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4.3   Learning Objective 4-3 1) The capital balance amount shown in the balance sheet column of the worksheet represents: A) the beginning capital plus net income. B) the beginning capital plus net income less withdrawal. C) the beginning capital less withdrawals. D) the beginning capital plus any investments to capital that occurred during the period. 2).
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8) The following is a list of accounts and their balances for Myra's Company for the month ended May 31, 20xx. Prepare a trial balance in good form. Cash$1,210Myra, Withdrawals$  980 Accounts Payable500Accounts Receivable1,200 Office Equipment2,260Service Fees1,835 Myra, Capital3,965Rent Expense650 9) The following is a list of accounts and their balances for Benson Company for.
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82) 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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79) 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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11) The income statement debit column of the worksheet showed the following expenses: Supplies Expense $600 Depreciation Expense 400 Salaries Expense 300 The journal entry to close the expense accounts is: A) Income Summary 1,300 Supplies Expense 600 Depreciation Expense 400 Salaries Expense 300 B) Income Summary 1,200 Capital 1,200 C) Supplies Expense 500 Depreciation Expense 400 Salaries Expense 300 Income Summary 1,200 D) Capital 1,200 Income Summary 1,200 12) The ending balances in the ledger after posting the adjusting entries, will.
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26) All nine transactions for Ross Realty for June, 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. 27) The following trial balance has been improperly completed. All the accounts have normal balances. Prepare a corrected.
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41) Bailey's received its electric bill for December on December 31 but did not pay nor record it in the general journal. This resulted in: A) understated assets. B) overstated net income. C) overstated liabilities. D) understated capital. 42) Online Service received its telephone bill for January, but is not going to pay the bill.
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2.3   Learning Objective 2-3 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 the.
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81) 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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51) If Capital has been credited, it is likely that: A) services were provided to a cash customer. B) services were provided to a charge customer. C) the owner made an investment. D) All of these are possible 52) If Fees Earned has been credited, it is most likely that: A) services were provided. B) the owner.
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3.2   Learning Objective 3-2 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 journal to the: A) ledger. B) trial balance. C).
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51) Historical cost is the same as: A) residual value. B) original cost. C) accumulated depreciation. D) book value. 52) The accrual of an expense was not recorded. This would: A) overstate expenses and overstate liabilities. B) overstate expenses and understate liabilities. C) understate expenses and overstate liabilities. D) understate expenses and understate liabilities. 53) Depreciation of equipment was recorded.
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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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31) Samantha purchased a two-year insurance policy for $7,200. The adjusting entry for one month would include a: A) debit to Insurance Expense, $300. B) credit to Cash, $300. C) debit to Prepaid Insurance, $300. D) credit to Insurance expense, $300. 32) Sarah's Spices' accrued wages are $1,800. Which of the following is the required.
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4.2   Learning Objective 4-2 A) prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns. B) complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet.
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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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  5.1   Learning Objective 5-1 1) Adjusting journal entries: A) need not be journalized since they appear on the worksheet. B) need not be posted if the financial statements are prepared from the worksheet. C) are not needed if closing entries are prepared. D) must be journalized and posted. 2) Journal entries that are needed in order.
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68) Cooper Company began business in June. Prepare the following transactions for June. Omit explanations. June 2Cooper invested $3,000 cash and $1,000 equipment into her new business 12Billed customer for services performed, $600 16Purchased equipment on account, $200 20Received one-half amount due from June 12 25Cooper withdrew cash for personal use, $200 69) Record the following selected.
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71) A compound entry is when more than one transaction occurs. 72) When the owner invests personal equipment in the business, cash is increased. 73) Accounts Receivable indicates amounts owed to us by our clients or customers. 74) Accounts Payable indicates monies owed to us by our clients or customers. 75) Expenses are recorded.
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5.2   Learning Objective 5-2 1) Closing entries are prepared: A) to clear all temporary accounts to zero. B) to update the Capital balance. C) at the end of the accounting period. D) All of the above are correct. 2) Income Summary: A) is a temporary account. B) is a permanent account. C) summarizes revenue and expenses and transfers the.
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12) For each account listed identify the category it belongs to, the normal balance (debit or credit), and the financial statement the account appears. Account Category Normal Balance Financial Statement 0. Cash Asset Debit Balance Sheet 1. Depreciation Expense 2. Accumulated Depreciation 3 Wages Expense 4. Office Supplies 5. Office Supplies Expense 6. Wages Payable 7. Prepaid Rent 13) For each account listed, identify the category.
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3.1   Learning Objective 3-1 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 year. B) accounting period. C) fiscal year. D) accounting.
