts is composed of only assets?

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

The order of the flow of accounting data is (1)record in the ledger,(2)record in the journal,(3)prepare the financial statements.

A credit may signify a

Randomly listed below are the steps for preparing a trial balance: ​ What is the proper order of these steps?