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Exam 2: Analyzing Transactions

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Question 61

Multiple Choice

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Which of the following errors will cause the trial balance totals to be unequal?

A) posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted
B) failure to record a transaction or to post a transaction
C) recording the same transaction more than once
D) recording the same erroneous amount for both the debit and the credit parts of a transaction

E) A) and C)
F) None of the above

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Question 62

Multiple Choice

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Which of the following is true about assets?

A) Assets include both physical and intangible items.
B) Assets include only physical items.
C) Assets are the personal property of the owner of the company.
D) Assets are the result of selling products or services to customers.

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

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Question 63

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

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

Postings made to standard account forms show a new balance after each entry.

Which of the following will increase owner's equity?

The normal balance of revenue accounts is a credit.

The drawing account is an expense.

On November 1,Nickle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.

Which of the following types of accounts have a normal credit balance?

A trial balance is prepared to

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Copyrights

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

Calculate the following:

Analyze the following transactions as to their effect on the accounting equation.​ Some of the possible effects of a transaction on the accounting equation are listed below​ Put the appropriate letter next to each transaction.

Which of the following describes the classification and normal balance of the fees earned account?

Lewis Company has a condensed income statement as shown below.​ RequiredPrepare a horizontal analysis of Lewis Company's income statements.Comment on the trends,both favorable and unfavorable.

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

In the chart of accounts,the balance sheet accounts are normally listed in which order?

On August 30,JumpStart incurred the following expenses:Payment to the landlord for August rent,$2,300Payment to Gas & Electric Company for August bill,$525Payment of employee wages for the last half of August,$1,750Payment of shopping center's parking lot cleaning fee,$275​Journalize these payments as one compound journal entry.