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Accounting Expert Answers & Study Resources : Page 684

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11.To determine the balance in an account, always subtract credits from debits. 12.The double-entry accounting system records each transaction twice. 13.The increase side of all accounts is the normal balance. 14.Transactions are initially entered into a record called a journal. 15.The process of recording a transaction in the journal is called journalizing. 16.Journalizing is the.

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  • 11.To determine the balance in an account, always subtract credits
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147.All of the following accounts are increased with a debit except: A.Unearned Revenues B.Land C.Accounts Receivable D.Cash 148.Which of the following owner’s equity accounts follow the same debit and credit rules as liabilities? A.Expense accounts only B.Drawing accounts only C.Revenues accounts only D.Expenses and drawing accounts 149.The payment for the monthly rent will require the following entry A.Debit Cash and Debit.

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  • 147.All of the following accounts increased with a debit except: A.Unearned
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176.For each of the following companies, identify whether they are a service, merchandising, or manufacturing business. A. Dillards B. Time Warner Cable C. General Motors D. Blockbuster E. Applebee’s F. Sony G. Best Buy H. Banana Republic I. H & R Block 177.Identify each of the following as either internal or external users of accounting information. A. Payroll Manager B. Bank C. President’s Secretary D. Internal Revenue Service E. Raw Material Vendors F. Social Security Administration G. Health Insurance Provider H. Managerial Accountant 178.Determine the missing.

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  • 176.For each of the following companies, identify whether they a
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87.Which of the following types of accounts have a normal credit balance? A.assets and liabilities B.liabilities and expenses C.revenues and liabilities D.capital and drawing 88.Which of the following groups of accounts have a normal debit balance? A.revenues, liabilities, capital B.capital, assets C.liabilities, expenses D.assets, expenses 89.Which one of the statements below is not a purpose for the journal? A.to show increases.

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  • 87.Which of the following types of accounts have a normal
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217.Calculate the following: (a) Determine the cash receipts for April based on the following data: Cash payments during April $45,500 Cash account balance, April 1 6,750 Cash account balance, April 30 10,000 (b) Determine the cash received from customers on account during April based on the following data: Accounts receivable account balance, April 1 $10,500 Accounts receivable account balance, April 30 7,250 Fees billed to.

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  • 217.Calculate the following: (a) Determine the cash receipts for April based the
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220.All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Cash Michael Dalton, Capital (1) 20,000 (3) 7,500 (1) 20,000 (7) 6,900 (5) 2,600 (9) 4,700 (6) 5,500 (8) 2,000 Accounts Receivable Michael Dalton, Drawing (4) 4,900 (9) 4,700 (8) 2,000 Supplies Fees Earned (3) 7,500 (4) 4,900 (7) 6,900 Equipment Operating Expense (2) 4,500 (6) 5,500 Accounts Payable (5) 2,600 (2) 4,500 Indicate the following for each debit and.

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  • 220.All nine transactions for Dalton Survey Company for September, the
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107.Which of the following entries records the withdrawal of cash by Sue Martin, owner of a proprietorship, for personal use? A.debit Sue Martin, Capital; credit Cash B.debit Sue Martin, Drawing; credit Cash C.debit Salaries Expense; credit Cash D.debit Salaries Expense; credit Salaries Payable 108.Office supplies were sold by Ari’s Alarm Service at cost to another.

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  • 107.Which of the following entries records the withdrawal of cash
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226.Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter, Capital; Clay Potter, Drawing; Professional Fees; and Operating Expenses. (a) In the T accounts, record the following transactions of Potter Pool Services for June, 2011, identifying each entry by number: (1) Potter invested $12,500 cash in the business. (2) Purchased supplies on account,.

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  • 226.Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts
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184.Indicate whether each of the following activities would be reported on the Statement of Cash Flows as an Operating Activity, an Investing Activity, a Financing Activity, or does not appear on the Cash Flow Statement. (a) Cash paid for building (b) Cash paid to suppliers (c) Cash paid for owner's withdrawal (d) Cash received from customers (e) Cash received.

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  • 184.Indicate whether each of the following activities would be reported
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187.Selected transaction data of a business for September are summarized below. Determine the following amounts for September: (a) total revenue, (b) total expenses, (c) net income. Service sales charged to customers on account during September $33,000 Cash received from cash customers for services performed in September 28,000 Cash received from customers on account during September: Services.

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  • 187.Selected transaction data of a business for September summarized below.
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189.Simpson Designers began operations on April 1, 2011. The financial statements for Simpson Designers are shown below for the month ended April 30, 2011 (the first month of operations). Determine the missing amounts for letters (a) through (o). Simpson Designers Income Statement For the Month Ended April 30, 2011 Fees earned $27,000 Operating expenses: Wages expense $5,250 Rent expense (a) Supplies.

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  • 189.Simpson Designers began operations April 1, 2011. The financial statements
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191.Using the following accounts and their amounts, prepare in good format an Income Statement for Bright Futures Company, month ended August 31, 2011: Telephone Expense $1,150 Cash $3,000 Accounts Payable $1,540 Jason Bright, Drawing $800 Fees Earned $15,700 Rent Expense $1,400 Supplies $140 Accounts Receivable $1,500 Computer Equipment $20,000 Jason Bright, Capital $14,320 Wages Expense $4,800 Utilities Expense $750 Notes Payable $2,400 Office Expense $420 192.Using the following accounts and their amounts, prepare in good format a Statement of.

