1. The effects on the basic accounting equation of performing services for cash are to
(b) increase assets
and increase stockholders' equity.
2. During 2012, Gibson Company assets decreased
$50,000 and its liabilities decreased $90,000. Its stock-holders' equity therefore:
5. Which statement about an account is true?
(b) An account is an individual accounting record ofincreases and decreases in specific asset, liability,and stockholders' equity items
(c) Increase assets and decrease liabilities
10. Which is not part of the recording process
(b) preparing a trial balance
11.Which of these statements about a journal is false?
(a) It contains only revenue and expense accounts
15. A trial balance will not balance if:
(c) a $100 cash dividend is debited to dividends for $1,000 and credited to Cash
18. Journalize these accounting transactions:
(a) Stockholders invested $12,000 in the business inexchange for common stock.
(b) Insurance of $800 is paid for the year.
(c) Supplies of $1,800 are purchased on account.
(d) Cash of $7,500 is received for services rendered.
Recently Asked Questions
- How performance measurement helps to achieve goals and objectives through setting targets and measure performance against those targets through control and
- Can anyone assist me. Thank you Frederick Company has two service departments (Cafeteria Services & Maintenance).Frederick has two production departments
- Can anyone assist me on the problem below. The Common Stock account for Baltimore Corporation on January 1, 2018 was $62,500.On July 1, 2018 Baltimore issued