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Exam 2: Analyzing Business Transactions

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Question 91

Multiple Choice

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A $155 credit item is posted as a debit. The trial balance column totals therefore will differ by

A) $310.
B) $620.
C) $155.
D) $0.

E) A) and D)
F) None of the above

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Question 92

Multiple Choice

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Which of the following accounts is classified differently from the others listed?

A) Notes Payable
B) Unearned Revenue
C) Accounts Payable
D) Fees Earned

E) All of the above
F) None of the above

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Question 93

Multiple Choice

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Which of the following accounts will eventually be followed with an inflow of cash?

Briefly explain the difference between Unearned Art Fees and Art Fees Earned.

The Unearned Fees account is classified as a(n)

A purchase is recognized in the accounting records when

Expenses should be recorded when they are paid, not when they have been incurred.

The Post. Ref. column in the general journal is used to show that an amount has been posted to the ledger when which of the following is placed in it?

Which of the following statements is true about a journal entry?

Owner's withdrawals should appear on the statement of owner's equity.

Indicate whether each account below has a normal debit or a normal credit balance. a. Automobiles b. Accounts Payable h. Unearned Revenue c. Owner's Capital i. Land d. Prepaid Rent j. Interest Payable e. Advertising Expense f. Service Revenue g. Owner's Withdrawals h. Unearned Revenue i. Land j. Interest Payable k. Notes Receivable

A withdrawal of cash by the owner will reduce which of the following accounts?

Which of the following business events is not a transaction?

Which of the following accounts has a normal debit balance?

In a journal entry, assets are always recorded before liabilities.

The double-entry system is possible because all business transactions have two equal and opposite aspects.

Which of the following accounts has a normal credit balance?

For which of the following accounts would a related Accumulated Depreciation account be recorded?

From the following alphabetical list of account balances, all of which are normal, for Kasper Company on July 31, 2010, prepare a trial balance in proper form (the amount of Phil Kasper, Withdrawals must be computed) . $\begin{array}{lr}\text { Accounts Payable } & \$ 500 \\\text { Accounts Receivable } & 200 \\\text { Cash } & 80 \\\text { Equipment } & 700 \\\text { Phil Kasper, Capital } & 150 \\\text { Phil Kasper, Withdrawals } & ? \\\text { Prepaid Advertising } & 20 \\\text { Revenue Earned } & 400 \\\text { Wages Expense } & 70 \\\text { Wages Payable } & 50\end{array}$

Typically, the chart of accounts begins with