Question 1

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

Accepted Answer

The answer of Increases and decreases in various types of...

Question 2

Journalize the following selected transactions for January.Explanations may be omitted.
​

Accepted Answer

The answer of Journalize the following selected transactions for January.Explanations...

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Accepted Answer

The answer of Journalize the following five transactions for Newman...

Question 5

Expenses follow the same debit and credit rules as

Accepted Answer

A)   revenues
B)   assets
C)   the Common Stock account
D)   liabilitiesE) A) and D)
F) All of the above

Question 6

The chart of accounts for the Miguel Company includes the following: ​
 Page 5 of the journal contains the following transaction:
​
 What is the posting reference that will be found in the salaries expense account?

Accepted Answer

A)   5
B)   11
C)   54
D)   21E) All of the above
F) C) and D) A

Question 7

The increase side of an account is also the side of the normal balance.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true about T accounts?

Accepted Answer

A)   The left side of a T account is called the debit side.
B)   The left side of a T account is called the credit side.
C)   The right side of a T account is called the debit side.
D)   Transactions are first recorded in T accounts and then posted to the journal.E) A) and B)
F) All of the above

Question 9

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing,and therefore should be equal.

Accepted Answer

A) True 
 B)False

Question 10

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​
​
 Prepare a trial balance.The total of the debits is

Accepted Answer

A)   $13,900
B)   $11,200
C)   $12,700
D)   $9,700E) A) and D)
F) A) and C) A

Question 11

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

Accepted Answer

A)   Salaries Expense
B)   Notes Payable
C)   Accounts Receivable
D)   SuppliesE) C) and D)
F) A) and B)

Question 12

Journal entries can have more than two accounts as long as the debits equal the credits.

Accepted Answer

A) True 
 B)False  True

Question 13

Accounts are classified in the ledger

Accepted Answer

A)   chronologically
B)   alphabetically
C)   in accordance with their appearance in the financial statements
D)   with the accounts used most often listed firstE) A) and B)
F) A) and C)

Question 14

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?

Accepted Answer

A)   41,3
B)   3,11
C)   11,41
D)   11,3E) B) and C)
F) All of the above

Question 15

Prepaid expenses are an example of an expense.

Accepted Answer

A) True 
 B)False

Question 16

Stockholders' equity is reduced by the amount in the dividends account.

Accepted Answer

A) True 
 B)False

Question 17

A trial balance determines the complete accuracy of the numbers.

Accepted Answer

A) True 
 B)False

Question 18

Net income will result when

Accepted Answer

A)   revenues (credits) > expenses (debits) 
B)   revenues (debits) > expenses (credits) 
C)   expenses (credits) = revenues (debits) 
D)   revenues (credits) = expenses (debits) E) A) and C)
F) A) and B)

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A)   liabilities
B)   stockholders' equity
C)   assets
D)   revenuesE) None of the above
F) All of the above

Exam 2: Analyzing Transactions

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

Correct AnswerverifiedShow Answer

Journalize the following selected transactions for January.Explanations may be omitted. ​

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Journalize the following five transactions for Newman & Associates,Inc.Omit explanations.

Correct AnswerverifiedShow Answer

Expenses follow the same debit and credit rules as

Correct AnswerverifiedShow Answer

The chart of accounts for the Miguel Company includes the following: ​ Page 5 of the journal contains the following transaction: ​ What is the posting reference that will be found in the salaries expense account?

Correct AnswerverifiedA

The increase side of an account is also the side of the normal balance.

Correct AnswerverifiedShow Answer

Which of the following is true about T accounts?

Correct AnswerverifiedShow Answer

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing,and therefore should be equal.

Correct AnswerverifiedShow Answer

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​ ​ Prepare a trial balance.The total of the debits is

Correct AnswerverifiedA

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

Correct AnswerverifiedShow Answer

Journal entries can have more than two accounts as long as the debits equal the credits.

Correct AnswerverifiedTrue

Accounts are classified in the ledger

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Prepaid expenses are an example of an expense.

Correct AnswerverifiedShow Answer

Stockholders' equity is reduced by the amount in the dividends account.

Correct AnswerverifiedShow Answer

A trial balance determines the complete accuracy of the numbers.

Correct AnswerverifiedShow Answer

Net income will result when

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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Journalize the following selected transactions for January.Explanations may be omitted.

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The chart of accounts for the Miguel Company includes the following: Page 5 of the journal contains the following transaction: What is the posting reference that will be found in the salaries expense account?

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A

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The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Prepare a trial balance.The total of the debits is

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A

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True

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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?

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