If the two totals of a trial balance are not equal, it could be due to
A. failure to record a transaction
B. recording the same erroneous amount for both the debit and the credit parts of a transaction
C. an error in determining the account balances,
Which of the following accounts would be increased with a credit?
A. Land, Accounts Payable, Drawing
B. Accounts Payable, Unearned revenue, Collins Capital
C. Collins Capital, Accounts Receivable, Unearned Revenue
D. Cash, Accounts Receivable, Collin
Record the following selected transactions for April in a two-column journal, identifying each
entry by letter:
Received $12,000 from Katie Long, owner.
Purchased equipment for $25,000, paying $10,000 in cash and giving a note payable for the
Cash is collected from customers for
accounts receivable balances.
Journalize the five transactions for Mirmax Rentals described below.
Mirmax purchases two new saws on credit at $375 each. The saws are added to Mirmaxs ren
Of the following which istrue about assets?
A. Assets include physical and intangible assets.
B. Assets include only physical assets.
C. Assets are owned solely by the owner of the company.
D. Assets are the result of selling products or services to
Listed below are accounts to use for transactions (a) through (d), each identified by a
number. Following this list are the transactions. You are to indicate for each transaction the
accounts that should
For each of the following errors, considered individually, indicate whether the error would cause
the trial balance totals to be unequal. If the error would cause the trial balance total to be
unequal, indicate whether the debit or credit total is hi
On December 1st, JumpStart Company provides $2,800 in services to clients.
(a) Journalize this event as if the clients had paid cash at the time the services were rendered.
(b)(1) Journalize this event as if the clients had placed this on account.
The chart of account for the Miguel Company includes some of the following accounts:
The process of rewriting the information from the journal into the ledger is called
The verification that the total dollar amount of the debits equals the total dollar amount of the
66. Generally accepted accounting principles requires that companies use the _ of accounting.
A. cash basis
B. deferral basis
C. accrual basis
D. account basis
67. The cash basis of accounting records revenues and expenses when the cash is exchanged while
On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to
use for transactions (a) through (e), each identified by a number. Following this list are the
transactions that occurred in Parsons first m
134.Protonix Corp has a payroll of $6,000 for a five-day workweek. Its employees are paid each Friday
for the five-day workweek. The adjusting entry on December 31, 2011 assuming the year ends on
Thursday would be:
Organize the following accounts into the usual sequence of a chart of accounts.
Alecia Morris, Capital
Alecia Morris, Drawing
110.The following adjusting journal entry found in the journal is missing an explanation. Select the best
explanation for the entry.
A. Record the payment of wages
B. Record wages that were paid last month
On October 17th Nikle Company purchased a building and a plot of land for $750,000. The
building was valued at $500,000 while the land carried a value of $250,000. Nikle paid
$300,000 down in cash and signed a notes payable for the balance. In the sp
50. Vertical analysis is useful for analyzing financial statement changes over time.
51. The revenue recognition concept
A. is in not in conflict with the cash method of accounting
B. determines when revenue is credited to a revenue account
96. The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as
C. contra asset
97. Which of the following is an example of a prepaid expense?
B. Accounts Receivabl
81. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The
adjusting entry necessary at the end of the fiscal period ending on Tuesday is
A. debit Salaries Payable, $8,000; credit Cash, $8,000
B. debit Salary Expe
Analyze the following transactions as to their effect on the accounting equation.
The company paid $725 to a vendor for supplies purchased previously on account.
The company performed $850 of services and billed the customer.
122.At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired
insurance was omitted. Which of the following statements is true?
A. Total assets at the end of the year will be understated.
B. Owner's equity at the end
All nine transactions for Ralston Sports Co. for September 2011, the first month of operations,
are recorded in the following T accounts:
James Ralston, Capital
The bookkeeper for Brockton Industries prepared the following journal entries and posted the
entries to the general ledger as indicated in the T accounts presented. Assume that the dollar
amounts and the descriptions of the entries are correct.