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  • 191.Using the following accounts and their amounts, prepare in good
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194.The account balances of Trendsetter Travel Services at December 31, 2011 are listed below: Accounts Payable $12,000 J. Trendsetter, Capital 1/1/11 $10,000 Accounts Receivable 6,000 Supplies 1,000 Cash 18,000 Taxes Expense 1,300 Computer Equipment 21,000 Utilities Expense 8,000 Fees Earned 70,000 Wages Expense 25,000 Rent Expense 10,000 Supplies Expense 1,700 Prepare an income statement, statement of owner’s equity, and a balance sheet as of December 31, 2011. 195.The accountant for Flagger Company prepared the following list.

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  • 194.The account balances of Trendsetter Travel Services at December 31,
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190.Eric Wood, CPA, was organized on January 1, 2011, as a proprietorship. List the errors that you find in the following financial statements and prepare the corrected statements for the three months ended March 31, 2011. Eric Wood, CPA Income Statement For the Three Months Ended March 31, 2011 Fees earned $42,000 Operating expenses: Salary expense $9,735 Rent expense 5,200 Advertising.

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  • 190.Eric Wood, CPA, was organized January 1, 2011, as a
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224.Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted. April 1 Received cash from the investment made by the owner, $14,000. 2 Received cash for providing accounting services, $9,500. 3 Billed customers on account for providing services, $4,200. 4 Paid advertising expense, $700. 5 Received cash from customers on account, $2,500. 6 Owner.

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  • 224.Journalize the following selected transactions for April 2011 in a
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77.Accounts A.do not reflect money amounts B.are not used by entities that manufacture products C.are records of increases and decreases in individual financial statement items D.are only used by large entities with many transactions 78.Accounts are classified in the ledger A.chronologically B.alphabetically C.in accordance with their appearance in the financial statements D.so that accounts used most often are listed.

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  • 77.Accounts A.do not reflect money amounts B.are not used by entities that
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51.Debits will increase Unearned Revenues and Revenues. 52.All owner’s equity accounts record increases to the accounts with credits. 53.Journal entries can have more than two accounts as long as the debits equal the credits. 54.Normal balances are the side that increase the account balance. 55.When an owner invests assets in the business, the capital.

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  • 51.Debits will increase Unearned Revenues and Revenues. 52.All owner’s equity accounts
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213.McMann Company has a condensed income statement as shown:: 2011 2010 Sales $178,400 $162,500 Wage expenses 100,000 92,500 Rent expenses 33,000 30,000 Utilities expenses 30,000 25,000 Total operating expenses 163,000 147,500 Net income 15,400 15,000 REQUIRED: Prepare a horizontal analysis of McMann Company’s income statements. Comment on the trends, both favorable and unfavorable. 214.Georgia Company has a condensed income statement as shown:: 2011 2010 Sales $158,400 $162,500 Wage expenses 80,000 92,500 Rent expenses 28,000 30,000 Utilities expenses 30,000 25,000 Total operating expenses 138,000 147,500 Net income 20,400 15,000 REQUIRED: Prepare a horizontal analysis of Georgia.

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  • 213.McMann Company has a condensed income statement as shown:: 2011 2010
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97.In which of the following types of accounts are increases recorded by debits? A.assets, liabilities B.drawing, liabilities C.expenses, liabilities D.assets, expenses 98.In which of the following types of accounts are increases recorded by credits? A.revenues, liabilities B.drawing, assets C.liabilities, drawing D.expenses, liabilities 99.In which of the following types of accounts are decreases recorded by debits? A.assets B.revenues C.expenses D.drawing 100.In which of the following types.

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  • 97.In which of the following types of accounts increases recorded
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179.Identify each of the following as an (1) increase in owner's equity, or a (2) decrease in owner's equity. (a) Fees Earned (b) Wages Expense (c) Withdrawal (d) Lawn Care Revenue (e) Investment (f) Supplies Expense 180.Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase.

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  • 179.Identify each of the following as an (1) increase in
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228.Exhibit 2-1 All nine transactions for Ralston Sports Co. for September 2011, the first month of operations, are recorded in the following T accounts: Cash James Ralston, Capital (1) 25,000 (3) 12,500 (1) 25,000 (7) 11,900 (5) 7,600 (9) 9,700 (6) 10,500 (8) 7,000 Accounts Receivable James Ralston, Drawing (4) 9,900 (9) 9,700 (8) 7,000 Supplies Fees Earned (3) 12,500 (4) 9,900 (7) 11,900 Equipment Operating Expense (2) 9,500 (6) 10,500 Accounts Payable (5) 7,600 (2) 9,500 Refer to Exhibit 2-1. Prepare a.

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  • 228.Exhibit 2-1 All nine transactions for Ralston Sports Co. for September
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219.Record the following selected transactions for April in a two-column journal, identifying each entry by letter: (a) Received $12,000 from Katie Long, owner. (b) Purchased equipment for $25,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $1,800 for rent for April. (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned.

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  • 219.Record the following selected transactions for April in a two-column
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167.The chart of account for the Corning Company includes some of the following accounts: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Corning, Capital 31 Corning, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 On the journal page 3, the following transaction was found: Prepaid Insurance 1,530 Cash 1,530 What is the post reference that will be found on the journal entry? A.15, 11 B.15 C.11 D.3 168.The.

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  • 167.The chart of account for the Corning Company includes some
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181.Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made.

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  • 181.Schultz Tax Services, a tax preparation business had the following
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206.Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by place the account number(s) in the appropriate box. 1. Cash 2. Accounts Receivable 3. Office Supplies 4. Land 5. Interest Receivable 6. Building 7. Accumulated.

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  • 206.Listed below accounts to use for transactions (a) through (d),
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157.All of the following occur with a double-entry accounting system except: A.The accounting equation remains in balance. B.The sum of all debits is always equal to the sum of all credits in each journal entry. C.Each business transaction will have only two entries. D.Every transaction affects at least two accounts. 158. March 6 Cash 375 Unearned Fees 375 ???????????? What is.

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  • 157.All of the following occur with a double-entry accounting system
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