Cash 600 Accounts Receivable 600 B Accounts Payable 600 Cash 600 Equipment 1200

Cash 600 accounts receivable 600 b accounts payable

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Cash600Accounts Receivable600B. Accounts Payable600Cash600Equipment1,200C. Supplies1,200Cash600Accounts Payable600D. Equipment1,200Accounts Payable600Cash600Question 30 of 40The twelve-month period a business chooses for its accounting period is a(n. __________.A. calendar yearB. accounting periodC. fiscal yearD. accounting cycleQuestion 31 of 40The posting reference column on the general journal __________.A. shows which transactions have been posted to the ledgerB. displays to which accounts the transactions have been postedC. allows us to cross reference to the general ledger
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2.5/ 2.5 Points2.5/ 2.5 Points2.5/ 2.5 Points2.5/ 2.5 PointsD. All of the above answers are correct.Question 32 of 40The first step of the accounting cycle is __________.A. recording journal entriesB. posting to the ledgerC. preparing a trial balanceD. 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 $11,000B. Accounts Payable, debit $11,000; Cash, credit $11,000C. Cash, debit $11,000; Revenue, credit $11,000D. 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 understatedB. liabilities to be understatedC. capital to be understatedD. expenses to be understatedQuestion 35 of 40
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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 overstatedB. liabilities to be understatedC. owner's equity to be understatedD. 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 overstatedB. liabilities to be understatedC. owner's equity to be overstatedD. expenses to be overstatedQuestion 37 of 40Which of the following entries records the owner taking cash for personal use?A. debit Wage Expense; credit CashB. debit Capital; credit CashC. 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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