Quiz
Chapter 3
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Fragen in diesem Quiz (12)
1Which of the following groups of accounts are increased with credits?
- AUnearned Revenue, Accounts Payable, and Common Stock
- BLand, Notes Receivable, and Prepaid Insurance
- CSales Revenue, Cash, and Equipment
- DRent Expense, Retained Earnings, and Interest Revenue
2The recording rules of double-entry accounting related to assets, liabilities, and stockholders' equity accounts can be summarized as
- ADebits increase asset accounts; credits decrease liability and stockholders' equity accounts
- BDebits decrease asset accounts; credits increase liability and stockholders' equity accounts
- CDebits decrease asset accounts; credits decrease liability and stockholders' equity accounts
- DDebits increase asset accounts; credits increase liability and stockholders' equity accounts
3Hilliard Company experienced an accounting event that was recorded in the company's general journal as indicated below:
Debit Credit
Cash 43,000
Accounts Receivable 43,000- A
- B
- C
- D
- A
4Willard Company purchased $700 of supplies on account. A result of this transaction would be to
- ACredit (right side of T-account) Cash
- BDebit (left side of T-account) Accounts Receivable
- CCredit (right side of T-account) Accounts Payable
- DCredit (right side of T-account) Supplies
5Hanover Company paid $3,600 cash in advance for a one-year insurance policy starting on October 1, 2016. Which of the following is the correct adjusting journal entry to record the portion of insurance used up through December 31, 2016?
- A
- B
- C
- D
- A
6Rupert Company provided $12,000 of services on account. Which of the following is the correct general journal entry to record this transaction?
- A
- B
- C
- D
- A
7On December 1, 2016, King Company collected $26,000 of cash in advance from a customer for services to be provided from January 1, 2017 through June 30, 2017. Which of the following is the correct general journal entry to record this transaction?
- A
- B
- C
- D
- A
8Which of the following best describes where you would find a chronological record of business transactions in the accounting records?
- AGeneral ledger
- BGeneral journal
- CChart of accounts
- DTrial balance
9Is the normal balance of the following accounts a debit or a credit?
- A
- B
- C
- D
- A
10Which of the following represents the closing general journal entry for Jarvis Company's revenue accounts?
- A
- B
- C
- D
- A
11What is the balance in Retained Earnings after the closing general journal entries are made? (Hint: Use T-accounts to arrive at your answer)
- A$58,000
- B$63,000
- C$75,000
- D$92,000
12Prepare an adjusted trial balance for Everett Corporation at December 31, 2016, and determine the correct statement.
- AThe total debits equal $178,000.
- BThe total debits equal $206,000.
- CThe total debits equal $186,000.
- DEqual debits and credits in the trial balance ensure that there are no errors in the accounting records.
Informationen
- Beschreibung
- final
- Autor
- Angelica Vannarath
- Sprache
- English
- Aufrufe
- 260
- Schlagwörter
- Bewertung
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