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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 41

Multiple Choice

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Which of the following would result in an error when preparing the Trial Balance?

A) Placing the Withdrawal account balance in the Debit column
B) Placing a Revenue account balance in the Credit column
C) Placing the balance in Prepaid Rent in the Credit column
D) Placing the Accounts Payable balance in the Credit column

E) None of the above
F) All of the above

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Question 42

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Financial statements are prepared after the trial balance is prepared.

A) True
B) False

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Question 43

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A column of figures is added and the total is entered in small pencil figures called a(n) ____________________.

Purchased office equipment on credit

A(n) ____________________ account is used to record increases in owner's equity from the sale of goods or services.

Received $1,200 in cash for copy services

Another name for permanent accounts is real accounts.

After transactions for the period have been recorded, a trial balance is prepared to verify the equality of total debits and credits.

Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps, Capital Brandon Phipps, Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Read each of the following transactions. Determine the accounts to be debited and credited. -Performed services for cash

An account whose balance is transferred to another account at the end of an accounting period is a temporary account.

A business pays a creditor on account. The journal entry to record this transaction is:

If a trial balance is not in balance (the Debit and Credit columns are not equal) , a logical first step is to

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

The ending capital balance appears on which of the following statement(s) ?

The normal balance side of a liability account is the debit side.

Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps, Capital Brandon Phipps, Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Read each of the following transactions. Determine the accounts to be debited and credited. -Performed services on credit

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. $\begin{array} { l r l } \text { Cash } & 19,450 & \text { Fees Income } &-0-\\\text { Accounts Receivable } & 890 & \text { Rent Expense } &-0-\\\text { Office Equipment } & 2,300 & \text { Utilities Expense }&-0- \\\text { Supplies } & 250 & \text { Salaries Expense }&-0- \\\text { Accounts Payable } & 1,400 & \\\text { Kelly Connor, Capital } & 21,490 & \\\text { Kelly Connor, Drawing } & - 0 - &\end{array}$ The following transactions occurred during the month of November. a. Collected $350 from credit customers b. Issued a check for $700 for rent c. Paid $1,900 for salaries d. The owner withdrew $500 in cash for personal expenses e. Issued a check for $200 to pay the monthly utility bill f. Received $2,845 in cash for services performed g. Purchased office equipment for $1,350 on credit -Using the information shown, prepare a trial balance for Paw Prints Pet Sitters at November 30, 2013.

An accounting system that involves recording the effects of each transaction as debits and credits is

Increases in owner's equity are recorded with credits.

The normal balance of an account is the