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Exam 2: Analyzing Transactions

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Question 31

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Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

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Cash Accounts Receivable Prepa...

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Question 32

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The debit side of an account

A) depends on whether the account is an asset,liability,or stockholders' equity
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 account

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

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Question 33

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Journalize the entries to correct the following errors:

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.

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

The process of transferring the data from the journal to the ledger accounts is called posting.

Which of the following entries records the payment of insurance for the current month?

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.

A credit balance in which of the following accounts would indicate a likely error?

The balance of an account is determined by

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

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 trial balance is prepared to

On November 10,JumpStart Co.provides $2,900 in services to clients.At the time of service,the clients paid $600 in cash and put the balance on account. (a)Journalize this event. ​ (b)On November 20,JumpStart Co.clients paid an additional $900 on their accounts due.Journalize this event. ​ (c)Calculate the accounts receivable balance on November 30.

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

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

Assets are increased with debits and decreased with credits.

Which of the following abbreviations is correct?

The process of recording a transaction in the journal is called

The Posting Reference columns are used to trace transactions from the accounts to the journal.What will be entered in the Posting Reference column of (1) the journal and (2) the account?