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Exam 2: Analyzing Transactions

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Question 121

True/False

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Even when a trial balance is in balance, there may be errors in the individual accounts.

A) True
B) False

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Question 122

Multiple Choice

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An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make?

A) Cash, debit; Wages Expense, credit
B) Wages Payable, debit; Wages Expense, credit
C) Wages Expense, debit; Cash, credit
D) Cash, debit; Wages Payable, credit

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

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Question 123

Multiple Choice

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Which of the following entries records the receipt of cash from cash customers for services provided?

When an owner invests assets in the business, the retained earnings account increases due to revenue being earned.

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

Which of the following applications of the rules of debit and credit is true?

Which of the following stockholders' equity accounts follows the same debit and credit rules as liabilities?

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

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Common Stock

The Unearned Revenues account is an example of a liability.

Prepaid expenses are an example of an expense.

The stockholders' equity will be reduced by all of the following except

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

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. Using horizontal analysis, calculate the percent change for sales for each company. Round percentages to one decimal place.