-
11. The classification and normal
balance of the accounts payable account is
an asset with a credit balance
a liability with a credit balance
owner's equity with a credit balance
revenue with a credit balance
12. A credit balance
in which of the following accounts would indicate a likely
error?
a. Fees Earned
b. Salary Expense
c. Janet James, Capital
d. Accounts Payable
13. The process of initially recording
a business transaction is called
...
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39. 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? 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, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
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Which of the following accounts is an owner's equity account?
Cash
Accounts Payable
Prepaid Insurance
Ross Morris, Capital
2. The gross increases in owner's
equity attributable to business activities are called
a. assets
b. liabilities
c. revenues
d. expenses
3. The debit side of an account
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...
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Selected account balances before adjustment for Atlantic Coast
Realty at July 31, the end of the current year, are as follows:
Debits
Credits
Accounts Receivable
$75,000
Equipment
345,700
Accumulated Depreciation—Equipment
$112,500
Prepaid Rent
9,000
Supplies
3,350
Wages Payable
–
Unearned Fees
12,000
Fees Earned
660,000
Wages Expense
325,000
Rent Expense
–
Depreciation Expense
–
Supplies Expense
–
Data needed for year-end adjustments are as follows:
•
Unbilled fees at July 31, $11,150.
•
Supplies on hand at July 31, $900....
-
39. 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? 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, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
-
1. Which of these accounts would not be present in the
closing entries?
a. Dividends Payable
b. Utilities Expense
c. Fees Earned Revenue
d. Insurance Expense
2. Which account would be credited when closing the account for
fees earned for the year?
a. Income Summary
b. Accounts Receivable
c. Fees Earned Revenue
d. Unearned Fee Revenue
3. Which of the following accounts is considered a temporary or
nominal account?
a. Fees Earned Revenue
b. Prepaid Advertising
c. Unearned Service Revenue...
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10. The accounts in the ledger of
Monroe Entertainment Co. are listed below. All accounts have normal
balances.
Accounts Payable
$1,500
Fees Earned
$3,600
Accounts Receivable
1,800
Insurance Expense
1,300
Prepaid Insurance
2,000
Land
3,000
Cash
3,200
Wages Expense
1,400
Drawing
1,200
Capital
8,800
The total of all the
assets is a. $10,000
b. $8,000
c. $9,700
d. $9,800
11. The classification and normal
balance of the accounts payable account is
an asset with a credit balance
a liability with...
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Tyler paid $3,700 on account to the company from which
equipment was purchased on credit. This transaction would
increase assets and increase owner's equity.
decrease assets and decrease liabilities.
increase assets and increase liabilities.
increase one asset and decrease another asset.
An example of an expense is
withdrawals by the owner.
supplies consumed.
prepaid insurance.
investments.
Asset and expense accounts normally have
credit balances.
large balances.
debit balances.
negative balances.
Accounts that affect owner's equity are
expenses, capital, and revenue....
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1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...
-
11) Which of the
following entries records the cash payment of an Account
Payable?
a. debit Cash; credit Accounts
Payable
b. debit Accounts
Receivable; credit Cash
c. debit Cash; credit Expense
d. debit Accounts
Payable; credit Cash
12) Haselhof Company
purchases equipment for $2,400 and supplies for $700 from
Behrman
Co. for $3,100 cash. The entry for
this transaction will include a
a. debit to Equipment $2,400 and a
debit to Supplies Expense $700 for Behrman.
b. credit to Cash...
39. 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? 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, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
Selected account balances before adjustment for Atlantic Coast
Realty at July 31, the end of the current year, are as follows:
Debits
Credits
Accounts Receivable
$75,000
Equipment
345,700
Accumulated Depreciation—Equipment
$112,500
Prepaid Rent
9,000
Supplies
3,350
Wages Payable
–
Unearned Fees
12,000
Fees Earned
660,000
Wages Expense
325,000
Rent Expense
–
Depreciation Expense
–
Supplies Expense
–
Data needed for year-end adjustments are as follows:
•
Unbilled fees at July 31, $11,150.
•
Supplies on hand at July 31, $900....
39. 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? 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, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...