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Exam 2: Analyzing Transactions

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Question 21

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Office supplies purchased by Janer's Cleaning Service on account were returned.Which of the following entries for Janer's Cleaning Service records this transaction?

A) Cash, debit; Office Supplies, credit
B) Office Supplies, debit; Accounts Receivable, credit
C) Accounts Payable, debit; Office Supplies, credit
D) Office Supplies, debit; Accounts Payable, credit

E) B) and C)
F) A) and B)

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Question 22

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Which of the following abbreviations is correct?

A) Debit, "Dr"; Credit, "Cd"
B) Debit, "Db"; Credit, "Cr"
C) Debit, "Db"; Credit, "Cd"
D) Debit, "Dr"; Credit, "Cr"

E) A) and D)
F) A) and B)

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Question 23

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The classification and normal balance of the drawing account are

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

A debit may signify a (n)

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Interest Earned

Revenues are equal to the difference between cash receipts and cash payments.

An account is said to have a debit balance if

The following two situations are independent of each other.​ 1.On June 1,the cash account balance was $45,750.During June,cash payments totaled $243,910,and the June 30 balance was $53,200.Determine the cash receipts during June and show your calculation.​ 2.On March 1,the supplies account balance was $1,800.During March,supplies of $2,450 were purchased,and supplies of $630 were on hand as of March 31.Determine the supplies expense for March and show your calculation.

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

Which of the following groups of accounts have a normal debit balance?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Payable

Match each of the following accounts with its proper account group from the groups listed below. ​ -Patents

The process of transferring the debits and credits from the journal entries to the accounts is called

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit or credit posting omitted

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Accounts are records of increases and decreases in individual financial statement items.

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.