Question 1

A transaction that is recorded in the journal is called a journal entry.

Accepted Answer

A) True 
 B)False

Question 2

Liabilities are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 3

On January 12,JumpStart Co.purchased $870 in office supplies.
​
(a)Journalize this transaction as if JumpStart paid cash.
​
(b)(1)Journalize this transaction as if JumpStart purchased the supplies on account.
​
(b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

Accepted Answer

The answer of On January 12,JumpStart Co.purchased $870 in office...

Question 4

A list of the accounts used by a business is called the

Accepted Answer

A)   journal
B)   chart of accounts
C)   T chart
D)   debit listingE) A) and D)
F) All of the above

Question 5

Which of the following situations increase stockholders' equity?

Accepted Answer

A)   ​Supplies are purchased on account.
B)   ​Services are provided on account.
C)   ​Cash is received from customers on account.
D)   ​Utility bill will be paid next month.E) A) and B)
F) A) and C)

Question 6

The ____ is where a transaction can first be found in the accounting records.

Accepted Answer

A)   chart of accounts
B)   income statement
C)   balance sheet
D)   journalE) B) and C)
F) A) and D)

Question 7

Which of the following entries records the acquisition of office supplies on account?

Accepted Answer

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

Question 8

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

A)   Determine the difference between debits and credits and look for the amount.
B)   Determine the difference between debits and credits and change any account to make the trial balance correct.
C)   Determine the difference between debits and credits,divide the amount by 2,and look for the amount.
D)   Determine the difference between debits and credits,divide the amount by 9,and if it divides evenly,look for a transposition or slide error.E) A) and C)
F) B) and C)

Question 9

On January 1,Merry Walker and other stockholders established a catering service.Listed below are accounts to use for transactions (a)through (f),each identified by a number.Following this list are the transactions that occurred in Walker's first month of operations.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s)in the appropriate box.
​

Accepted Answer

The answer of On January 1,Merry Walker and other stockholders...

Question 10

The stockholders' equity will be reduced by all of the following except

Accepted Answer

A)   revenues
B)   expenses
C)   dividends
D)   all of theseE) B) and C)
F) A) and D)

Question 11

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Accepted Answer

A)   Cash,debit; Common Stock,credit
B)   Accounts Payable,debit; Cash,credit
C)   Accounts Receivable,debit; Cash,credit
D)   Accounts Payable,debit; Accounts Receivable,creditE) C) and D)
F) B) and C)

Question 12

What posting references will be found in the journal entry?

Accepted Answer

A)   15,11
B)   15,3
C)   11,3
D)   3,15E) None of the above
F) A) and C)

Question 13

All of the following accounts are increased with a debit except

Accepted Answer

A)   Unearned Revenues
B)   Land
C)   Accounts Receivable
D)   CashE) All of the above
F) B) and D)

Question 14

​The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​
​
 Total assets are

Accepted Answer

A)   ​$10,000
B)   ​$8,000
C)   ​$9,700
D)   ​$9,800E) A) and D)
F) A) and C)

Question 15

Which are the parts of the T account?

Accepted Answer

A)   title,date,total
B)   date,debit side,credit side
C)   title,debit side,credit side
D)   title,debit side,totalE) C) and D)
F) A) and D)

Question 16

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

Accepted Answer

The answer of Prepare a journal entry for the purchase...

Question 17

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Accepted Answer

A) True 
 B)False

Question 18

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

Accepted Answer

A) True 
 B)False

Question 19

Journalizing is the process of entering amounts in the ledger.

Accepted Answer

A) True 
 B)False

Question 20

Expenses result from selling services or products to customers.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

A transaction that is recorded in the journal is called a journal entry.

Correct Answer
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The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Correct Answer
verified

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Correct Answer
verified

The ____ is where a transaction can first be found in the accounting records.

Correct Answer
verified

On January 12,JumpStart Co.purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

Correct Answer
verified

Which of the following is not a useful step in finding errors on the trial balance?

Correct Answer
verified

A list of the accounts used by a business is called the

Correct Answer
verified

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

Correct Answer
verified

Which are the parts of the T account?

Correct Answer
verified

Liabilities are increased with debits and decreased with credits.

Correct Answer
verified

All of the following accounts are increased with a debit except

Correct Answer
verified

Correct Answer
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What posting references will be found in the journal entry?

Correct Answer
verified

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

Correct Answer
verified

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Total assets are

Correct Answer
verified

Which of the following entries records the acquisition of office supplies on account?

Correct Answer
verified

Expenses result from selling services or products to customers.

Correct Answer
verified

The stockholders' equity will be reduced by all of the following except

Correct Answer
verified

Which of the following situations increase stockholders' equity?

Correct Answer
verified

Journalizing is the process of entering amounts in the ledger.

Correct Answer
verified

Exam 2: Analyzing Transactions

A transaction that is recorded in the journal is called a journal entry.

Correct AnswerverifiedShow Answer

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Correct AnswerverifiedShow Answer

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Correct AnswerverifiedShow Answer

The ____ is where a transaction can first be found in the accounting records.

Correct AnswerverifiedShow Answer

On January 12,JumpStart Co.purchased $870 in office supplies. ​ (a)Journalize this transaction as if JumpStart paid cash. ​ (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. ​ (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

Correct AnswerverifiedShow Answer

Which of the following is not a useful step in finding errors on the trial balance?

Correct AnswerverifiedShow Answer

A list of the accounts used by a business is called the

Correct AnswerverifiedShow Answer

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

Correct AnswerverifiedShow Answer

Which are the parts of the T account?

Correct AnswerverifiedShow Answer

Liabilities are increased with debits and decreased with credits.

Correct AnswerverifiedShow Answer

All of the following accounts are increased with a debit except

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What posting references will be found in the journal entry?

Correct AnswerverifiedShow Answer

Prepare a journal entry for the purchase of a truck on April 4 for $85,700,paying $15,000 cash and the remainder on account.Omit explanation.

Correct AnswerverifiedShow Answer

​The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. ​ ​ Total assets are

Correct AnswerverifiedShow Answer

Which of the following entries records the acquisition of office supplies on account?

Correct AnswerverifiedShow Answer

Expenses result from selling services or products to customers.

Correct AnswerverifiedShow Answer

The stockholders' equity will be reduced by all of the following except

Correct AnswerverifiedShow Answer

Which of the following situations increase stockholders' equity?

Correct AnswerverifiedShow Answer

Journalizing is the process of entering amounts in the ledger.

Correct AnswerverifiedShow Answer

Correct Answer
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On January 12,JumpStart Co.purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)(1)Journalize this transaction as if JumpStart purchased the supplies on account. (b)(2)On January 18,JumpStart pays the amount due.Journalize this event.

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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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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The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. Total assets are

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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Correct Answer
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