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Exam 2: Double-Entry Accounting

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Question 81

Multiple Choice

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Which of the following groups of accounts have a normal debit balance?

A) revenues, liabilities, and stockholders' equity
B) stockholders' equity and assets
C) liabilities and stockholders' equity
D) assets and expenses

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

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Question 82

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The T account got its name because it resembles the letter "T."

A) True
B) False

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Question 83

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On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the 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. ​

Journal entries include both debit and credit accounts for each transaction.

When an owner invests assets in the business, the retained earnings account increases due to revenue being earned.

Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction?

Use the information below to answer the question that follows. All nine transactions for Ralston Sports Co. for September, the first month of operations, are recorded in the following T accounts: ​ ​ ​ ​ ​ ​ -Lewis Company has a condensed income statement as shown: ​ REQUIRED: Prepare a horizontal analysis of Lewis Company's income statements. Comment on the trends, both favorable and unfavorable.

The Unearned Revenues account is an example of a liability.

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Total assets are

Journalize the following five transactions for Newman & Associates, Inc. Omit explanations.

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

Which of the following applications of the rules of debit and credit is true?

On January 12, JumpStart Co. purchased $870 in office supplies. ​ (a) Journalize this transaction as if JumpStart paid cash. ​ (b) (1) Journalize this transaction as if JumpStart purchased the supplies on account. ​ (b) (2) On January 18, JumpStart pays the amount due. Journalize this event.

Which of the following entries records the payment of dividends?

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Total liabilities are

A credit balance in which of the following accounts would indicate a likely error?

The post reference notation used in the journal is the page number.

Accounts are records of increases and decreases in individual accounting equation elements.

Prepaid expenses are an example of an expense.

The right side of a T account is known as a debit and the left side is known as a credit.