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Study Resources (Accounting)

31) A calendar year is A) any 12-month period that a business chooses for its accounting year. B) the 12-month period beginning with January. C) the period for when a interim financial statement would be completed. D) All of these answers are correct. 32) Interim statements are prepared to A) notify management of the company's current.
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26) Post the following transactions to the ledger of Jason Company. The partial chart of accounts of Jason Company is as follows: 111 Cash 121 Equipment 211 Accounts Payable 311 Jason, Capital GENERAL JOURNAL PAGE 1 Date Acct. Titles and Description PR Debit Credit April 1 Cash 14,000       Jason, Capital 14,000           Cash investment April 5 Equipment 3,000       Cash 1,000       Accounts Payable 2,000            Purchased equipment CashAccount 111 Date Explanation PR Debit Credit Dr/Cr Balance EquipmentAccount 121 Date Explanation PR Debit Credit Dr/Cr Balance Accounts PayableAccount 211 Date Explanation PR Debit Credit Dr/Cr Balance Jason, CapitalAccount 311 Date Explanation PR Debit Credit Dr/Cr Balance 27) Karen.
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96) Below is a chart of accounts. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided. 111 Cash312 R. Andrews, Withdrawals 112 Accounts Receivable411 Service Fees 121 Office Equipment511 Salaries Expense 211 Accounts Payable512 Rent.
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63) The time period for which an income statement is prepared is called the accounting period. 64) A fiscal year is always January 1 through December 31. 65) Transactions are listed in chronological order in the journal. 66) Rent paid in advance is a liability. 67) Interim statements are statements that are usually.
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21) The estimated value of an item at the end of its useful life is A) amortization expense. B) residual value. C) accumulated amortization. D) None of these answers are correct. 22) Accumulated Amortization is found on which of the following financial statements? A) Balance sheet B) Income statement C) Statement of Owner's Equity D) All of these answers.
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3.2   Posting: transferring information from a journal to a ledger. 1) The purpose of posting is to A) list the transactions in chronological order in the journal. B) provide an explanation of the transaction. C) update the account balances in the ledger. D) correct a previous entry. 2) Posting is performed by transferring information from the.
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97) A chart of accounts is below. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided. 111 Cash312 C. Webster, Withdrawals 112 Accounts Receivable411 Delivery Fees Earned 121 Delivery Equipment511 Salaries Expense 211 Accounts Payable512.
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3.1    Journalizing: analyzing and recording business transactions into a journal. 1) The process that begins with recording business transactions and includes the completion of the financial statements is the A) calendar year. B) natural business years. C) fiscal year. D) accounting cycle. 2) The twelve-month period a business chooses for its accounting period is a(n) A) calendar.
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113) Explain the difference between expenses and withdrawals. 114) Following are the five steps in analyzing business transactions. Apply the five steps in analyzing the following transaction: Paid the monthly telephone expense, $100. 1. Which accounts are affected? 2. To which categories do the accounts belong? 3. Are the accounts increasing or decreasing? How much? 4..
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92) Define and discuss a calendar year, accounting period, and fiscal year. 93) Provide an explanation for the following journal entries: (a) Prepaid Rent debited, Cash credited (b) Office supplies debited, Accounts Payable credited (c) Cash debited, Capital credited (d) Withdrawals debited, Cash credited (e) Accounts Payable debited, Cash credited 94) Complete the following entries by using.
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109) Identify whether a debit or credit would be correct for each of the following account changes. Use a Dr. (debit) or Cr. (credit). ____Dr___0. Increase Cash __________ 1. Increase Equipment __________ 2. Decrease Accounts Receivable __________ 3. Decrease in Accounts Payable __________ 4. Increase in Salaries Expense __________ 5. Increase in Service Fees __________ 6. Decrease.
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11) The general ledger A) is the book of original entry. B) is the book of final entry. C) lists the transactions in chronological order. D) is before the general journal. 12) The process of initially recording business transactions in a journal is called A) sliding. B) posting. C) journalizing. D) transposing. 13) When recording a transaction in a journal,.
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108) Identify the normal balance for each of the following accounts by using a Dr. (debit) or a Cr. (credit). __________ 2. R. Johns, Withdrawals __________ 3. R. Johns, Capital __________ 4. Accounting Fees __________ 5. Cash __________ 6. Accounts Receivable __________ 7. Accounts Payable __________ 8. Rent Expense __________ 9. Equipment __________10. Advertising Expense .
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99) Gas Expense____________________________________ 100) Automobile____________________________________ 101) Cleaning Equipment ____________________________________ 102) Cleaning Expense____________________________________ 103) Cleaning Fees Earned____________________________________ 104) Salaries Expense____________________________________ 105) Installation Fees Earned____________________________________ 106) Lawn Care Fees Earned____________________________________ 107) Office Supplies____________________________________ .
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  4.1   Adjustments: prepaid rent, office supplies, amortization on equipment, and accrued salaries. 1) A form used to organize and check data before preparing financial reports is known as a(n) A) trial balance. B) income statement. C) balance sheet. D) worksheet. 2) Bringing account balances up to date before preparing financial reports is called A) posting. B) adjusting. C) journalizing. D).
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95) What are interim financial statements? 96) Complete the following questions based on the journal entry below: GENERAL JOURNALPage 1 Date Acct. Titles and Description PR Debit Credit May 1 Cash 110 14,000 Capital 300 14,000 Date of Journal entry: ______________________________ Name of account debited______________________________ Name of account credited:______________________________ Provide an explanation for this entry: ______________________________ Page of Journal: ______________________________ Account number for Cash:______________________________ Account number for Capital:.
