Chapter+3+practice+quiz+blank+Acct+207

Chapter+3+practice+quiz+blank+Acct+207 - 1 2 3 4 5 Which of...

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1. Which of the following is correct regarding the impact of revenues and expenses on the accounting equation? a. No impact b. Revenues increase stockholder’s equity c. Expenses increase stockholder’s equity d. Both B and C are true 2. Which of the following gives the correct sequence of accounting procedures? a. Ledger, trial balance, journal entry, financial statements b. Journal entry, ledger, trial balance, financial statements c. Financial statements, trial balance, ledger, journal entry d. Financial statements, journal, ledger, trial balance 3. Which of the following accounts has a normal debit balance? a. Cash b. Accounts Payable c. Common Stock d. Revenue 4. The recording of an expense could result in a corresponding increase in: (the other side of the expense entry) a. An asset b. Owner’s equity c. A liability d. Revenue 5. When a service has been performed but no cash has been received, which of the following statements is true? a. No journal entry would be made b. The entry would include a debit to accounts payable c. The entry would include a debit to accounts receivable d. The entry would include a credit to unearned revenue Write the journal entry for the following transaction (3 points) ABC company received $3000 cash for performing accounting services for a customer. How does the transaction above impact the accounting equation?
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Chapter+3+practice+quiz+blank+Acct+207 - 1 2 3 4 5 Which of...

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