Possible answers are (a) 2,4 (b) 1,3 (c) 2,5 (d) 1,4
2) A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?
a) an asset is credited and a liability is debited
b) an asset is debited and an asset is credited.
c) an asset is debited and a liability is credited.
d) a liability is debited and a liability is credited
3) which of the following is first step in the normal flow of accounting data from the journal to the ledger?
c) transaction analysis
d) preparation of trial balance
4) a payment on an account was posted as a debit to cash and a credit to accounts payable. Which of the following conditions will exist?
a) cash would be overstated
b) accounts payable would be understated
c) accounts receivable would be overstated
d) stockholders equity would be overstated.
5) which of the following accounts would be adjusted at the end of the accounting period?
b) accounts receivable
c) accounts payable
d) prepaid insurance
Recently Asked Questions
- You want to estimate the average property tax rate in a town.. You obtain a SRS of n = 40 homeowners and they provide you the estimated value of their home and
- what is complicated grief or prolonged grief , any input is appreciated.
- In addition to this week's assigned textbook reading (Ciampa) please log in to Books 24 x 7, accessible from the online Library and read the following short