|
Question 1 of 20 |
0.0/ 5.0 Points |
The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an
|
[removed] A. $800 debit. |
|
|
[removed] B. $800 credit. |
|
|
[removed] C. $2,600 credit. |
|
|
[removed] D. $2,600 debit. |
|
Question 2 of 20 |
5.0/ 5.0 Points |
The business incurred an expense and paid it immediately. To record this transaction,
|
[removed] A. an expense is debited, and a liability is credited. |
|
|
[removed] B. an expense is debited, and an asset is credited. |
|
|
[removed] C. an expense is debited, and Capital is credited. |
|
|
[removed] D. None of the above |
|
Question 3 of 20 |
0.0/ 5.0 Points |
The owner invested personal equipment in the business. To record this transaction,
|
[removed] A. debit Equipment and credit Accounts Payable. |
|
|
[removed] B. debit Accounts Payable and credit Equipment. |
|
|
[removed] C. debit Equipment and credit Capital. |
|
|
[removed] D. credit Equipment and debit Capital. |
|
Question 4 of 20 |
0.0/ 5.0 Points |
When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be
|
[removed] A. $325. |
|
|
[removed] B. $0. |
|
|
[removed] C. $975. |
|
|
[removed] D. $650. |
|
Question 5 of 20 |
5.0/ 5.0 Points |
Which entry records the investment of cash by John, owner of a sole proprietorship?
|
[removed] A. Debit John, Capital; credit Cash |
|
|
[removed] B. Debit Cash; credit John, Withdrawals |
|
|
[removed] C. Debit John, Withdrawals; credit Cash |
|
|
[removed] D. Debit Cash; credit John, Capital |
|
Question 6 of 20 |
0.0/ 5.0 Points |
A debit increases the balance in all of the following accounts except for which one?
|
[removed] A. Cash |
|
|
[removed] B. Withdrawals |
|
|
[removed] C. Expenses |
|
|
[removed] D. Accounts payable |
|
Question 7 of 20 |
5.0/ 5.0 Points |
Which statement about the rules of debit and credit is true?
|
[removed] A. If accounts receivable is decreased with a credit, the normal balance is a credit. |
|
|
[removed] B. If accounts payable is increased with a credit, the normal balance is a credit. |
|
|
[removed] C. If capital is increased with a debit, the normal balance is a debit. |
|
|
[removed] D. If cash is decreased with a debit, the normal balance is a debit. |
|
Question 8 of 20 |
0.0/ 5.0 Points |
Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is a
|
[removed] A. $55 debit. |
|
|
[removed] B. $55 credit. |
|
|
[removed] C. $95 debit. |
|
|
[removed] D. $95 credit. |
|
Question 9 of 20 |
0.0/ 5.0 Points |
The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is
|
[removed] A. $2,000. |
|
|
[removed] B. $6,000. |
|
|
[removed] C. $4,500. |
|
|
[removed] D. $3,000. |
|
Question 10 of 20 |
0.0/ 5.0 Points |
Which type of account has a normal credit balance?
|
[removed] A. Withdrawals |
|
|
[removed] B. Assets |
|
|
[removed] C. Expenses |
|
|
[removed] D. Revenues |
|
Question 11 of 20 |
0.0/ 5.0 Points |
A chart of accounts
|
[removed] A. is set up in alphabetical order. |
|
|
[removed] B. includes account balances. |
|
|
[removed] C. is a listing of all the accounts used by a company. |
|
|
[removed] D. All of the above |
|
Question 12 of 20 |
5.0/ 5.0 Points |
Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to
|
[removed] A. revenue. |
|
|
[removed] B. accounts receivable. |
|
|
[removed] C. accounts payable. |
|
|
[removed] D. cash. |
|
Question 13 of 20 |
0.0/ 5.0 Points |
An account that would be increased by a credit is
|
[removed] A. cash. |
|
|
[removed] B. accounts receivable. |
|
|
[removed] C. utilities expense. |
|
|
[removed] D. accounts payable. |
|
Question 14 of 20 |
0.0/ 5.0 Points |
The business bought supplies on account. To record this transaction,
|
[removed] A. an expense is debited, and a liability is credited. |
|
|
[removed] B. an asset is debited, and an asset is credited. |
|
|
[removed] C. an asset is debited, and a liability is credited. |
|
|
[removed] D. None of the above |
|
Question 15 of 20 |
5.0/ 5.0 Points |
A category that is not in the chart of accounts is
|
[removed] A. assets. |
|
|
[removed] B. liabilities. |
|
|
[removed] C. cash flows. |
|
|
[removed] D. revenue. |
|
Question 16 of 20 |
0.0/ 5.0 Points |
What would be the effect on accounts if the owner withdrew cash?
|
[removed] A. An asset would be debited, and an expense would be credited. |
|
|
[removed] B. Withdrawals would be debited, and an asset would be credited. |
|
|
[removed] C. An asset would be debited, and a revenue would be credited. |
|
|
[removed] D. An asset would be debited, and Capital would be credited. |
|
Question 17 of 20 |
0.0/ 5.0 Points |
The owner of BobCats R Us paid his personal MasterCard bill using a company check. What is the correct entry to record the transaction?
|
[removed] A. Credit Cash; debit Capital |
|
|
[removed] B. Credit Cash; debit Supplies Expense |
|
|
[removed] C. Credit Cash; debit Withdrawals |
|
|
[removed] D. Credit Cash; debit Accounts Receivable |
|
Question 18 of 20 |
5.0/ 5.0 Points |
One asset would be debited and another would be credited if the business
|
[removed] A. provided services to a cash customer. |
|
|
[removed] B. paid a creditor. |
|
|
[removed] C. bought supplies paying cash. |
|
|
[removed] D. provided services to a credit customer. |
|
Question 19 of 20 |
0.0/ 5.0 Points |
The beginning balance in the Computers account was $2,000. The company purchased an additional $1,000 worth of computers. The balance in the account is a
|
[removed] A. debit of $2,000. |
|
|
[removed] B. credit of $3,000. |
|
|
[removed] C. debit of $3,000. |
|
|
[removed] D. credit of $2,000. |
|
Question 20 of 20 |
5.0/ 5.0 Points |
A debit balance is a normal balance for which type of account?
|
[removed] A. Accounts payable |
|
|
[removed] B. Revenue |
|
|
[removed] C. Accounts receivable |
|
|
[removed] D. Owner’s capital |
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more