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Exam 2: Analyzing Transactions

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Question 111

Multiple Choice

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The classification and normal balance of the drawing account is

A) an expense with a credit balance
B) an expense with a debit balance
C) a liability with a credit balance
D) owner's equity with a debit balance

E) All of the above
F) B) and C)

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Question 112

Multiple Choice

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Which of the following entries records the payment of rent for the current month?

A) Cash, debit; Rent Expense, credit
B) Rent Expense, debit; Cash, credit
C) Rent Expense, debit; Accounts Receivable, credit
D) Accounts Payable, debit; Rent Expense, credit

E) All of the above
F) A) and B)

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Question 113

Multiple Choice

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The process of transferring the journal entries to the accounts is known as

A group of related accounts that make up a complete unit is called a trial balance.

Which of the following accounts is an owner's equity account?

The posting process will include the transfer of the following information from the journal to the account.

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

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

Calculate the following:

Normal balances are the side that increase the account balance.

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.

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30, 2014.

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

The process of recording a transaction in the journal is called journalizing.

On October 30th Damien Lawson withdraws $3,330 from JumpStart for personal use. Journalize this event.

The recording of cash payments from the cash account is done by entering the amount as a credit.

Which of the following entries records the investment of cash by Ron York, owner of a proprietorship?

Of the following which istrue about assets?

Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction.

A trial balance determines the accuracy of the numbers.