Chapter 1 Questions Multiple Choice
Which of the following financial statements is concerned with the company at a point in time? a. Balance sheet b. Income statement c. Retained earnings
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Chapter 1 Questions Multiple Choice
income statement and balance sheet. 9. Which of the following is an asset? a. Accounts Receivable b. Accounts Payable.
MULTIPLE CHOICE QUESTIONS CHAPTERS 1 – 5 CHAPTER 1 1
prepare adjusted trial balance. 7. ??? Page 4. 9. Which of the following highlights the correct order of the stages in the accounting cycle
Chapter 2 Questions Multiple Choice
b. An account is an individual accounting record of increases and decreases in specific assets liability
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Fall 2020 11th ed. Chapter 2 Question Review
Chapter 2 Questions
Multiple Choice
1. Which of the following statement about an account is true?
a. The right side of an account is the debit, or increase side.b. An account is an individual accounting record of increases and decreases in specific assets, liability,
and stockholders equity items. equity items. d. The left side of an account is the credit, or decrease, side.2. Which of the following are part of the recording process?
a. Analyzing transactions b. Entering Transactions in a journal c. Posting journal entries d. All of the above3. The right side of a t-account is
a. the balance of an account. b. the debit side. c. the credit side. d. blank.4. Powers Corporation received a cash advance of $500 from a customer. As a result of this event,
a. assets increased by $500 (Debited). b. equity increased by $500 (Credited). c. liabilities decreased by $500 (Debited). d. Both assets and equity increased by $500 (Debited and Credited).5. Debits
a. increase both assets and liabilities. b. decrease both assets and liabilities. c. increase assets and decrease liabilities. d. decrease assets and increase liabilities.6. A debit is NOT the normal balance for which account listed below?
a. Revenue b. Cash c. Accounts Receivable d. Dividends7. Which of the following describes the classification and normal balance of the Unearned Rent
Revenue account?
a. Asset, debit b. Liability, credit c. Revenues, credit d. Expense, debitFall 2020 11th ed. Chapter 2 Question Review
8. Which accounts normally have credit balances?
a. Revenues, liabilities, and dividends b. Revenues, liabilities, and assets c. Revenues, liabilities, and retained earnings d. Revenues, liabilities, and expenses9. Which of the following accounts is increased with a debit?
a. Land b. Service Revenue c. Interest Payable d. Common Stock10. When a company performs a service but has not yet received payment, it
a. debits Service Revenue and credits Accounts Receivable. b. debits Accounts Receivable and credits Service Revenue. c. debits Service Revenue and credits Accounts Payable. d. makes no entry until cash is received.11. In the first month of operations, the total of the debit entries to the Cash account amounted to
$3,000 and the total of the credit entries to the Cash account amounted to $1,800. The Cash account has a a. $1,800 credit balance. b. $3,000 debit balance. c. $1,200 debit balance. d. $1,800 credit balance.12. At November 1, 20XX, Johnson Inc. had an Accounts Receivable balance of $200,000. During the
month, the company made sales on account of $300,000. In addition, Johnson Inc. collected $400,000 from customers that owed them money. At November 30, 2018, the Accounts Receivable balance is a. $100,000 debit b. $100,000 credit c. $500,000 debit d. $300,000 credit13. Which of the following steps in the accounting process is done after analyzing business
transactions? a. Preparing the financial statements b. Preparing a trial balance c. Entering transactions in a journal d. Posting journal entries14. On July 7, 20XX, Shireman Enterprises received cash $1,400 for services rendered. The entry to
record this transaction will include a. a debit to Service Revenue of $1,400. b. a credit to Accounts Receivable of $1,400.Fall 2020 11th ed. Chapter 2 Question Review
c. a debit to Cash of $1,400. d. a credit to Accounts Payable of $1,400.15. The primary purpose of the trial balance is to
a. disclose the complete effect of a transaction in one place. b. make sure a journal entry is not posted twice. c. transfer journal entries to the ledger accounts. d. prove the equality of the debit and credit amounts after posting.EXERCISES
1. Presented here are five economic events. For each item, indicate whether the event increased (+),
Assets = Liabilities + Equity
a. Received cash for services rendered. _______ _______ _______ b. Purchased supplies on account. _______ _______ _______ c. Paid employees' salaries. _______ _______ _______ d. Dividends paid in cash. _______ _______ _______ e. Expenses paid in cash. _______ _______ _______2. For each of the following accounts indicate the effect of a debit or a credit on the account and the
normal balance (Debit or Credit). Increase (+), Decrease (ʹ).Debit _Credit_ Normal Balance
a. Salaries and Wages Expense. _______ _______ _______ b. Accounts Receivable. _______ _______ _______ c. Service Revenue. _______ _______ _______ d. Dividends _______ _______ _______ e. Retained Earnings. _______ _______ _______3. Prepare a trial balance from the ledger accounts of Swisher Company as of January 31, 20XX.