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4.4   Learning Objective 4-4 1) Financial statements are prepared from the: A) trial balance. B) worksheet income and balance sheet columns. C) adjusted trial balance. D) ledger. 2) Which of the financial statements is prepared first from the worksheet? A) Balance sheet B) Income statement C) Statement of owner's equity D) None of these answers are correct. 3) The ending figure.
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  4.1   Learning Objective 4-1 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) analyzing. 3) An adjustment for Prepaid Rent would indicate: A).
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21) 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 JOURNALPage 1 Date Acct. Titles and Description PR Debit Credit April 1 Cash 14,000   Jason, Capital 14,000     Cash investment April 5 Equipment 4,000   Cash 1,000     Accounts Payable 3,000       Purchased equipment CashAccount 111 Date Explanation PR Debit Credit Debit Balance Credit Balance EquipmentAccount 121 Date Explanation PR Debit Credit Debit Balance Credit Balance Accounts PayableAccount 211 Date Explanation PR Debit Credit Debit Balance Credit Balance Jason, CapitalAccount.
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80) 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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2.4   Learning Objective 2-4 1) Which type of account would not be reported on the income statement? A) Revenue B) Expenses C) Liabilities 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) The left column of.
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78) 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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14) From the following data, make the following adjustments, and complete the worksheet for the month. a.Depreciation Expense is $350. b.Supplies remaining at end of period $75. c.Prepaid Insurance balance $400, $100 has expired. d.Wages for the 5 day work-week are $500, the month ended on a Wednesday. AccountTrial BalanceAdjustmentsAdj. Trial BalanceIncome StmtBalance Shee DR CR DR CR DR CR DR CR DR CR Cash 750 Accts. Receivable 400 Supplies 250 Prepaid.
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11) The financial statements contain debit and credit columns. 12) Withdrawals and expenses are reported on the income statement. 13) Accounts Payable appears on the income statement. 14) Wages Expense appears on the balance sheet. 15) Determine the ending owner's equity of a business having a beginning owner's equity of $9,500, additional investments of.
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11) The correct order for closing accounts is: A) revenue, expenses, income summary, withdrawals. B) revenue, income summary, expenses, withdrawals. C) revenue, expenses, capital, withdrawals. D) revenue, capital, expenses, withdrawals. 12) To close the Fees Earned account: A) debit Income Summary; credit Fees Earned. B) debit Fees Earned; credit Capital. C) debit Fees Earned; credit Income Summary. D) debit.
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31) Accounts Receivable has a normal balance of $1,100. After collecting $800, the balance in the account is: A) debit $300. B) debit $1,900. C) credit $300. D) credit $1,900. 32) The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is: A) $2,000. B) $6,000. C).
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6) Given the income statement columns and the balance sheet columns of the worksheet, prepare a balance sheet dated December 31, 200x, for Baur Company. 7) Discuss the benefits of the worksheet. Explain how the financial reports are prepared from the worksheet. 8) Determine the ending owner's equity of a business having.
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70) Post the following transaction to the ledger of Wiley Services. The partial chart of accounts for Thompson's Company is: 111 Cash 121 Accounts Receivable 211 Accounts Payable 411 Service Fees GENERAL JOURNALPage 1 Date Acct. Titles and Description PR Debit Credit May 1 Accounts Receivable 10,000   Service Fees 10,000     Billed customer May 5 Accounts Payable 3,000   Cash 3,000     Paid amount due CashAccount 111 Date Explanation PR Debit Credit Debit Balance Credit Balance Accounts ReceivableAccount 121 Date Explanation PR Debit Credit Debit Balance Credit Balance Accounts PayableAccount 211 Date Explanation PR Debit Credit Debit Balance Credit Balance Service.
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21) The estimated value of an item at the end of its useful life is: A) depreciation expense. B) residual value. C) accumulated depreciation. D) None of these answers are correct. 22) Accumulated Depreciation 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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21) During the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be: A) Cash, debit $11,000; Katelyn's Capital, credit $11,000 B) Accounts Payable, debit $11,000; Cash, credit $11,000 C) Cash, debit $11,000; Revenue, credit $11,000 D) Katelyn's Capital, debit $11,000; Cash, credit $11,000 22) Which of the.
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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: A) sliding. B) posting. C) journalizing. D) transposing. 13) When recording a transaction in a journal, the.
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74) What are interim financial statements? are prepared for a month, quarter or some other portion of the fiscal year. They provide information about the company's financial status to its management, investors, etc at a given point in time. Interim statements allow management to review the results and make changes.
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