Question 1

Match between columns
                        Premises:  Unearned Rent
 Prepaid Insurance
 Fees Earned
 Patents
 Dividends

Accepted Answer

The Answer of Assets and Liabilities and Stockholders’ Equity and is...

Question 2

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

Accepted Answer

A)   No entry until the cash is received
B)   Fees Earned, debit; Accounts Receivable, credit
C)   Cash, debit; Fees Earned, credit
D)   Accounts Receivable, debit; Fees Earned, creditE) A) and B)
F) A) and C)

Question 3

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A)   assets, expenses, liabilities, stockholders' equity, revenues
B)   stockholders' equity, assets, liabilities, revenues, expenses
C)   assets, liabilities, stockholders' equity, revenues, expenses
D)   assets, liabilities, revenues, expenses, stockholders' equityE) All of the above
F) A) and B)

Question 4

In accordance with the debit and credit rules, which of the following is true?

Accepted Answer

A)   Debits increase assets.
B)   Credits increase assets.
C)   Debits increase both assets and common stock.
D)   Credits increase both assets and liabilities.E) A) and C)
F) All of the above

Question 5

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 6

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred in Walker's first month of operation. 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...

Question 7

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) A) and D)
F) B) and C)

Question 8

A chart of accounts is a listing of accounts that make up the journal.

Accepted Answer

A) True 
 B)False

Question 9

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 10

The debit side of an account

Accepted Answer

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 accountE) None of the above
F) A) and B)

Question 11

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Accepted Answer

A) True 
 B)False

Question 12

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​  ​
Prepare a trial balance. The total of the credits is
​

Accepted Answer

A)   $15,800
B)   $21,300
C)   $22,600
D)   $26,200E) None of the above
F) A) and B)

Question 13

Even when a trial balance is in balance, there may be errors in the individual accounts.

Accepted Answer

A) True 
 B)False

Question 14

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) All of the above
F) None of the above

Question 15

Use the information below to answer the question that follows.
All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts:
  ​
  ​
  ​
  ​
  ​
​
-Prepare an unadjusted trial balance, listing the accounts in their proper order.

Accepted Answer

The answer of Use the information below to answer the...

Question 16

Which of the following entries records the payment of an account payable?

Accepted Answer

A)   debit Cash; credit Accounts Payable
B)   debit Accounts Receivable; credit Cash
C)   debit Cash; credit Supplies Expense
D)   debit Accounts Payable; credit CashE) A) and B)
F) A) and C)

Question 17

Which of the following transactions increases 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) B) and D)
F) A) and B)

Question 18

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.
​

Accepted Answer

The answer of For each of the following errors, considered...

Question 19

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1, Erika Company purchased land...

Question 20

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) B) and C)

Exam 2: Double-Entry Accounting

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

Correct Answer
verified

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Correct Answer
verified

Correct Answer
verified

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

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

Correct Answer
verified

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is

Correct Answer
verified

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

Correct Answer
verified

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Correct Answer
verified

In which order are the accounts listed in the chart of accounts?

Correct Answer
verified

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

Correct Answer
verified

Which of the following entries records the payment of an account payable?

Correct Answer
verified

The debit side of an account

Correct Answer
verified

A chart of accounts is a listing of accounts that make up the journal.

Correct Answer
verified

Which of the following transactions increases stockholders' equity?

Correct Answer
verified

Accounts are classified in the ledger

Correct Answer
verified

Which are the parts of the T account?

Correct Answer
verified

Use the information below to answer the question that follows. All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts: -Prepare an unadjusted trial balance, listing the accounts in their proper order.

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

In accordance with the debit and credit rules, which of the following is true?

Correct Answer
verified

Even when a trial balance is in balance, there may be errors in the individual accounts.

Correct Answer
verified

Exam 2: Double-Entry Accounting

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

Correct AnswerverifiedShow Answer

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

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

Correct AnswerverifiedShow Answer

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. ​ ​ Prepare a trial balance. The total of the credits is ​

Correct AnswerverifiedShow Answer

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. ​

Correct AnswerverifiedShow Answer

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Correct AnswerverifiedShow Answer

In which order are the accounts listed in the chart of accounts?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following entries records the payment of an account payable?

Correct AnswerverifiedShow Answer

The debit side of an account

Correct AnswerverifiedShow Answer

A chart of accounts is a listing of accounts that make up the journal.

Correct AnswerverifiedShow Answer

Which of the following transactions increases stockholders' equity?

Correct AnswerverifiedShow Answer

Accounts are classified in the ledger

Correct AnswerverifiedShow Answer

Which are the parts of the T account?

Correct AnswerverifiedShow Answer

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

In accordance with the debit and credit rules, which of the following is true?

Correct AnswerverifiedShow Answer

Even when a trial balance is in balance, there may be errors in the individual accounts.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances. Prepare a trial balance. The total of the credits is

Correct Answer
verified

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

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

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

Correct Answer
verified

Correct Answer
verified