Homework Answers
Answers
- [3]
FALSE.
Journalizing process is complete if there’s date, accounts debited and credited and amount of debit equal credits. - [4]
FALSE.
Normal balance of asset and withdrawals is DEBIT, BUT normal balance of capital is CREDIT. - [5]
FALSE.
The correct order is
Assets, Liabilities, Capital, Withdrawals, Revenues and expenses.
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3. True / False If the reference column in the general journal is not filled it,...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal document required by the Canada Revenue Agency. C) formal document required by creditors. D) multicolumn document used by accountants to aid in the preparation of the financial statements. 2) All of the following are listed on a worksheet except: A) a debit and credit column for a statement of owner's equity. B) a debit and credit column for an income statement. C) a debit...
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and...
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and accounts. b. journal and ledger. c. ledger and financial statements. d journal and financial statements. 40. If cash is paid for office rent, the transaction includes 2. debiting Rent Expense and crediting Cash. b. debiting Rent Expense and crediting Accounts Payable. c. debiting Rent Expense and crediting Capital. d. debiting Cash and crediting Rent Expense. 41. Tom Edwards opened an auto repair business on...
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
Identify the accounts that would normally have balances in the debit column of a business's trial...
Identify the accounts that would normally have balances in the debit column of a business's trial balance. Multiple Choice Revenues and expenses. Assets and revenues. Liabilities and dividends. Liabilities and expenses. Assets and expenses.
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 po...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 points each) or Answers Scoring 1. The order of the flow of financial data accounting information systems is (A) journalize, post, analyze; (B) analyze, journalize, post; (C) journalize analyze, post; (D) analyze, post, journalize; (E) analyze, journalize, analyze, post 2. A chart of accounts doesn't include (A) account...
Which of the following groups of accounts have a normal credit balance?
Which of the following groups of accounts have a normal credit balance? A. Assets, capital, and withdrawals B. Liabilities, expenses, and assets C. Assets, expenses, and withdrawals D. Revenue, liabilities, and capital Which of the following groups of accounts have a normal debit balance? A. Liabilities, Expenses, and Assets B. Revenue, Liabilities, and Expense C. Assets, Expenses, and Withdrawals D. Assets, Capital, and Withdrawals The ledger is: A. a group of accounts that records results from business transactions. B. a tool used to ensure that all accounts have normal balances. C. a tool...
General journal... 1. fee income to income summary 2. expenses yo income summary 3. net income...
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,100; Prepaid Rent, $6,600; Accounts Payable $3,500; Common Stock, $32,000; Service Revenue, $24,600; Salaries Expense, $7,400; Accounts Receivable, $5,300; Land, $52,000; Deferred Revenue, $1,900; Retained Earnings, $21,000; Supplies Expense, $8,600. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
Below is the complete list of accounts of Sooner Company and the related balance at the...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,400; Prepaid Rent, $6,900; Accounts Payable $3,800; Common Stock, $35,000; Service Revenue, $24,900; Salaries Expense, $7,700; Accounts Receivable, $5,600; Land, $55,000; Deferred Revenue, $2,050; Retained Earnings, $21,750; Supplies Expense, $8,900. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and accounts. b. journal and ledger. c. ledger and financial statements. d journal and financial statements. 40. If cash is paid for office rent, the transaction includes 2. debiting Rent Expense and crediting Cash. b. debiting Rent Expense and crediting Accounts Payable. c. debiting Rent Expense and crediting Capital. d. debiting Cash and crediting Rent Expense. 41. Tom Edwards opened an auto repair business on...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Section B Directions: Complete each of the following statements by writing in the Answers column the letter of the word or words that correctly completes each statement or answers the question. (3 points each) or Answers Scoring 1. The order of the flow of financial data accounting information systems is (A) journalize, post, analyze; (B) analyze, journalize, post; (C) journalize analyze, post; (D) analyze, post, journalize; (E) analyze, journalize, analyze, post 2. A chart of accounts doesn't include (A) account...
General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,100; Prepaid Rent, $6,600; Accounts Payable $3,500; Common Stock, $32,000; Service Revenue, $24,600; Salaries Expense, $7,400; Accounts Receivable, $5,300; Land, $52,000; Deferred Revenue, $1,900; Retained Earnings, $21,000; Supplies Expense, $8,600. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $3,400; Prepaid Rent, $6,900; Accounts Payable $3,800; Common Stock, $35,000; Service Revenue, $24,900; Salaries Expense, $7,700; Accounts Receivable, $5,600; Land, $55,000; Deferred Revenue, $2,050; Retained Earnings, $21,750; Supplies Expense, $8,900. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses....
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