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Exam 2: Analyzing Transactions

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Question 91

Multiple Choice

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Owner's equity will be reduced by all of the following except

A) revenues
B) expenses
C) withdrawals
D) All of these choices

E) C) and D)
F) A) and B)

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Question 92

Multiple Choice

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Which side of the account increases the cash account?

A) credit
B) neither a debit nor a credit
C) debit
D) either a debit or a credit

E) A) and D)
F) B) and D)

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Question 93

Multiple Choice

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Which of the following describes the classification and normal balance of the fees earned account?

Accounts payable are accounts that you expect will be paid to you.

On August 30, JumpStart incurred the following expenses:Payment to the landlord for August rent, $2,300Payment to Gas & Electric Company for August bill, $525Payment of employee wages for the last half of August, $1,750Payment of shopping center's parking lot cleaning fee, $275​Journalize these payments as one compound journal entry.

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

Match each of the following accounts with its proper account group from the groups listed below. ​ -Fees Earned

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?

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

Owner's equity will be reduced by the amount in the drawing account.

Nebraska Technologies has a condensed income statement as shown below.​ RequiredPrepare a horizontal analysis of Nebraska Technologies' income statements. Comment on the trends, both favorable and unfavorable.

For a month's transactions for a typical medium-sized business, the salary expense account is likely to have only credit entries.

McNally Industries has a condensed income statement as shown.​ Using horizontal analysis, calculate the amount and percent change for sales. Round to one decimal place.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Amount incorrectly entered on trial balance

Which statement (s) concerning cash is (are) true?

Which of the following entries records the collection of cash from cash customers?

The __________ is where a transaction can first be found in the accounting records.

The drawing account is an expense.

The increase side of an account is also the side of the normal balance.

Which of the following will increase owner's equity?