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Exam 2: Analyzing Transactions

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Question 41

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The double-entry accounting system records each transaction twice.

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Question 42

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On December 1, JumpStart Company provides $2,800 in services to clients.(a) Journalize this event as if the clients had paid cash at the time the services were rendered.​ (b)(1) Journalize this event as if the clients had been rendered the services on account.​ (b)(2) Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.

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Question 43

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Which one of the statements below is not a purpose for the journal?

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: Use the above information to answer the questions that follow.​ -The chart of accounts for the Miguel Company includes the following: Page 5 of the journal contains the following transaction: What is the posting reference that will be found in the salaries expense account?

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

The ____ is where a transaction can first be found in the accounting records.

The balance of an account is determined by

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

Which group of accounts is composed of only assets?

Which of the following entries records the payment of an account payable?

The posting process will include the transfer of which of the following data from the journal to the account?

Analyze the effect of the following transactions on the accounting equation.(a)The company paid $725 to a vendor for supplies purchased previously on account.(b)The company performed $850 of services and billed the customer.(c)The company received a utility bill for $395 and will pay it next month.(d)The company paid dividends of $145.(e)The company paid $315 in salaries to its employees.(f)The company collected $730 of cash from its customers on account.​ Some of the possible effects of a transaction on the accounting equation are listed below: (1)Assets, Dr.; Assets, Cr.(2)Assets, Dr.; Stockholders' Equity, Cr.(3)Assets, Dr.; Liabilities, Cr.(4)Assets, Dr.; Revenues, Cr.(5)Liabilities, Dr.; Assets, Cr.(6)Dividends, Dr.; Assets, Cr.(7)Expenses, Dr.; Assets, Cr.(8)Expenses, Dr.; Liabilities, Cr.​ Put the appropriate letter next to each transaction.

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (f), each identified by a number. Following this list are the transactions that occurred in Walker's 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. 1.Cash 2.Accounts Receivable 3.Supplies 4.Prepaid Insurance 5.Equipment 6.Truck 7.Notes Payable 8.Accounts Payable 9.Common Stock 10.Dividends 11.Fees Earned 12.Wages Expense 13.Rent Expense 14.Utilities Expense 15.Truck Expense 16.Miscellaneous Expense 17.Insurance Expense

Organize the following accounts into the usual sequence of a chart of accounts.Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

In the chart of accounts, the balance sheet accounts are normally listed in which order?

Journalize the following selected transactions for January. Explanations may be omitted.Jan.1 Received cash from the sale of common stock, $14,000.2 Received cash for providing accounting services, $9,500.3 Billed customers on account for providing services, $4,200.4 Paid advertising expense, $700.5 Received cash from customers on account, $2,500.6 Paid dividends, $1,010.7 Received telephone bill, $900.8 Paid telephone bill, $900.​

The accounts in the ledger of Nilles Consulting Co. are listed below. All accounts have normal balances.​ Prepare a trial balance. The total of the credits is

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: Use the above information to answer the questions that follow.​ -The chart of accounts for the Miguel Company includes the following: Page 3 of the journal contains the following transaction: What posting references will be found in the journal entry?

If the two totals of a trial balance are not equal, it could be due to

Which of the following is not true with a double-entry accounting system?