Cash600Accounts Receivable600•B. Accounts Payable600Cash600Equipment1,200•C. Supplies1,200Cash600Accounts Payable600•D. Equipment1,200Accounts Payable600Cash600Question 30 of 40The twelve-month period a business chooses for its accounting period is a(n. __________.•A. calendar year•B. accounting period•C. fiscal year•D. accounting cycleQuestion 31 of 40The posting reference column on the general journal __________.•A. shows which transactions have been posted to the ledger•B. displays to which accounts the transactions have been posted•C. allows us to cross reference to the general ledger
2.5/ 2.5 Points2.5/ 2.5 Points2.5/ 2.5 Points2.5/ 2.5 Points•D. All of the above answers are correct.Question 32 of 40The first step of the accounting cycle is __________.•A. recording journal entries•B. posting to the ledger•C. preparing a trial balance•D. analyzing business transactionsQuestion 33 of 40During the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be __________.•A. Cash, debit $11,000; Katelyn's Capital, credit $11,000•B. Accounts Payable, debit $11,000; Cash, credit $11,000•C. Cash, debit $11,000; Revenue, credit $11,000•D. Katelyn's Capital, debit $11,000; Cash, credit $11,000Question 34 of 40A debit to an expense account was posted to an asset account. This would cause __________.•A. assets to be understated•B. liabilities to be understated•C. capital to be understated•D. expenses to be understatedQuestion 35 of 40
2.5/ 2.5 Points2.5/ 2.5 Points2.5/ 2.5 PointsA credit to a liability account was posted to an owner's equity account. This would cause __________.•A. assets to be overstated•B. liabilities to be understated•C. owner's equity to be understated•D. net income to be overstatedQuestion 36 of 40A debit to a liability account was posted to an expense account. This would cause __________.•A. assets to be overstated•B. liabilities to be understated•C. owner's equity to be overstated•D. expenses to be overstatedQuestion 37 of 40Which of the following entries records the owner taking cash for personal use?•A. debit Wage Expense; credit Cash•B. debit Capital; credit Cash•C. No entry is necessary since the owner owns the cash and the entire business.•D. debit Withdrawals; credit CashQuestion 38 of 40The process that begins with recording business transactions and includes the completion of the financial statements is the __________.
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