Homework Answers
8.
b. a trial balance
9.
c. Equipment is an asset account
10.
c. Accounts payable is a liability account
11.
b. Revenues are the gross increase in owner's equity
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8. What proof of equality is prepared to determine if debits are equal to credits and...
— 14. A trial balance is prepared to a. discover errors that affect the equality of...
— 14. A trial balance is prepared to a. discover errors that affect the equality of debits and credits b. prove that no errors were made in posting to the ledger c. prove that each account balance is correct d. prove that there were no errors made in recording transactions into the journal 15. If the two totals of a trial balance are not equal, it could be due to a. an error in determining the account balances, such as...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary made the following accounting errors: 12(Click the icon to view the accounting errors.) Print Read the requirements 13. Requirement 1. For each of these errors, state whether total debits equal total credits on the trial balance. For each error determine whether total debils are "Greater than">), "Equal to" (=), or "Less than" (<) total credits. a. Total debits Total credits b. Total debits (2)...
. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney...
. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney made the following accounting errors: a. In preparing the trial balance, Courtney omitted a $5,000 notes payable. The debit to Cash was correct. b. Courtney posted a $1,000 utilities expense as $100. The credit to Cash was correct. c. In recording a $600 payment on account, Courtney debited Furniture instead of Accounts Payable. d. In journalizing a receipt of cash for service revenue, Courtney...
Danielle survey has trouble keeping her debits and credits equal. during a recent month ancial Acc-Sec...
Danielle survey has trouble keeping her debits and credits
equal. during a recent month
ancial Acc-Sec 90 - 84895 Homework: Chapter 2 Homework Score: 0.19 of 1 pt %E2-25 (similar to) 3 of 5 (3 complete) Danielle Sugrue has trouble keeping her debits and credits equal. During a recent month, Danielle made the following accounting errors: Click the icon to view the accounting errors.) Read the requirements Total debts Total credits d. Total debits Total credits Totalt T Requirement 2....
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to...
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 110,000 $65,00e 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 170,000 50,000 $606,000 $606,000 The following additional information is available about last year's activities: a. Net income for the year was $?- b. The company sold equipment during the year for $15,000. The...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
— 14. A trial balance is prepared to a. discover errors that affect the equality of debits and credits b. prove that no errors were made in posting to the ledger c. prove that each account balance is correct d. prove that there were no errors made in recording transactions into the journal 15. If the two totals of a trial balance are not equal, it could be due to a. an error in determining the account balances, such as...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary made the following accounting errors: 12(Click the icon to view the accounting errors.) Print Read the requirements 13. Requirement 1. For each of these errors, state whether total debits equal total credits on the trial balance. For each error determine whether total debils are "Greater than">), "Equal to" (=), or "Less than" (<) total credits. a. Total debits Total credits b. Total debits (2)...
Danielle survey has trouble keeping her debits and credits
equal. during a recent month
ancial Acc-Sec 90 - 84895 Homework: Chapter 2 Homework Score: 0.19 of 1 pt %E2-25 (similar to) 3 of 5 (3 complete) Danielle Sugrue has trouble keeping her debits and credits equal. During a recent month, Danielle made the following accounting errors: Click the icon to view the accounting errors.) Read the requirements Total debts Total credits d. Total debits Total credits Totalt T Requirement 2....
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 110,000 $65,00e 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 170,000 50,000 $606,000 $606,000 The following additional information is available about last year's activities: a. Net income for the year was $?- b. The company sold equipment during the year for $15,000. The...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
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