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Exam 2: Analyzing Transactions

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Question 101

Multiple Choice

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Which of the following types of accounts have a normal credit balance?

A) assets and liabilities
B) liabilities and expenses
C) revenues and common stock
D) common stock and dividends

E) A) and B)
F) A) and C)

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Question 102

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A debit is abbreviated as Db. and a credit is abbreviated as Cr.

A) True
B) False

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Question 103

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The cash account will always be debited.

The normal balance of the dividends account is a debit.

The normal balance of revenue accounts is a credit.

Expenses follow the same debit and credit rules as

On January 7, stockholders invest $45,000 in JumpStart in exchange for common stock. Provide the journal entry for this transaction.

Record the following selected transactions for April in a two-column journal, identifying each entry by letter: (a)Received $18,000 from sale of common stock.(b)Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder.(c)Paid $2,300 for rent for April.(d)Purchased $1,500 of supplies on account.(e)Recorded $9,800 of fees earned on account.(f)Received $7,500 in cash for fees earned.(g)Paid $1,200 to creditors on account.(h)Paid wages of $3,425.(i)Received $7,900 from customers on account.(j)Recorded dividends of $1,875.

Of the following, which is true about assets?

Match each of the following accounts with its proper account group from groups listed below.​ -Patents A)Assets B)Liabilities C)Stockholders' Equity D)Revenue E)Expenses

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: Use the above information to answer the questions that follow.​ -What posting references will be found in the journal entry?

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.a.Credit side b.Debit side -Accounts Payable

A chart of accounts is a listing of accounts that make up the journal.

When a business receives a bill from the utility company, no entry should be made until the invoice is paid.

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Which of the following entries records the payment of insurance for the current month?

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop, with cash received. Which of the following entries for Janer's Cleaning Service records this transaction?

Which of the following accounts is a stockholders' equity account?

Revenues are equal to the difference between cash receipts and cash payments.

In accordance with the debit and credit rules, which of the following is true?