Accounts Payable 1,500 Rent Expense $ 500
Accounts Receivable 2,500 Service Revenue 3,500
Cash 1,600 Supplies 200
Common Stock 2,200 Salaries and Wages Expense 1,000Dividends 1,400
Fall 2020 11th ed. Chapter 2 Question Review
4. Selected accounts from the ledger of McDaniel Corporation appear below. For each account, indicate
the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations:Asset - A Liability - L None of the above - N
Expense - E Revenues - R
(b) In the second column, indicate the normal balance by inserting Dr. or Cr.Type of Normal
Account Balance
5. Journalize the following business transactions in general journal form. Identify each transaction by number. You
may omit explanations of the transactions. (USE THE LINES ON THE NEXT PAGE TO RECORD YOUR JOURNALENTRIES)
Jan. 1 Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
Jan. 5 Purchased $500 of supplies on credit.
Jan. 10 Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable.
Jan. 15 Real estate commissions billed to clients amount to $4,000. Jan. 20 Paid $700 in cash for the current month's rent. Jan. 25 Paid $250 cash on account for office supplies purchased in transaction 2. Jan. 28 Received a bill for $800 for advertising for the current month.Jan. 31 Paid $2,500 cash for office salaries.
Jan. 31 Paid $1,200 cash dividends to stockholders.Jan. 31 Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.
Fall 2020 11th ed. Chapter 2 Question Review
Date Debit Credit Example: Bought supplies for $500 on Jan. 1.Supplies Jan. 1 500
Cash 500
Fall 2020 11th ed. Chapter 2 Question Review
Chapter 2 Solutions
Multiple Choice Solutions
1. B
2. D
3. C
4. A
5. C
6. A
7. B
8. C
9. A
10. B 11. C 12. A 13. C 14. C 15. DExercise Solutions
Assets = Liabilities + Equity
a. Received cash for services rendered. + NE + b. Purchased supplies on account. + + NE c. Paid employees' salaries. ʹ NE ʹ d. Dividends paid in cash. ʹ NE ʹ e. Expenses paid in cash. ʹ NE ʹ2. Debit _Credit_ Normal Balance
a. Salaries and Wages Expense. __+_ _ ___ ʹ__ __ __Dr___ b. Accounts Receivable __+__ __ ___ʹ__ _ __Dr___ c. Service Revenue. __ʹ__ __ ___+__ _ __Cr___ d. Dividends __+__ __ ___ʹ__ _ __Dr___ e. Retained Earnings __ʹ_ ___ ___+__ _ __Cr___Fall 2020 11th ed. Chapter 2 Question Review
Exercise Solutions (Cont.)
3. Swisher Company
Trial Balance
January 31, 20XX
Debit Credit
Cash $1,600
Accounts Receivable 2,500
Supplies 200
Accounts Payable $1,500
Common Stock 2,200
Dividends 1,400
Service Revenue 3,500
Rent Expense 500
Salaries and Wages Expense 1,000
$7,200 $7,2004. Type of Normal
Account Balance
Fall 2020 11th ed. Chapter 2 Question Review
Exercise Solutions (Cont.)
5. Date Debit Credit Example: Bought supplies for $500 on Jan. 1.Supplies Jan. 1 500
Cash 500
Cash Jan. 1 40,000
Common Stock 40,000
Supplies Jan. 5 500
Accounts Payable 500
Equipment Jan. 10 25,000
Cash 3,500
Notes Payable 21,500
Accounts Receivable Jan. 15 4,000
Service Revenue 4,000
Rent Expense Jan. 20 700
Cash 700
Accounts Payable Jan. 25 250
Cash 250
Advertising Expense Jan. 28 800
Accounts Payable 800
Salaries and Wages Expense Jan. 31 2,500
Cash 2,500
Dividends Jan. 31 1,200
Cash 1,200
Cash Jan. 31 2,000
Accounts Receivable 2,000
Fall 2020 11th ed. Chapter 2 Question Review
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