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Exam 15: Basic Accounting for Transactions

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Question 51

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Dolly Barton began Barton Office Services in October and during the month completed the following transactions: a.Invested $10,000 cash and $15,000 of computer equipment in exchange for common stock. b.Paid $500 cash for an insurance premium covering the next 12 months. c.Completed a word processing assignment for a customer and collected $1,000 cash. d.Paid $200 cash for office supplies. e.Paid $2,000 for October's rent. Prepare journal entries to record the above transactions.Explanations are unnecessary.

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Question 52

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A ___________________ is a record containing all accounts for a company along with their balances.

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Question 53

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A $72,000 receipt of cash from a customer paying on their account was recorded as a $72,000 debit to Accounts Receivable.Assuming this journal entry was posted, what correcting entry (if any) is needed?

The record in which business transactions are first recorded is the:

For what reason do most sellers require customers to have their receipts in order to exchange or return purchased items?

Other names for the income statement are earnings statement, statement of operations, or profit and loss statement.

What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance??

The balances for the accounts of Lance's Consulting Firm, Inc.for the year ended December 31 are shown below.Each account shown had a normal balance. $\begin{array}{lrlr}\text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \\\text { Office supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900\end{array}$ Calculate total assets.

An account format that is similar to a T-account in that it has columns for debits and credits but that is different in that it has columns for transaction date, explanation, and the account balance is the ___________________________________.

A simple account form widely used in accounting to illustrate how debits and credits work is called a:

Debit means the right-hand side of any account.

Given the trial balance amounts below, compute net income.

Increases in liability accounts are recorded as debits.

Source documents:

Which of the following items would appear on the balance sheet?

Krenz Car Care, which is owned and operated by Karl Krenz, began business as a corporation in September of the current year.Karl, a master mechanic, had no experience with keeping a set of books.As a result, Karl entered all of September's transactions directly to the ledger accounts.When he tried to locate a particular entry he found it to be confusing and time consuming.He has hired you to improve his accounting procedures.The accounts in his general ledger are as follows: Prepare the general journal entries, in chronological order (a)through (e), from the T-account entries shown.Include a brief description of the probable nature of each transaction.

Explain the recording and posting processes.

What is total debits on this trial balance?

A debit is:

Identify which of the following items would likely serve as a source document by marking an X in the appropriate column.The first one is done as an example.