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Exam 2: Analyzing Transactions

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Question 61

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The normal balance of revenue accounts is a credit.

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Question 62

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The normal balance of the dividends account is a debit.

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Question 63

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Which statements concerning cash is are true?

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

Postings made to standard account forms show a new balance after each entry.

The following errors took place in journalizing and posting transactions: a.Dividends were recorded as a debit to Office Expense and a credit to Cash. b.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.

A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

The following two situations are independent of each other. 1. On June 1, the cash account balance was $45,750. During June, cash payments totaled $243,910, and the June 30 balance was $53,200. Determine the cash receipts during June and show your calculation. 2. On March 1, the supplies account balance was $1,800. During March, supplies of $2,450 were purchased, and $630 of supplies were on hand as of March 31. Determine the supplies expense for March and show your calculation

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

Prepaid expenses are an example of an expense.

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

The normal balance of an expense account is a credit.

Accounts payable are accounts that you expect will be paid to you.

Which of the following entries records the receipt of cash from clients on account?

Which of the following is not considered to be a liability?

The increase side of an account is also the side of the normal balance.

On October 30,JumpStart pays $3,330 in dividends to its stockholders . Journalize this event.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." a whether the change in the account would be recorded as a debit or a credit and b whether the normal balance of the account is a debit or a credit.

Which side of the account increases the cash account?

The process of initially recording a business transaction is called