Question 1

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

Accepted Answer

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 columnE) A) and B)
F) A) and C) C

Question 2

The account balances from the December 31,2016,trial balance for Haman Accounting Services are shown below.Prepare an income statement,a statement of owner's equity,and a balance sheet for the month ended December 31,2016.

Accepted Answer

The answer of The account balances from the December 31,2016,trial...

Question 3

Which of the following types of accounts normally have debit balances?

Accepted Answer

A)   assets and revenue
B)   assets,liabilities,and owner's equity
C)   expenses and assets
D)   liabilities and owner's equityE) A) and B)
F) A) and C)

Question 4

Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

Accepted Answer

The answer of Separate written records called ____________________ are kept...

Question 5

Which of the following groups contain only accounts that normally have credit balances?

Accepted Answer

A)   Accounts Receivable and Fees Income
B)   Salaries Expense and Accounts Payable
C)   Fees Income and John Smith,Capital
D)   Accounts Payable and EquipmentE) C) and D)
F) A) and B)

Question 6

An increase in an expense results in an increase in owner's equity.

Accepted Answer

A) True 
 B)False

Question 7

Increases in owner's equity are recorded with credits.

Accepted Answer

A) True 
 B)False

Question 8

Increases in the owner's drawing account are recorded with debits.

Accepted Answer

A) True 
 B)False

Question 9

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.  Purchased office supplies for $250 on credit

Accepted Answer

Debit Office Supplie...

Question 10

When an owner invests assets in a business,the capital account is debited.

Accepted Answer

A) True 
 B)False  False

Question 11

A business purchases supplies on account.The entry to record this transaction is:

Accepted Answer

A)   Debit to Cash;Credit Supplies
B)   Debit to Supplies;Credit Accounts Receivable
C)   Debit Supplies;Credit Accounts Payable
D)   Debit Supplies;Credit to CashE) B) and C)
F) A) and D)

Question 12

In a Chart of Accounts,each category of accounts is given a __________ of numbers with gaps so that additional accounts can be added when needed.

Accepted Answer

The answer of In a Chart of Accounts,each category of...

Question 13

An entry on the left side of an account is called a(n)___________________.

Accepted Answer

The answer of An entry on the left side of...

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.  Issued a check for $3,400 to pay salaries

Accepted Answer

Debit Sala...

Question 16

A business performed $6,000 of services.Their customer paid $1,000 of the amount owed right away but charged the remaining amount.To record this transaction,the business would:

Accepted Answer

A)   Debit Cash $1,000 and Debit Accounts Receivable $5,000;Credit Fee Income $6,000
B)   Debit Accounts Receivable $5,000 and;Credit Fee Income $5,000
C)   Debit Cash $1,000;Credit Fee Income $1,000
D)   Debit Cash $1,000;Credit Accounts Payable $5,000 and Credit Fee Income $6,000E) None of the above
F) B) and D)

Question 17

Which of the following does NOT describe a transposition?

Accepted Answer

A)   It is an error.
B)   It involves misplaced digits in a number.
C)   It causes the difference between the debit total and the credit total to be divisible by 2.
D)   It causes the trial balance to be out of balance.E) C) and D)
F) B) and C)

Question 18

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.  Gerald Conway makes an additional investment of $2,800 in cash to his business

Accepted Answer

Debit Cash...

Question 19

The error that occurs when the number $5.00 is written as $50.00 is called a(n)____________________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 20

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.  Issued a check for $250 to pay creditor for office supplies

Accepted Answer

Debit Accounts Payable $250;credit Cash $250

Exam 3: Analyzing Business Transactions Using T Accounts

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

Correct AnswerverifiedC

The account balances from the December 31,2016,trial balance for Haman Accounting Services are shown below.Prepare an income statement,a statement of owner's equity,and a balance sheet for the month ended December 31,2016.

Correct AnswerverifiedShow Answer

Which of the following types of accounts normally have debit balances?

Correct AnswerverifiedShow Answer

Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

Correct AnswerverifiedShow Answer

Which of the following groups contain only accounts that normally have credit balances?

Correct AnswerverifiedShow Answer

An increase in an expense results in an increase in owner's equity.

Correct AnswerverifiedShow Answer

Increases in owner's equity are recorded with credits.

Correct AnswerverifiedShow Answer

Increases in the owner's drawing account are recorded with debits.

Correct AnswerverifiedShow Answer

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Purchased office supplies for $250 on credit

Correct AnswerverifiedDebit Office Supplie...View AnswerShow Answer

When an owner invests assets in a business,the capital account is debited.

Correct AnswerverifiedFalse

A business purchases supplies on account.The entry to record this transaction is:

Correct AnswerverifiedShow Answer

In a Chart of Accounts,each category of accounts is given a __________ of numbers with gaps so that additional accounts can be added when needed.

Correct AnswerverifiedShow Answer

An entry on the left side of an account is called a(n)___________________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Issued a check for $3,400 to pay salaries

Correct AnswerverifiedDebit Sala...View AnswerShow Answer

A business performed $6,000 of services.Their customer paid $1,000 of the amount owed right away but charged the remaining amount.To record this transaction,the business would:

Correct AnswerverifiedShow Answer

Which of the following does NOT describe a transposition?

Correct AnswerverifiedShow Answer

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Gerald Conway makes an additional investment of $2,800 in cash to his business

Correct AnswerverifiedDebit Cash...View AnswerShow Answer

The error that occurs when the number $5.00 is written as $50.00 is called a(n)____________________ error.

Correct AnswerverifiedShow Answer

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Issued a check for $250 to pay creditor for office supplies

Correct AnswerverifiedDebit Accounts Payable $250;credit Cash $250

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Debit Office Supplie...
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Debit Sala...
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Debit Cash...
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Debit Accounts Payable $250;credit Cash $250