Question 1

The chart of accounts for Corning Company includes the following:
​
  Page 3 of the journal contains the following entry:
 
-What is the posting reference that will be found in the cash account?

Accepted Answer

A)  11
B)  15
C)  3
D)  13E) C) and D)
F) A) and B)

Question 2

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

Accepted Answer

A)  all of the information from the journal was correctly transferred to the ledger
B)  all accounts have their correct balances in the ledger
C)  only the journal is accurate; the ledger may be incorrect
D)  only that the debit dollar amounts equal the credit dollar amountsE) A) and B)
F) A) and C)

Question 3

Randomly listed below are the steps for preparing a trial balance:​  What is the proper order of these steps?

Accepted Answer

A)  (3) , (2) , (4) , (1) 
B)  (2) , (3) , (4) , (1) 
C)  (3) , (2) , (1) , (4) 
D)  (4) , (3) , (2) , (1) E) B) and D)
F) B) and C)

Question 4

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 5

Debiting the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Accepted Answer

A)  chart of accounts
B)  income statement
C)  trial balance
D)  account reconciliationE) B) and D)
F) B) and C)

Question 7

The following errors took place in journalizing and posting transactions:
a.A withdrawal of $5,000 by Stan Norton, owner of the business, was recorded as a debit to Office Expense and a credit to Cash.
b.An 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.

Accepted Answer

The answer of The following errors took place in journalizing...

Question 8

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Accepted Answer

A)  Prepaid Rent, debit; Rent Revenue, credit
B)  Cash, debit; Unearned Rent, credit
C)  Cash, debit; Prepaid Rent, credit
D)  Cash, debit; Rent Expense creditE) B) and D)
F) All of the above

Question 9

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Accepted Answer

A) True 
 B)False

Question 10

Prepare a trial balance,listing the following accounts in proper sequence.The accounts 
(all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

Accepted Answer

The answer of Prepare a trial balance,listing the following accounts...

Question 11

Assume that you are creating a chart of accounts for a company.Each account number will have two digits.The first digit indicates the major account group to which the account belongs.Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?

Accepted Answer

A)  1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Expenses, 5-Revenues
B)  1-Assets, 2-Liabilities, 3-Owner's Equity, 4-Revenues, 5-Expenses
C)  1-Assets, 2-Owner's Equity, 3-Revenues, 4-Expenses, 5-Drawing
D)  1-Owner's Equity, 2-Drawing, 3-Revenues, 4-ExpensesE) B) and C)
F) A) and D)

Question 12

Journalizing always eliminates fraudulent activity.

Accepted Answer

A) True 
 B)False

Question 13

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Accepted Answer

A chart of accounts is set up by assigni...

Question 14

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.​

Accepted Answer

The answer of Listed below are accounts to use for...

Question 15

The payment for the monthly rent will require which of the following entries?

Accepted Answer

A)  debit Cash and debit Rent Expense
B)  credit Cash and credit Rent Expense
C)  debit Rent Expense and credit Cash
D)  credit Rent Expense and debit CashE) A) and C)
F) B) and C)

Question 16

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Accounts are classified in the ledger

Accepted Answer

A)  chronologically
B)  alphabetically
C)  in accordance with their appearance in the financial statements
D)  with the accounts used most often listed firstE) None of the above
F) C) and D)

Question 19

Debits will increase unearned revenues and revenues.

Accepted Answer

A) True 
 B)False

Question 20

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Accepted Answer

A)  
B)  
C)  
D)  E) A) and B)
F) B) and D)

Exam 2: Analyzing Transactions

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Correct Answer
verified

Correct Answer
verified

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Correct Answer
verified

Accounts are classified in the ledger

Correct Answer
verified

Correct Answer
verified

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

Correct Answer
verified

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Correct Answer
verified

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Correct Answer
verified

The payment for the monthly rent will require which of the following entries?

Correct Answer
verified

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

Correct Answer
verified

Debits will increase unearned revenues and revenues.

Correct Answer
verified

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.

Correct Answer
verified

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

Correct Answer
verified

Debiting the cash account will increase the account.

Correct Answer
verified

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Correct Answer
verified

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Correct Answer
verified
A chart of accounts is set up by assigni...
View Answer

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

Correct Answer
verified

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Correct Answer
verified

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

Correct Answer
verified

Journalizing always eliminates fraudulent activity.

Correct Answer
verified

Exam 2: Analyzing Transactions

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Clay Potter,Capital; Clay Potter,Drawing; Professional Fees; and Operating Expenses.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Correct AnswerverifiedShow Answer

Accounts are classified in the ledger

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Randomly listed below are the steps for preparing a trial balance:​ What is the proper order of these steps?

Correct AnswerverifiedShow Answer

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Correct AnswerverifiedShow Answer

Which of the following is an internal report that will determine if debit balances equal credit balances in the ledger?

Correct AnswerverifiedShow Answer

The payment for the monthly rent will require which of the following entries?

Correct AnswerverifiedShow Answer

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30.

Correct AnswerverifiedShow Answer

Debits will increase unearned revenues and revenues.

Correct AnswerverifiedShow Answer

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.​

Correct AnswerverifiedShow Answer

The chart of accounts for Corning Company includes the following: ​ Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

Correct AnswerverifiedShow Answer

Debiting the cash account will increase the account.

Correct AnswerverifiedShow Answer

The process of transferring the debits and credits from the journal entries to the accounts is known as posting.

Correct AnswerverifiedShow Answer

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Correct AnswerverifiedA chart of accounts is set up by assigni...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Journalizing always eliminates fraudulent activity.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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.

Correct Answer
verified

The chart of accounts for Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the cash account?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A chart of accounts is set up by assigni...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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