Exam 3: Beginning the Accounting Cycle

A) services were provided to a cash customer.
B) services were provided to a charge customer.
C) the owner made an investment.
D) a payment was made on account.

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A) is the book of original entry.
B) is the book of final entry.
C) contains account balances.
D) is completed after the trial balance.

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A)
$\begin{array} { | c | c | } \hline \text { Accounts Receivable } & 10,000 \\\hline \text { Performance Fees } & 10,000 \\\hline\end{array}$
B)
$\begin{array} { | c | c | } \hline \text { Cash } & 10,000 \\\hline \text { Performance Fees } & 10,000 \\\hline\end{array}$
C)
$\begin{array} { | c | l | } \hline \text { Accounts Receivable } & 10,000 \\\hline \text { Cash } & { 10,000 } \\\hline\end{array}$
D)
$\begin{array} { | c | l | } \hline \text { Performance Fees } & 10,000 \\\hline \text { Cash } & { 10,000 } \\\hline\end{array}$

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A) purchase of office equipment for $12,000,paying $8,000 cash,with the rest on account.
B) investment by the owner of an additional $4,000.
C) purchase of office equipment,paying $4,000 cash,and $8,000 on account.
D) a loan of $5,000,on a $9,000 purchase of equipment with $4,000 down payment.

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A) Cash,debit $9,000;Katelyn,Capital,credit $9,000
B) Accounts Payable,debit $9,000;Cash,credit $9,000
C) Cash,debit $9,000;Revenue,credit $9,000
D) Katelyn's Capital,debit $9,000;Cash,credit $9,000

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A) balance sheet.
B) trial balance.
C) ledger.
D) income statement.

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A) the company collected a payment from a customer.
B) the company made a payment on account.
C) the company made a purchase on account.
D) None of these is possible.

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A) recording the source documents identification number.
B) recording the account number to which the entry was posted.
C) recording the balance when the entry was posted.
D) recording the initials of the person who did the posting.

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A) services were provided.
B) the owner made an investment.
C) a correcting entry for the overstatement of revenue was recorded.
D) All of these are possible.

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A) debit Supplies,$800;credit Cash,$800.
B) debit Cash,$800;credit Supplies,$800.
C) debit Supplies,$200;credit Cash,$200.
D) debit Cash,$200;credit Cash,$200.

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A) a rearrangement.
B) a slide.
C) a transposition.
D) None of the above

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A) the rent was paid for three months in advance.
B) a copy of the lease was received.
C) this month's rent was paid.
D) All of these are possible.

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A) Notes payable when it is increased
B) Accounts Receivable when it is increased
C) Cash when it is decreased
D) Capital when it is increased

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A) A line separation
B) A different color
C) Indenting
D) There is no distinction.

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A) alphabetically.
B) in the same order as in the ledger.
C) all debits first and then credits.
D) all credits first and then debits.

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