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Exam 2: Analyzing Transactions

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Question 111

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The T account got its name because it resembles the letter "T."

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Question 112

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A list of the accounts used by a business is called the

A) journal
B) chart of accounts
C) T chart
D) debit listing

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Question 113

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Which are the parts of the T account?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Interest Revenue

On November 30, the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment. Prepare the journal entry to correct this situation.

The debit side of an account

Which of the following is not a correct rule of debits and credits?

Depending on the account title, the right side of the account is referred to as the credit side.

The post reference notation used in the journal is the page number.

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Journal entries include both debit and credit accounts for each transaction.

The process of transferring the data from the journal to the ledger accounts is called posting.

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1.Cash 2.Accounts Receivable 3.Office Supplies 4.Land 5.Interest Receivable 6.Building 7.Truck 8.Equipment 9.Accounts Payable 10.Interest Payable 11.Insurance Payable 12.Utilities Expense 13.Notes Payable 14.Prepaid Insurance 15.Service Revenue 16.Common Stock 17.Insurance Expense 18.Interest Expense 19.Office Supplies Expense 20.Unearned Service Revenue 21.Dividends

Accounts payable are accounts that you expect will be paid to you.

The process of transferring the debits and credits from the journal entries to the accounts is called

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Accounts Receivable

On January 12, JumpStart Co. purchased $870 in office supplies.​ (a) Journalize this transaction as if JumpStart paid cash.​ (b) (1) Journalize this transaction as if JumpStart purchased the supplies on account.​ (b) (2) On January 18, JumpStart pays the amount due. Journalize this event.

Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit.

Answer the following questions for each of the errors listed below, considered individually: (a)Did the error cause the trial balance totals to be unequal? (b)What is the amount of the difference between the trial balance totals (where applicable)? (c)Which of the trial balance totals, debit or credit, is the larger (where applicable)? Present your answers in columnar form, using the following headings: Error Totals Difference in Totals Larger of Totals (identifying number)(equal or unequal)(amount)(debit or credit)Errors: (1)A dividend of $3,000 cash to shareholders was recorded by a debit of $3,000 to Salary Expense and a credit of $3,000 to Cash.(2)A $650 purchase of supplies on account was recorded as a debit of $1,650 to Equipment and a credit of $1,650 to Accounts Payable.(3)A purchase of equipment for $3,450 on account was not recorded.(4)A $870 receipt on account was recorded as a $870 debit to Cash and a $780 credit to Accounts Receivable.(5)A payment of $1,530 cash on account was recorded only as a credit to Cash.(6)Cash sales of $8,500 were recorded as a credit of $8,500 to Cash and a credit of $8,500 to Fees Earned.(7)The debit to record a $4,000 cash receipt on account was posted twice; the credit was posted once.(8)The credit to record a $300 cash payment on account was posted twice; the debit was posted once.(9)The debit balance of $7,400 in Accounts Receivable was recorded in the trial balance as a debit of $7,200.