Question 1

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

Accepted Answer

A)  credit to Accounts Receivable for $500
B)  credit to Accounts Receivable for $1,000
C)  credit to Accounts Payable for $500
D)  credit to Accounts Payable for $1,000E) All of the above
F) None of the above

Question 2

Expenses can result from

Accepted Answer

A)  increasing owner's equity
B)  consuming services
C)  using up liabilities
D)  purchasing assetsE) B) and C)
F) A) and B)

Question 3

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

Accepted Answer

A)  debit Taylor Thomas, Capital; credit Accounts Receivable
B)  debit Cash; credit Taylor Thomas, Capital
C)  debit Taylor Thomas, Drawing; credit Cash
D)  debit Cash; credit Taylor Thomas, DrawingE) None of the above
F) B) and C)

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

On November 10,JumpStart 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's clients paid an additional $900 on their accounts due.Journalize this event.​
(c)Calculate the accounts receivable balance on November 30.

Accepted Answer

The answer of On November 10,JumpStart provides $2,900 in services...

Question 6

Which group of accounts is comprised of only assets?

Accepted Answer

A)  Cash, Accounts Payable, Buildings
B)  Accounts Receivable, Revenue, Cash
C)  Prepaid Expenses, Buildings, Patents
D)  Unearned Revenue, Prepaid Expenses, CashE) None of the above
F) All of the above

Question 7

A credit to the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 8

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?

Accepted Answer

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

Question 9

A chart of accounts is

Accepted Answer

A)  the same as a balance sheet
B)  usually a listing of accounts in alphabetical order
C)  usually a listing of accounts in financial statement order
D)  used in place of a ledgerE) B) and C)
F) A) and C)

Question 10

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered in wrong column or omitted

Accepted Answer

A)  Trial balance preparation errors
B)  Account balance errors
C)  Posting errorsD) All of the above
E) B) and C)

Question 11

Prepaid expenses are an example of an expense.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not true with a double-entry accounting system?

Accepted Answer

A)  The accounting equation remains in balance.
B)  The sum of all debits is always equal to the sum of all credits in each journal entry.
C)  Each business transaction will have two debits.
D)  Every transaction affects at least two accounts.E) A) and B)
F) All of the above

Question 13

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Accepted Answer

The answer of On June 1,the cash account balance was...

Question 14

On November 30,Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Accepted Answer

The answer of On November 30,Damien Lawson is informed by...

Question 15

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Correct Answer
verified

On November 30,Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Correct Answer
verified

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

Correct Answer
verified

A credit to the cash account will increase the account.

Correct Answer
verified

Expenses can result from

Correct Answer
verified

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?

Correct Answer
verified

Which group of accounts is comprised of only assets?

Correct Answer
verified

Prepaid expenses are an example of an expense.

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

Correct Answer
verified

A chart of accounts is

Correct Answer
verified

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered in wrong column or omitted

Correct Answer
verified

Which of the following is not true with a double-entry accounting system?

Correct Answer
verified

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Correct Answer
verified

Exam 2: Analyzing Transactions

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Correct AnswerverifiedShow Answer

On November 30,Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Correct AnswerverifiedShow Answer

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

Correct AnswerverifiedShow Answer

A credit to the cash account will increase the account.

Correct AnswerverifiedShow Answer

Expenses can result from

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Which group of accounts is comprised of only assets?

Correct AnswerverifiedShow Answer

Prepaid expenses are an example of an expense.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

Correct AnswerverifiedShow Answer

A chart of accounts is

Correct AnswerverifiedShow Answer

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered in wrong column or omitted

Correct AnswerverifiedShow Answer

Which of the following is not true with a double-entry accounting system?

Correct AnswerverifiedShow Answer

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified