Question 1

The ledger should be arranged in

Accepted Answer

A)   alphabetical order.
B)   chronological order.
C)   dollar amount order.
D)   None of these choices are correct.E) A) and B)
F) B) and C)

Question 2

The last step in preparing a trial balance is

Accepted Answer

A)   List the account titles and their normal balances in the appropriate debit or credit column.
B)   List the account titles in the order in which they appear in the ledger.
C)   Total the debit and credit columns.
D)   Prove the equality of the two columns.E) B) and C)
F) A) and C)

Question 3

A compound journal entry requires several debits to one account and several credits to one account.

Accepted Answer

A) True 
 B)False

Question 4

The account debited in a journal entry is entered _______________ on the extreme ____________ margin.

Accepted Answer

The answer of The account debited in a journal entry...

Question 5

When journalizing, the reference column is

Accepted Answer

A)   left blank.
B)   used to reference the source document.
C)   used to reference the journal page.
D)   used to reference the financial statements.E) A) and B)
F) B) and C)

Question 6

A trial balance is a listing of

Accepted Answer

A)   transactions in a journal.
B)   the chart of accounts.
C)   general ledger accounts and balances.
D)   the totals from the journal pages.E) A) and D)
F) A) and C)

Question 7

Journalize the following transactions for Tanaka Company for June 2022, the company's first month of operations. You may omit explanations for the transactions.
1. Purchased equipment on account for $9,800.
2. Billed customers $5,600 for services performed.
3. Made payment of $2,400 on account for equipment purchased earlier in the month.
4. Collected $3,900 on customer accounts.

Accepted Answer

The answer of Journalize the following transactions for Tanaka Company...

Question 8

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

Accepted Answer

A)   owner's equity decreased by $2,300.
B)   total assets increased by $2,300.
C)   total assets remained unchanged.
D)   owner's equity decreased and total assets increased by $2,300.E) A) and D)
F) C) and D)

Question 9

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

Accepted Answer

A)   Service Revenue.
B)   Owner's Capital.
C)   Accounts Receivable.
D)   Cash.E) A) and B)
F) B) and C)

Question 10

The trial balance does not

Accepted Answer

A)   list all the accounts.
B)   show all the account balances at a given time.
C)   aid in the preparation of financial statements.
D)   provide all the account activity for each account.E) A) and B)
F) None of the above

Question 11

These accounts are among the accounts in Barrelhouse Pub's trial balance:   Cash $23,000 Accounts Payable 9,000 Owner’s Capital 47,000 Owner’s Drawing 6,000 Food Revenue 90,000 Utilities Expense 4,000\begin{array}{lr}	ext { Cash } & \$ 23,000 \	ext { Accounts Payable } & 9,000 \	ext { Owner&#x27;s Capital } & 47,000 \	ext { Owner&#x27;s Drawing } & 6,000 \	ext { Food Revenue } & 90,000 \	ext { Utilities Expense } & 4,000\end{array} Cash  Accounts Payable  Owner’s Capital  Owner’s Drawing  Food Revenue  Utilities Expense ​$23,0009,00047,0006,00090,0004,000​  Based on these accounts only, what are the total credits in Barrelhouse Pub's trial balance?

Accepted Answer

A)   $79,000.
B)   $103,000.
C)   $142,000.
D)   $146,000. E) B) and D)
F) A) and D)

Question 12

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Accepted Answer

A)   cash register sales tape.
B)   bill.
C)   advertising brochure.
D)   check.E) B) and C)
F) None of the above

Question 13

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Accepted Answer

A)   Accounts Receivable- credit.
B)   Notes Payable - credit.
C)   Owner's Capital - credit.
D)   Owner's Drawing - debit.E) C) and D)
F) B) and D)

Question 14

A list of accounts and their balances at a given time is called a(n)

Accepted Answer

A)   journal.
B)   posting.
C)   trial balance.
D)   income statement.E) B) and C)
F) C) and D)

Question 15

Companies arrange the ledger in this sequence:

Accepted Answer

A)   assets, liabilities, owner's capital, owner's drawings, revenues, expenses.
B)   revenues, expenses, assets, liabilities, owner's capital, owner's drawings.
C)   assets, revenues, liabilities, expenses, owner's capital, owner's drawings.
D)   owner's capital, owner's drawings, assets, liabilities, revenues, expenses.E) B) and D)
F) B) and C)

Question 16

The three-column form of account has three amount columns: debit, credit, and

Accepted Answer

A)   explanation.
B)   reference.
C)   balance.
D)   beginning amount.E) A) and B)
F) A) and C)

Question 17

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business.
2. Purchased supplies on account for $1,000.
3. Billed customers $2,000 for services performed.
4. Paid salaries of $1,200.

