Question 1

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

Question 2

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) B) and D)

Question 3

On January 1,Merry Walker 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 established a catering...

Question 4

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Accepted Answer

The answer of Record the following selected transactions for April...

Question 5

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts:​  ​ 
 ​ 
 
​  ​ 
 Indicate the following for each debit and credit:​ 
 Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 6

The balance of an account is determined by

Accepted Answer

A)  adding all of the debits to all of the credits
B)  always subtracting the debits from the credits
C)  always subtracting the credits from the debits
D)  adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sumE) B) and D)
F) A) and B)

Question 7

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; Debbi Janer, Capital, credit
B)  Accounts Payable, debit; Cash, credit
C)  Accounts Receivable, debit; Cash, credit
D)  Accounts Payable, debit; Accounts Receivable, creditE) A) and D)
F) All of the above

Question 8

A debit signifies a decrease in

Accepted Answer

A)  assets
B)  expenses
C)  drawing
D)  revenuesE) All of the above
F) B) and C)

Question 9

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset, liability, or owner's 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) A) and B)
F) A) and C)

Question 10

Which of the following is true regarding normal balances of accounts?

Accepted Answer

A)  All accounts have a normal debit balance.
B)  The normal balance of all accounts will have either a positive or negative balance.
C)  Accounts that have a normal debit balance will only have debit entries, never credit entries.
D)  The normal balance is on the increase side of the account.E) None of the above
F) B) and C)

Question 11

The normal balance of a capital account is a debit.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Accepted Answer

A)  chart of accounts
B)  trial balance
C)  income statement
D)  balance sheetE) B) and D)
F) C) and D)

Question 14

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

Accepted Answer

A)  Assets
B)  Liabilities
C)  Owner's Equity
D)  Revenue
E)  ExpensesF) None of the above
G) A) and B)

Question 15

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 16

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 17

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A)  liabilities
B)  owner's equity
C)  assets
D)  revenuesE) A) and B)
F) A) and C)

Question 19

On January 1,Merry Walker 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 established a catering...

Question 20

Which of the following entries records the payment of a bill for your insurance premium?

Accepted Answer

A)  debit Prepaid Insurance; credit Cash
B)  debit Insurance Payable; credit Accounts Receivable
C)  debit Accounts Payable; credit Cash
D)  debit Cash; credit Prepaid InsuranceE) B) and C)
F) All of the above

Exam 2: Analyzing Transactions

A debit signifies a decrease in

Correct Answer
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Assets are increased with debits and decreased with credits.

Correct Answer
verified

Which of the following entries records the payment of a bill for your insurance premium?

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 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 Answer
verified

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

Correct Answer
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Match each of the following accounts with its proper account group from the groups listed below. -Fees Earned

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

Correct Answer
verified

The balance of an account is determined by

Correct Answer
verified

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Correct Answer
verified

The normal balance of a capital account is a debit.

Correct Answer
verified

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

Correct Answer
verified

The debit side of an account

Correct Answer
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Correct Answer
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Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

Correct Answer
verified

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Correct Answer
verified

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: Indicate the following for each debit and credit: Present your answers in the following form:

Correct Answer
verified

Which of the following is true regarding normal balances of accounts?

Correct Answer
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Correct Answer
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The __________ is where a transaction can first be found in the accounting records.

Correct Answer
verified

Exam 2: Analyzing Transactions

A debit signifies a decrease in

Correct AnswerverifiedShow Answer

Assets are increased with debits and decreased with credits.

Correct AnswerverifiedShow Answer

Which of the following entries records the payment of a bill for your insurance premium?

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 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

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The balance of an account is determined by

Correct AnswerverifiedShow Answer

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Correct AnswerverifiedShow Answer

The normal balance of a capital account is a debit.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The debit side of an account

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

Correct AnswerverifiedShow Answer

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Correct AnswerverifiedShow Answer

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts:​ ​ ​ ​ ​ Indicate the following for each debit and credit:​ Present your answers in the following form:

Correct AnswerverifiedShow Answer

Which of the following is true regarding normal balances of accounts?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

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All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: Indicate the following for each debit and credit: Present your answers in the following form:

Correct Answer
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