Question 1

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true about a T account?

Accepted Answer

A)  The left-hand side of the T account is called the debit side.
B)  The left-hand side of the T account is called the credit side.
C)  The right-hand side of the T account is called the debit side.
D)  None of these are true.E) None of the above
F) All of the above

Question 3

The process of recording a transaction in the journal is called journalizing.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following will decrease retained earnings?

Accepted Answer

A)  Supplies are purchased on account.
B)  Dividends are declared and paid.
C)  Cash is received from customers.
D)  Payment is made on an accounts payable.E) A) and C)
F) A) and B)

Question 5

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 6

Expenses use up assets or consume services in the process of generating revenues.

Accepted Answer

A) True 
 B)False

Question 7

Retained earnings will be reduced by the amount in the dividends account.

Accepted Answer

A) True 
 B)False

Question 8

The classification and normal balance of the supplies expense account is a(n)

Accepted Answer

A)  asset with a debit balance
B)  asset with a credit balance
C)  expense with a debit balance
D)  liability with a credit balanceE) None of the above
F) A) and B)

Question 9

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Accepted Answer

75,880 = 96,750 + 30...

Question 10

The balance of the account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Accepted Answer

A) True 
 B)False

Question 11

The posting process will include the transfer of the following information from the journal to the account.

Accepted Answer

A)  date,amount (debit or credit) 
B)  date,amount (debit or credit) ,journal page number
C)  amount (debit or credit) ,account number
D)  date,amount (debit or credit) account numberE) B) and C)
F) None of the above

Question 12

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 13

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset,liability or stockholders' equity item
B)  can be either side of the account depending on how the accountant set up the system
C)  is the right side of the account
D)  is the left side of the accountE) B) and D)
F) A) and C)

Question 14

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Accepted Answer

A) True 
 B)False

Question 15

The chart of accounts is designed to

Accepted Answer

A)  alphabetize the accounts to make reading easier for its financial statement users
B)  analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users
C)  summarize the transactions and determine their ending balances
D)  meet the information needs of a company and other financial statement usersE) B) and D)
F) B) and C)

Question 16

The ____ is where a transaction can first be found on the accounting records.

Accepted Answer

A)  chart of accounts
B)  income statement
C)  balance sheet
D)  journalE) A) and D)
F) None of the above

Question 17

Office supplies purchased by Ari's Alarm Service on account were returned.Which of the following entries for Ari's Alarm Service records this transaction?

Accepted Answer

A)  Cash,debit;Office Supplies,credit
B)  Office Supplies,debit;Accounts Receivable,credit
C)  Accounts Payable,debit;Office Supplies,credit
D)  Office Supplies,debit;Accounts Payable,creditE) A) and B)
F) B) and C)

Question 18

The chart of accounts should be the same for each business.

Accepted Answer

A) True 
 B)False

Question 19

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled was $375,880.Determine the cash balance on January 1.

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> + $305,000 - $375,8...

Question 20

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business.
(1)Identify the errors in the following trial balance.All accounts have normal balances.
(2)Prepare a corrected trial balance.

Accepted Answer

(1)
a.The debit column is added incorrec...

Exam 2: Analyzing Transactions

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Correct Answerverified75,880 = 96,750 + 30...View AnswerShow Answer

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled was $375,880.Determine the cash balance on January 1.

Correct Answerverified + $305,000 - $375,8...View AnswerShow Answer

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Correct AnswerverifiedShow Answer

The process of recording a transaction in the journal is called journalizing.

Correct AnswerverifiedShow Answer

Which of the following will decrease retained earnings?

Correct AnswerverifiedShow Answer

Expenses use up assets or consume services in the process of generating revenues.

Correct AnswerverifiedShow Answer

Office supplies purchased by Ari's Alarm Service on account were returned.Which of the following entries for Ari's Alarm Service records this transaction?

Correct AnswerverifiedShow Answer

Journalize the entries to correct the following errors:

Correct AnswerverifiedShow Answer

The debit side of an account

Correct AnswerverifiedShow Answer

The ____ is where a transaction can first be found on the accounting records.

Correct AnswerverifiedShow Answer

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business. (1)Identify the errors in the following trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

Correct Answerverified(1)a.The debit column is added incorrec...View AnswerShow Answer

The posting process will include the transfer of the following information from the journal to the account.

Correct AnswerverifiedShow Answer

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Correct AnswerverifiedShow Answer

Which of the following is true about a T account?

Correct AnswerverifiedShow Answer

The chart of accounts should be the same for each business.

Correct AnswerverifiedShow Answer

The classification and normal balance of the supplies expense account is a(n)

Correct AnswerverifiedShow Answer

The balance of the account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Correct AnswerverifiedShow Answer

The chart of accounts is designed to

Correct AnswerverifiedShow Answer

Retained earnings will be reduced by the amount in the dividends account.

Correct AnswerverifiedShow Answer

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

Correct AnswerverifiedShow Answer

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75,880 = 96,750 + 30...
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+ $305,000 - $375,8...
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(1)
a.The debit column is added incorrec...
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