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On January 1, 2011, Cary Parsons established Cary's Catering Service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred during the first month of operations. 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. On January 1, 2011, Cary Parsons established Cary's Catering Service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred during the first month of operations. 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. On January 1, 2011, Cary Parsons established Cary's Catering Service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred during the first month of operations. 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.

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On November 1st, Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land. Prepare the journal entry to record this transaction.

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The chart of accounts for Miguel Corporation includes the following: The chart of accounts for Miguel Corporation includes the following: On journal page 5, the following transaction was found: What is the posting reference that will be found in the Salaries Expense account? A) 5 B) 11 C) 54 D) none of these On journal page 5, the following transaction was found: The chart of accounts for Miguel Corporation includes the following: On journal page 5, the following transaction was found: What is the posting reference that will be found in the Salaries Expense account? A) 5 B) 11 C) 54 D) none of these What is the posting reference that will be found in the Salaries Expense account?


A) 5
B) 11
C) 54
D) none of these

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A dividends account records amounts paid to stockholders.

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When a company issues new shares of stock, the capital stock account increases due to revenue being earned.

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

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Which side of the account increases a cash account?


A) credit
B) neither a debit or a credit
C) debit
D) either a debit or a credit

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The Post. Ref. columns are used to trace transactions from the journal to the accounts. What will be entered in the Post. Ref. column of (a) the journal and (b) the account?


A) (a) the amount of the debit or credit (b) the journal page number
B) (a) the journal page number (b) the date of the transaction
C) (a) the journal page number, (b) the account number
D) (a) the account number, (b) the journal page number

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Which of the following is true about a T account?


A) The left-hand side of the T account is called the debit side.
B) The left-hand side of the T account is called the credit side.
C) The right-hand side of the T account is called the debit side.
D) None of these are true.

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The recording of cash receipts to the cash account will be done by debiting the account.

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Which of the following entries records the cash sale of capital stock to stockholders?


A) debit Capital Stock; credit Cash
B) debit Cash; credit Capital Stock
C) debit Cash; credit Revenue
D) debit Revenue; credit Cash

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The dividends account is an example of an expense.

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On January 8th, JumpStart purchased $20,000 worth of office equipment. Prepare the journal entry to record this transaction.

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The chart of accounts is designed to


A) alphabetize the accounts to make reading easier for its financial statement users
B) analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users
C) summarize the transactions and determine their ending balances
D) meet the information needs of a company and other financial statement users

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Which of the following group of accounts are increased with a debit?


A) assets, liabilities, stockholders' equity
B) assets, dividends, expenses
C) assets, revenues, expenses
D) assets, liabilities, revenues

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Below is the unadjusted trial balance for Dawson Designs at December 31, 2011 - the end of its first year in business. (1) Identify the errors in the following trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance. Below is the unadjusted trial balance for Dawson Designs at December 31, 2011 - the end of its first year in business. (1) Identify the errors in the following trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

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(1)
a. The debit column is added incorre...

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Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations. Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.

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Journalizing is the process of entering amounts in the ledger.

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


A) assets, expenses, and dividends are increased by debits
B) assets are decreased by credits and have a normal debit balance
C) liabilities, revenues, and retained earnings are increased by credits
D) the normal balance for revenues and expenses is a credit

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Cash was paid by Ari's Alarm Service to creditors on account. Which of the following entries for Ari's Alarm Service records this transaction?


A) Cash, debit; Retained Earnings, credit
B) Accounts Payable, debit; Cash, credit
C) Accounts Receivable, debit; Cash, credit
D) Accounts Payable, debit; Account Receivable, credit

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