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Exam 2: Analyzing Transactions

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Question 21

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What is the posting reference that will be found in the cash account?

A) 11
B) 15
C) 3
D) 13

E) All of the above
F) None of the above

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Question 22

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Calculate the following:

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Question 23

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Which of the following accounts would be increased with a credit?

Which of the following accounts is a stockholders' equity account?

The increases in stockholders' equity attributable to selling services or products to customers are called

The Dividends account is an expense.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

The classification and normal balance of the accounts payable account is

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

Which of the following is not considered to be a liability?

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: ​ ​ ​ ​ ​ Indicate the following for each debit and each credit: ​ Present your answers in the following form:

The T account got its name because it resembles the letter "T."

The following errors took place in journalizing and posting transactions: a. Dividends were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned. ​ Journalize the entries to correct the errors.Omit the explanations.

Lewis Company has a condensed income statement as shown: ​ REQUIRED: Prepare a horizontal analysis of Lewis Company's income statements.Comment on the trends,both favorable and unfavorable.

A dividends account represents the amount of earnings paid to the stockholders.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a: ​

The recording of cash receipts to the cash account will be done by debiting the account.

If the two totals of a trial balance are not equal,it could be due to

On January 1,Merry Walker and other stockholders established a catering service.Listed below are accounts to use for transactions (a)through (e),each identified by a number.Following this list are the transactions that occurred in Walker's first month of operation.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box. ​