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3.3   Preparing a trial balance. 1) The informal listing of the ledger accounts and their balances in the ledger to aid in providing the equality of debits and credits is the A) journal. B) ledger. C) income statement. D) trial balance. 2) If the debit and credit totals of a trial balance are not equal, it.
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98) Prepare journal entries for the following transactions that occurred during May. Omit explanations. May 2 Purchased supplies on account, $600. 10 Paid May salaries, $500. 15 Paid for supplies purchased on May 2. 21 Received telephone bill, to be paid later, $50. 99) Journalize the following transactions that occurred during September. Omit explanations. Sep. 5S..
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95) Identify whether a debit or credit would be correct for each of the following account changes. Use a Dr. (debit) or Cr. (credit) in the space provided. ________ 1. Increase Delivery Van ________ 2. Decrease Accounts Receivable ________ 3. Decrease Accounts Payable ________ 4. Increase Salaries Expense ________ 5. Increase Service Fees ________ 6. Decrease.
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110) Below is a chart of accounts. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided. 1100 Cash3200M. Martin, Withdrawals 1120Accounts Receivable4100Legal Fees 1210Computer Equipment5110Salaries Expense 2100 Accounts Payable5120Rent Expense 3100 M. Martin, Capital5130Advertising Expense DebitCreditTransaction ____________________1.Purchased computer.
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78) Withdrawals increase on the debit side of the account. 79) After deciding which accounts are affected, the next step in analyzing a transaction is to determine to which categories the accounts belong. 80) Equipment is an example of a liability. 81) A compound entry is when more than one transaction occurs. 82) When.
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98) The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate. a. Tyler invested $6,500 in the bike service from his.
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90) Record the following selected transactions for January in a two-column journal, identifying each entry by letter: (a) Earned $8,000 fees on account. (b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit. (c) Paid $3,000 for rent for January. (d) Purchased $2,500 of supplies on account. (e) A. Allen $2,000.
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37) All nine transactions for Ross Realty for June 2014, the first month of operation, are recorded in the following T accounts: Prepare a trial balance, listing the accounts and their balance in proper order. 38) The following trial balance has been improperly completed. All the accounts have normal balances. Prepare a.
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2.3   Preparing a trial balance. 1) Which of the following is not a financial statement? A) Balance sheet B) Income statement C) Statement of owner's equity D) Trial balance 2) A list of all the accounts from the ledger with their ending balances is called a A) normal balance. B) trial balance. C) chart of accounts. D) footing. 3) Which of.
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94) Identify the normal balance for each of the following accounts by placing a Dr. (debit) or a Cr. (credit) in the space provided. ________ 1. Computer ________ 2. M. Bryant, Withdrawals ________ 3. M. Bryant, Capital ________ 4. Legal Fees ________ 5. Cash ________ 6. Accounts Receivable ________ 7. Accounts Payable ________ 8. Rent Expense ________ 9. Office.
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21) During the month of January, Katelyn invested $10,000 in starting her legal practice. The proper journal entry would be A) Cash, debit $10,000; Katelyn's Capital, credit $10,000. B) Katelyn's Capital, debit $10,000; Cash, credit $10,000. C) Cash, debit $10,000; Revenue, credit $10,000. D) Katelyn's Capital, debit $10,000; Cash, credit $10,000. 22) Which of the.
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2.4   Preparing financial statements from a trial balance. 1) Which type of account would not be reported on the income statement? A) Revenue B) Expenses C) Withdrawals D) None of these answers are correct. 2) Accounts Payable would appear on which financial statement? A) Balance sheet B) Income statement C) Owner's equity statement D) None of these answers are correct. 3).
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11) Which type of account would be reported on the income statement? A) Assets B) Expenses C) Withdrawals D) Liabilities 12) Net income appears on which of the following financial reports? A) Balance sheet B) Income statement and statement of owner's equity C) Trial balance D) Balance sheet and income statement 13) What is the James Long Company's net income.
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111) The following transactions occurred during January for Cindy's Designer Service: a. Cindy invested $5,000 in the design service from her personal savings account. b. Bought office equipment for cash, $1,000. c. Performed designer service for a customer on account, $800. d. Telephone expense due but unpaid, $80. e. Collected $100 from customer in transaction.
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87) Prepare in proper form journal entries for the following transactions. Omit explanations. October 2 Owner made a cash investment into the company $6,000 8 Bought supplies on account $100. 10 Paid salaries, $700 15 Paid for supplies purchased on October 8 21Received company telephone bill, to be paid later, $50 88) Journalize, in proper form, the.
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25) Below is the Trial Balance for Benson Company for June 30, 2014. Trial Balance June 30, 2014 DebitCredit Cash370 Accounts Receivable1,600 Office Equipment 900 Accounts Payable770 Benson, Capital1,500 Benson, Withdrawals500 Service Fees2,730 Advertising Expense600 Salaries Expense630 Utilities Expense400    Totals5,0005,000 Required: Prepare 1.An Income Statement for the month ended June 30, 2014 2.A Statement of Owner's Equity for the month ended June 30, 2014 .
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11) If Prepaid Rent for the period is not adjusted, A) assets will be overstated and expenses will be overstated. B) assets will be overstated and expenses will be understated. C) assets will be understated and expenses will be overstated. D) assets will be understated and expenses will be understated. 12) If the Supplies account.
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13) The following is a list of accounts and their balances for Myra's Company for the month ended May 31, 2013. Prepare a trial balance in good form. Cash$1,380Myra, Withdrawals$980 Accounts Payable500Accounts Receivable1,030 Office Equipment2,260Service Fees1,835 Myra, Capital3,965Rent Expense650 14) The following is a list of accounts and their balances for Benson Company for the.
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