Chap 2

The balance of an account is determined by

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

Which of the following groups of accounts have a normal debit balance?

A credit may signify a

A debit signifies a decrease in

Which of the following applications of the rules of debit and credit is true?

Which of the following describes the classification and normal balance of the fees earned account?

The classification and normal balance of the accounts payable account are

The classification and normal balance of the drawing account are

Which of the following accounts are debited to record increases?

In which of the following types of accounts are increases recorded by credits?

In which of the following types of accounts are decreases recorded by debits?

In which of the following types of accounts are decreases recorded by credits?

A credit balance in which of the following accounts would likely indicate an error?

A debit balance in which of the following accounts would likely indicate an error?

Which of the following entries records the payment of an account payable?

Which of the following entries records the investment of cash by Taylor Thomas, owner of a proprietorship?

Which of the following entries records the payment of a bill for your insurance premium?

Which of the following entries records the withdrawal of cash by Sally Anderson, owner of a proprietorship, for personal use?

Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction?

The process of initially recording a business transaction is called

Which of the following entries records the acquisition of office supplies on account?

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

Which of the following entries records the receipt of cash from clients on account?

Which of the following entries records the collection of cash from cash customers?

Which of the following is not a correct rule of debits and credits?

Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be

The process of recording a transaction in the journal is called

Joshua Scott invests $40,000 into his new business. How would this transaction be entered in the journal in good form?

May 23 Cash 22,000 Scott Clark, Capital 22,000 Invested cash in business. This journal entry will

Which of the following accounts would be increased with a credit?

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

Which of the following situations increases owner's equity?

All of the following accounts are increased with a debit except

Which of the following owner's equity accounts follows the same debit and credit rules as liabilities?

The payment for the monthly rent will require which of the following entries?

Expenses follow the same debit and credit rules as

Which of the following groups of accounts is increased with a debit?

Which of the following groups of accounts increases with a credit?

Which of the following is not true with a double-entry accounting system?

Apr. 14 Equipment 15,000 Cash 5,000 Notes Payable 10,000 ???????????? Which is the best explanation for this journal entry?

The process of transferring the debits and credits from the journal entries to the accounts is called

The Posting Reference columns are used to trace transactions from the ledger to the journal. What will be entered in the Posting Reference column of (1) the journal and (2) the ledger?

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a(n)

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $1,500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2,000 Land 3,000 Cash 3,200 Wages Expense 1,400 Drawing 1,200 Capital 8,800 Prepare a trial balance. The total of the debits is

When a transposition error is made on the trial balance, the difference between the debit and credit totals on the trial balance will be

Which of the following is true regarding normal balances of accounts?

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?

The ____ is where a transaction can first be found in the accounting records.