Question 1

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

Accepted Answer

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

Question 2

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

Accepted Answer

A)   Fees Earned,debit; Cash,credit
B)   Fees Earned,debit; Accounts Receivable,credit
C)   Cash,debit; Fees Earned,credit
D)   Accounts Receivable,debit; Fees Earned,creditE) C) and D)
F) None of the above

Question 3

Which of the following entries records the purchase of common stock by stockholders?

Accepted Answer

A)   debit Common Stock; credit Accounts Receivable
B)   debit Cash; credit Common Stock
C)   debit Dividends; credit Cash
D)   debit Fees Earned; credit Common StockE) C) and D)
F) None of the above

Question 4

Which of the following is not a correct rule of debits and credits?

Accepted Answer

A)   Assets,expenses,and dividends are increased by debits.
B)   Assets are decreased by credits and have a normal debit balance.
C)   Liabilities,revenues,and stockholders' equity are increased by credits.
D)   The normal balance for revenues and expenses is a credit.E) None of the above
F) B) and C)

Question 5

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Accepted Answer

The answer of On October 30,JumpStart pays $3,330 in dividends...

Question 6

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 7

The cash account will always be debited.

Accepted Answer

A) True 
 B)False

Question 8

Transactions are initially entered into a record called a journal.

Accepted Answer

A) True 
 B)False

Question 9

The process of initially recording a business transaction is called

Accepted Answer

A)   correcting
B)   posting
C)   journalizing
D)   balancingE) None of the above
F) A) and B)

Question 10

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

Accepted Answer

A)   all of the information from the journal was correctly transferred to the ledger
B)   all accounts have their correct balances in the ledger
C)   only the journal is accurate; the ledger may be incorrect
D)   only that the debit dollar amounts equal the credit dollar amountsE) None of the above
F) A) and C)

Exam 2: Analyzing Transactions

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Correct Answer
verified

The process of initially recording a business transaction is called

Correct Answer
verified

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

Correct Answer
verified

Transactions are initially entered into a record called a journal.

Correct Answer
verified

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Correct Answer
verified

Which of the following entries records the purchase of common stock by stockholders?

Correct Answer
verified

The cash account will always be debited.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not a correct rule of debits and credits?

Correct Answer
verified

Exam 2: Analyzing Transactions

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Correct AnswerverifiedShow Answer

The process of initially recording a business transaction is called

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Transactions are initially entered into a record called a journal.

Correct AnswerverifiedShow Answer

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Correct AnswerverifiedShow Answer

Which of the following entries records the purchase of common stock by stockholders?

Correct AnswerverifiedShow Answer

The cash account will always be debited.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a correct rule of debits and credits?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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