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Exam 2: Analyzing Transactions

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Question 61

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The normal balance of the dividends account is a debit.

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Question 62

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Postings made to standard account forms show a new balance after each entry.

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Question 63

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Which of the following entries records the receipt of cash from clients on account?

Which of the following is not considered to be a liability?

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.

The normal balance of an expense account is a credit.

Which statements concerning cash is are true?

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

The process of initially recording a business transaction is called

Which side of the account increases the cash account?

The normal balance of revenue accounts is a credit.

The post reference notation used in the ledger is the account number.

The following two situations are independent of each other. 1. On June 1, the cash account balance was $45,750. During June, cash payments totaled $243,910, and the June 30 balance was $53,200. Determine the cash receipts during June and show your calculation. 2. On March 1, the supplies account balance was $1,800. During March, supplies of $2,450 were purchased, and $630 of supplies were on hand as of March 31. Determine the supplies expense for March and show your calculation

The following errors took place in journalizing and posting transactions: a.Dividends were recorded as a debit to Office Expense and a credit to Cash. b.Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned. Journalize the entries to correct the errors.Omit the explanations.

Prepaid expenses are an example of an expense.

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

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

On October 30,JumpStart pays $3,330 in dividends to its stockholders . Journalize this event.

The increase side of an account is also the side of the normal balance.