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Exam 2: Double-Entry Accounting

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Question 61

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On January 7, stockholders invest $45,000 in JumpStart in exchange for common stock. Provide the journal entry for this transaction.

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Question 62

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The post reference notation used in the ledger is the account number.

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B) False

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Question 63

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To determine the balance in an account, always subtract credits from debits.

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?

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

Journalize the entries to correct the following errors:

When an account receivable is collected in cash, the total assets of the business increase.

In which of the following types of accounts are decreases recorded by debits?

Expense accounts are increased by credits.

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

The process of recording a transaction in the journal is called

During May, $245,000 was paid to creditors on account, and purchases on account were $210,500. Assuming the May 31 balance of Accounts Payable was $62,800, what was the account balance on May 1.

Which side of the account increases the cash account?

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

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

On December 1, JumpStart Company provides $2,800 in services to clients. (a) Journalize this event as if the clients had paid cash at the time the services were rendered. ​ (b)(1) Journalize this event as if the clients had been rendered the services on account. ​ (b)(2) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.

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 chart of accounts for the Miguel Company includes the following: Page 3 of the journal contains the following transaction: -What posting references will be found in the journal entry?