quizz 3.1 - 1. Which of the following errors, each...

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1. Which of the following errors, each considered individually, would cause the trial balance to be out of balance? A) A payment of $148 to a creditor was posted as a debit to Accounts Payable and a debit of $148 to Cash. B) Cash of $530 received from a customer on account was posted as a debit of $350 to Cash and as a credit of $350 to Accounts Payable. C) A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash. D) A transaction was not posted. Points Earned: 5.0/5.0 Correct Answer(s): A 2. For a T account, an account balance is the difference in total dollars between total debit amounts and total credit amounts. A) True B) False Points Earned: 5.0/5.0 Correct Answer(s): True 3. Entering transactions into the journal is called posting. A) True B) False Points Earned: 5.0/5.0 Correct Answer(s): False 4. Which statement about an account is true? A) In its simplest form, an account consists of two parts. B) An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders’ equity items.
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C) There are separate account for specific assets and liabilities but only one account for stockholders’ equity items. D) The left side of an account is the credit or decrease side.
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This note was uploaded on 06/21/2011 for the course GOVT 1301 taught by Professor Capentor during the Spring '11 term at Cy-Fair College.

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quizz 3.1 - 1. Which of the following errors, each...

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