Accepted Answer

The answer of Identify the accounts to 1. The owner,...

Question 18

A journal entry to record the performance of services for cash is posted to the

Accepted Answer

A)   debit side of Cash.
B)   credit side of Cash.
C)   debit side of Owner's Capital.
D)   credit side of Owner's Capital.E) All of the above
F) B) and D)

Question 19

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Accepted Answer

A)   Owner's Capital - debit.
B)   Salary Expense - debit.
C)   Accounts Payable - credit.
D)   Accounts Receivable - debit.E) A) and D)
F) B) and C)

Question 20

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

Accepted Answer

The journal makes several significant co...

Exam 4: The Recording Process: the Journal, the Ledger, and the Trial Balance

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

Correct Answer
verified
The journal makes several significant co...
View Answer

A journal entry to record the performance of services for cash is posted to the

Correct Answer
verified

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Correct Answer
verified

The trial balance does not

Correct Answer
verified

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Correct Answer
verified

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

Correct Answer
verified

The last step in preparing a trial balance is

Correct Answer
verified

The ledger should be arranged in

Correct Answer
verified

Companies arrange the ledger in this sequence:

Correct Answer
verified

The account debited in a journal entry is entered ___ on the extreme margin.

Correct Answer
verified

A trial balance is a listing of

Correct Answer
verified

Correct Answer
verified

A list of accounts and their balances at a given time is called a(n)

Correct Answer
verified

When journalizing, the reference column is

Correct Answer
verified

The three-column form of account has three amount columns: debit, credit, and

Correct Answer
verified

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200.

Correct Answer
verified

A compound journal entry requires several debits to one account and several credits to one account.

Correct Answer
verified

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Correct Answer
verified

Correct Answer
verified

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

Correct Answer
verified

Exam 4: The Recording Process: the Journal, the Ledger, and the Trial Balance

All recordable transactions are initially recorded in the journal. Discuss the contributions that the journal makes to the recording process.

Correct AnswerverifiedThe journal makes several significant co...View AnswerShow Answer

A journal entry to record the performance of services for cash is posted to the

Correct AnswerverifiedShow Answer

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Correct AnswerverifiedShow Answer

The trial balance does not

Correct AnswerverifiedShow Answer

In Deep River Boat Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

Correct AnswerverifiedShow Answer

Eastman Service Enterprises bills Trait Company for janitorial services rendered. Eastman's journal entry to record the collection of the account will include a credit to

Correct AnswerverifiedShow Answer

The last step in preparing a trial balance is

Correct AnswerverifiedShow Answer

The ledger should be arranged in

Correct AnswerverifiedShow Answer

Companies arrange the ledger in this sequence:

Correct AnswerverifiedShow Answer

The account debited in a journal entry is entered _______________ on the extreme ____________ margin.

Correct AnswerverifiedShow Answer

A trial balance is a listing of

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A list of accounts and their balances at a given time is called a(n)

Correct AnswerverifiedShow Answer

When journalizing, the reference column is

Correct AnswerverifiedShow Answer

The three-column form of account has three amount columns: debit, credit, and

Correct AnswerverifiedShow Answer

Identify the accounts to 1. The owner, O. Gulag, invested $8,000 cash in the business. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200.

Correct AnswerverifiedShow Answer

A compound journal entry requires several debits to one account and several credits to one account.

Correct AnswerverifiedShow Answer

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Camper Van Company purchased equipment for $2,300 cash. As a result of this event,

Correct AnswerverifiedShow Answer

Correct Answer
verified
The journal makes several significant co...
View Answer

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The account debited in a journal entry is entered ___ on the extreme margin.

Correct Answer
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