ACC Chapter 3 Quiz
The entry to record completing a financial lecture and immediately collecting payment from customers would be:
Cash $1,100 Lecture Fees $1,100
Which of the following entries records the acquisition of office supplies for cash?
Office Supplies $5,000 Cash $5,000
A debit to a liability account was posted to a revenue account. This would cause:
Revenue to be understated
The informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and credits is the:
trial balance
When the trial balance includes a debit column total of $10,360 and a credit column total of $10,910, it is probable that:
a $275 debit was recorded as a credit.
During the month of October, Ford advertised on the Internet. Ford received the bill for $900 in October, but waited until November to pay the advertising expense. The journal entry to record the payment in November is:
Accounts Payable, debit; Cash, credit
Riley's Book Review billed customers $150. The journal entry to record this transaction is:
Accounts Receivable, debit $150; Editing Fees, credit $ 150
During the month of January, Katelyn invested $18,000 in starting her legal practice. The proper journal entry would be:
Cash, debit $18,000; Katelyn, Capital, credit $18,000
Renzi's Volleyball Gym purchased equipment for $1,100. It made a down payment of $800 with the remainder on account. The journal entry to record this transaction is:
Equipment $1,100 Accounts Payable $300 Cash $800
The twelve−month period a business chooses for its accounting period is a(n):
Fiscal year
Financial statements that are prepared for a period shorter than a year are called:
Interim statements
When recording a transaction in a journal, the account listed first is always the:
debit
The trial balance lists the accounts:
in the same order as in the ledger.
Business transactions are first recorded in the:
journal.
Posting is performed by transferring information from the journal to the:
ledger
